Syringes Market

Global Syringes Market Size (2022 to 2027)

The global syringes market is estimated to be USD 19.45 billion by 2027 and USD 13 billion in 2022, growing at a CAGR of 8.40% during the forecast period.

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 Organisation (WHO) has urged all to use disposable syringes for safe injection practices. According to WHO, more than 16 billion injections are being used worldwide.

COVID-19 impact 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.

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.

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 market is profiting due to the adoption of advanced technology and the launch of various devices favoring end-users. In addition, an increase in surgical procedures is boosting the market.

The vaccination and immunization drive for viruses such as COVID, typhoid, etc., will be a significant growth opportunity for the syringes market. In addition, government investments in hospitals will help the market in the coming years.

MARKET RESTRAINTS:

The high cost of safety syringes is the major restraint for 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. 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 are ignoring safety syringes, which will be a significant challenge for 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. 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. Increased chronic diseases, like cancer, cardiovascular diseases, and diabetes, fuel market growth. 

Syringes Market - By Material:

• Glass
• Plastic

Based on material, the glass syringes segment has the largest share in 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. 

The plastic syringe market is growing day by day and has registered a CAGR of 9.1%. The main reason for the growth was awareness about blood-borne infections; it pushed the market growth.

Syringes Market - By Type:

• General
• Specialized Syringes
  • Insulin
  • Tuberculin
  • Allergy

The specialized syringes market will grow significantly in the forecast period based on the type. The specialized syringes market is the largest revenue grantor. The increasing demand for injectable drugs has fuelled the market. On the other hand, the available syringes market is growing its share daily during the forecast period.

Syringes Market - By Region:

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

North America is predicted to dominate the global syringes market with the highest share, followed by Europe. The North American Syringes Market is predicted to dominate the global syringes market with the highest share. North America registered USD 3.36 billion at a CAGR of 7.7% in 2020; the market is estimated to project USD 4.87 billion by 2025. Increased Chronic diseases, infections, and the spread rate of infectious diseases have boosted the North American 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, a growing number of healthcare facilities, and rapid growth in the aging population. The Asia-Pacific is the fastest-growing region in the Global Syringes Market. In 2020, the market registered USD 2.4 billion; by 2025, the market will reach USD 3.95 billion with a CAGR of 10.5% in the forecast period. Government support through funding is the main reason for market growth in Asia-Pacific. The major contributors to the market are India and China. The growing health care facilities are a significant factor. Furthermore, technological advancements in developing countries have boosted the market. The increase in awareness of the advantages of prefilled syringes and the growth in the aging population in countries like Japan and china fuel the market.

The European Syringes Market is expected to grow at a CAGR of 8% from 2020 to 2025. This market is forecasted to grow to USD 4.23 billion in 2025 from USD 2.88 billion in 2020. The government initiative support through funding is dominating the market. The United Kingdom 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, B. 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 Geräte GmbH & Co KG.

New Product Launches and Collaborations are some of the notable strategies adopted by the companies operating in this market to maintain and maximize their market share. 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. For Instance, 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.