Syringes Market

Global Syringes Market Size (2023 to 2028)

The global syringes market is estimated to be USD 21.09 billion by 2028 and USD 14.09 billion in 2023, growing at a CAGR of 8.40% during the forecast period.

Global Syringes Market Share Insights:

• Based on usability, the disposable syringes segment occupied the leading share of the market in 2022.
• Based on type, the specialized syringes segment dominated the market in 2022.
• Based on region, the North American region played the leading role in the global market in 2022.

Syringes consist of a tube and a plunger attached to a needle. The Syringe is a piece of medical equipment used to emit fluids into a body and can be used to extract fluids like blood from the body. The fluids, like blood, etc., will enter a tube through a needle when a plunger handle is pulled, and the liquid will go out through the needle when the plunger is pushed down. The World Health Organization (WHO) has urged all to use disposable syringes for safe injection practices. According to WHO, more than 16 billion injections are being used worldwide.

Impact of COVID-19 on the global syringes market:

COVID-19 was announced as a pandemic by WHO, which recommended lockdown for around 200 countries, which affected so many global markets differently. The Syringes market has been affected both positively and negatively. Due to the lack of workers in the manufacturing industries, the market has faced a few rough times during the lockdown. On the other hand, the syringe market was gradually going into profits after covid. The market has projected to grow by 10.6% during covid, which is 10.3% before covid. The syringes market, especially prefilled syringes, is more in demand, mainly because of the covid vaccine drive. The US government has ordered 100 million prefilled syringes worth USD 138 million for the corona vaccines by the end of 2020 and demanded 500 million prefilled syringes for 2021. Furthermore, due to the reduced impact of the COVID-19 pandemic, the global syringes market is expected to register a steady growth rate during the forecast period.

MARKET DRIVERS:

YOY rise in the prevalence of chronic diseases such as diabetes, infectious diseases, and cardiovascular diseases is majorly propelling the global syringes market growth.

Syringes play an essential role in the treatment procedure of any disease. Furthermore, these syringes inject drugs or vaccines into the body. Therefore, the global syringes market will witness healthy growth during the forecast period. In addition, the increase in the use of prefilled syringes and an increase in the adoption of injectable drugs fuel the market. Moreover, the rise in the demand for Botox for therapeutic applications is boosting the market.

Furthermore, the growing adoption of technological advancements and the launch of various devices favoring end-users is favoring the market’s growth rate. In addition, an increase in surgical procedures is boosting the market. Due to the increasing many health problems for the injection drug provider to the patients for some diseases such as human immunodeficiency virus (HIV) and hepatitis B and C., These risks can be reduced by using the proper syringes, which developed the market growth.

In addition, the growing usage of biologics in the treatment procedures of various diseases propels the syringes market growth. In addition, increasing clinical success, demand for home healthcare, and cases of different diseases are the factors of demand for self-injection devices that help the market grow. Furthermore, the growing R&D activities around syringes to reduce needle stick injuries and increasing investment in the production of syringes by many vital players also promote the growth rate of the syringes market. As a result, manufacturers are focusing on developing different types of syringes based on the type of diseases and the vaccine they inject.

Furthermore, the vaccination and immunization drive for viruses such as COVID-19, typhoid, and others, is expected to be a significant growth opportunity for the syringes market. In addition, government investments in hospitals will help the market in the coming years. With increasing government strict rules to take vaccination by all the people in the world, the production of syringes is increased to meet the supply and demand in the world. Furthermore, the growing awareness regarding vaccination and the increasing number of vaccination programs worldwide is further resulting in the growing usage of syringes, which is also expected to boost the market growth.

MARKET RESTRAINTS:

High costs associated with safety syringes are a major factor hampering the market growth. Moreover, the availability of alternative drug delivery methods is hindering the market. In addition, the risk of infection and the use of contaminated syringes by reusable syringes are stopping the market growth. Using glass syringes also may break, which leads to the spread of the fluid with glass material, harms the patients and healthcare provider bodies, and impedes the market growth. Furthermore, day by day, needle stick injuries are increasing, which limits the market growth. Due to a lack of awareness of healthcare and safety issues, emerging countries need to pay more attention to safe syringes, which will be a significant challenge for market growth. Furthermore, after the completion of the Covid-19 vaccination period, the production of syringes has decreased due to less adoption of the Syringe by hospitals and clinics also slowed down the market growth.

REPORT COVERAGE:

This research report on the global syringes market has been segmented and sub-segmented based on usability, material, type, specialized syringes, and region.

Syringes Market - By Usability:

• Sterilizable/Reusable Syringes
  • Hypodermic Syringes
  • Oral Syringes
• Disposable Syringes
  • Conventional Syringes
  • Safety Syringes
• Prefilled Syringes
  • Safety Syringes
  • Retractable Syringes
  • Non-Retractable Syringes

Based on usability, the disposable syringes segment is expected to command a larger share of the global syringes market due to the increasing use of injectable drug delivery, the rising geriatric population, and the increased risk of infection with reusable syringes. Disposable syringes are environmentally friendly, and the production of disposable syringes is easy to compare to the others. Furthermore, due to increasing health conciseness among people, they prefer to have vaccines through a disposable syringe, reducing the spread of any virus. These are most helpful in reducing the risk of infections and harmful diseases. In addition, an increase in the use of injectable drug delivery helped the market grow. Moreover, the rising geriatric population led the market leader in the forecast period.

The prefilled syringes segment will witness the fastest growth in the forecast period due to the growing incidence of chronic diseases such as cancer, cardiovascular diseases, and diabetes, fueling the segment's growth. For instance, most diabetic people use prefilled syringes to avoid errors in taking the drug dosage. Even high and low insulin content taken into the body may result in severe consequences, which may lead to death also. In addition, the people who stay away from the town and the disabled people prefer to use a prefilled syringe to reduce the travel risk in critical situations.

Syringes Market - By Material:

• Glass

• Plastic

Based on material, the glass syringes segment accounted for the largest share of the global syringes market in 2022, and the domination of the segment is expected to continue during the forecast period. This is because glass syringes are more effective and decrease the chances of syringe material reacting with fluid and can be reused. In addition, manufacturing glass-type syringe with unbreakable features also demands the segment's growth.

The plastic syringe market is growing consistently and is predicted to showcase a CAGR of 8.84% during the forecast period owing to the rising awareness regarding blood-borne infections. In addition, the easy disposal of plastic-related syringes and the easy process of manufacturing these syringes are propelling segmental growth.

Syringes Market - By Type:

• General
• Specialized Syringes
  • Insulin
  • Tuberculin
  • allergy

The specialized syringes segment is estimated to grow significantly during the forecast period based on the type. The specialized syringes market is the largest revenue grantor. The increasing demand for injectable drugs has fueled the market. The insulin segment has the highest market share. Due to the increasing insulin intake by the large volume of people due to the increase in glucose levels, demand for the manufacturing of different types of syringes helps the market growth. On the other hand, the available syringes market is growing its share daily during the forecast period.

Due to changing lifestyle habits, environmental pollution results in increasing allergy-related diseases, which demand the growth of syringes which does not contaminate or spread to the other person while injecting the patient.

Syringes Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Geographically, the syringes market in North America is predicted to dominate the global syringes market with the highest share, followed by Europe. The growing patient count suffering from chronic diseases and infectious diseases across the North American region has resulted in the growing usage of syringes and promoting the growth of the regional market. Furthermore, advanced drug delivery technology, specialized syringes, and the higher spending limit are the main reasons for market growth. In North America, the United States contributes a significant market share. According to CDC reports, one hundred million people in the United States live with diabetes and pre-diabetes. So, insulin syringes are primarily used in the treatment of diabetes. In addition, the spread rate of infection and prevalence of diseases is high because of the US's high population. These are the significant factors for North America's dominance in Global Syringes Market.

However, the Asia-Pacific syringes market is expected to increase at the highest CAGR owing to growing technological advancements, healthcare facilities, and the aging population. As a result, the Asia-Pacific is the fastest-growing region in the Global Syringes Market. Government support through funding is the main reason for market growth in Asia-Pacific. The major contributors to the market are India and China. In addition, the growing healthcare facilities are a significant factor.

Furthermore, technological advancements in developing countries have boosted the market. Currently, the production of the syringe market has high demand in China due to increasing cases of new variants and the restart of booster doses in China and other countries. In addition, the increase in awareness of the advantages of prefilled syringes and the aging population in countries like Japan and China fuel the market.

The European syringes market is expected to grow at a prominent CAGR during the forecast period. The government initiative support through funding is dominating the market. The United Kingdom's syringes market is the largest in Europe and is estimated to continue throughout the forecast period. Germany is known for the development and industrialization of new syringes. Because of its healthcare infrastructure and the pharmaceutical industry Russia is the fastest-growing country in Europe.

The Latin American Syringes Market is predicted to grow steadily during the forecast period.

Simultaneously, the MEA Syringes Market is forecasted to gain momentum in a couple of years and register stable market growth by the end of the forecast period.

KEY MARKET PARTICIPANTS AND SHARE INSIGHTS:

Companies leading the global syringes market profiled in the report are Terumo Corporation, 8. Braun Medical Inc., Medtronic plc, Becton Dickinson and Company, Smiths Medical, Hindustan Syringes & Medical Devices Limited, NIPRO Corporation, Gerresheimer AG, SCHOTT AG, and CODAN Medizinische Generate GmbH & Co KG.

New Product Launches and Collaborations are some notable strategies adopted by the companies operating in this market to maintain and maximize their market share. In addition, the recent COVID-19 pandemic has fuelled the sales of syringes across the globe, and market participants have taken new initiatives to manage the increased demand.

RECENT HAPPENINGS IN THE MARKET:

• In 2022, Nephron Pharmaceuticals Corporation launched a brand-new syringe suitable for different medications, including highly viscous drugs.
• In 2022, Owen Mumford Ltd. announced that the UniSafe 1mL safety device for prefilled syringes has been approved in Asia and is used to treat rheumatoid arthritis.
• In 2021, the Serum Institute of India partnered to provide cartridges and syringes in bulk and nested solutions.
• In 2020, Hindustan Syringes shipped the last consignment of 140 mn AD syringes for the COVAX, and Hindustan Syringes had increased the production to 1 billion for the demand of the covid-19 vaccine.