The market for hypodermic syringes is anticipated to maintain its dominance and grow at a CAGR of 3.2% on average. In comparison, the market is estimated to be worth US$ 3.51 billion in 2022 and is anticipated to generate US$ 4.66 billion in sales by 2032.
Hypodermic syringes market size is expected to increase throughout the forecast period as the market is anticipated to display significant growth potential. The word hypodermic, from the Greek for underneath, explains its use. In contrast, “derm” refers to skin, which clarifies the usage of hypodermic needles to draw fluid from or inject fluid into the body. The use of these syringes has skyrocketed as the prevalence of these chronic conditions increases.
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What are the Key Drivers and Restraints to the Hypodermic Syringes Market?
The global hypodermic syringes market is expected to flourish under the backdrop of the global pharmaceutical industry during the forecast period. Hypodermic syringes are preferred over the after-filled syringes as they offer fixed dosages of the drug and ease in usability.
Prefill ability helps in reducing the overall cost by reducing the drug overfill. Single-dose vials or multi-dose vials have a drug overfill of almost 20-25% so that the administrator has enough to fill the correct dose and to compensate for human errors, flourishing the demand for hypodermic syringes.
However, prefilled hypodermic syringes eradicate the source of inefficiency in the manufacturing process by eliminating drug overfills. This is particularly advantageous for companies dealing with costly biopharmaceuticals. The growth of the biologics market is likely to boost the hypodermic syringes market.
Hypodermic Syringes Market: Regional Outlook
Geographically, the global hypodermic syringes market has been divided into seven key regions which include North America, Latin America, East Asia, South Asia, Europe, Middle East & Africa (MEA) and Oceania. Europe is expected to hold maximum market share in the global hypodermic syringes market owing to the well-established healthcare industry in the region.
The healthcare sector in India is diversified and offers enormous opportunities in every segment which includes payers, providers, and medical technology. Increasing competition pushing businesses to explore and adapt according to the latest trends and dynamics is expected to impact the hypodermic syringes market in the country positively.
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Which are the Key Competitors of Hypodermic Syringes Market?
The key players of the hypodermic syringes market are focusing on mergers and collaborations that are fueling the sales of Hypodermic syringes include Terumo Corporation, Albert David Ltd., Becton, Dickinson and Company, Nipro Corporation, Smiths Medical, Hindustan Syringes & Medical Devices Limited etc.
Recent Market Development:
- Terumo Corporation has introduced its hypodermic syringes with needle that has an integrated plunger stop helps prevent the plunger from being pulled out. These fuels the sales of hypodermic syringes.
- Albert David Ltd has opened up new components in in their manufacturing unit to produce disposable syringes & needles for national and international standards. This increases the demand for hypodermic syringes.
- Nipro Corporation have launched its new set of hypodermic syringes named hypodermic needle-pro device that have wide range of clinical applications, increasing the demand for hypodermic syringes.
Key Segments In The Hypodermic Syringes Market
By Material Type:
- Polymer Syringes
- Cyclic Olefin Polymers (COP)
- Cyclic Olefin Copolymers (COC)
- Polypropylene and Other Polymers
- Glass Syringes
By Sales Channel:
- Manufacturers
- Distributors
- Retailers
By End User:
- Hospital
- Diabetic Care Centers
- Blood Collection Centers
- Veterinary Care Centers
- Clinics
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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