With a year-on-year (YoY) growth rate of 10.2%, the global syringes market reached US$ 18.6 Bn in 2021 and is expected to reach US$ 20.6 Bn in 2022. However, with the rising prevalence of chronic diseases, the expansion of the disposable syringe market, and a growing preference for the administration of healthcare substances by injection due to its faster action, overall syringe sales are expected to grow at a robust 9.1% CAGR between 2022 and 2032, totaling around US$ 49.2 Bn by 2032.
These syringes are used by various end users such as hospitals, research laboratories, drug manufacturing, and clinical research. It is the best suitable solution for injecting or withdrawing the fluid from the body. With growing demand for disposable syringes and reusable syringes, demand in the market is expected to propel.
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Furthermore, disposable syringes are preferred by healthcare professional due to the increasing awareness about the diseases caused by the usage of the same or repeated syringe. Hence, the rising intake of disposable vaccines along with the development of new vaccines is driving the demand for syringes across the globe.
Future Market Insights forecasts that there are various opportunities for syringe manufacturers due to the rise in usage of the syringe in the healthcare sector.
Key Takeaways
The plastic syringe segment is anticipated to expand at a CAGR of 10.1% during the forecast period due to the increasing use of disposable syringe.
By product type, the disposable syringe segment is anticipated to remain the leading segment, accounting for over 88% of the market share and creating an incremental opportunity of US$ ~25.3 Bn.
Based on end use, the hospital segment followed by the clinical research segment is projected to account for significant share.
Sales of syringes in hospitals and clinical research will surpass US$ 23.7 Bn during 2022-2032.
North America, Europe, and East Asia are showcasing highest demand for syringes. These segments are projected to hold approximately a 2/3rd of the market by the end of 2032.
“Need for disposable solutions in hospitals to withdraw and inject fluid or drug is propelling the demand for plastic disposable syringes. To capitalize on this, innovation in syringes is on card. This is expected to create opportunities for companies operating in the market,” says an FMI analyst.
Expansion of Healthcare & Medical Sector to Generate High Demand for Syringes
The healthcare & medical sector across the globe is expanding due to the spread of various viruses & diseases. Besides this, the people are getting more health-conscious which is resulting in more usage of healthcare facilities and services.
The expansion of healthcare and medical sector is expected to propel the demand for syringes. Also, the small scale healthcare facilities are emerging to cater for the growing number of patients which is creating incremental growth opportunities for the syringe market.
Besides this, the government in several countries is also focusing on expanding the healthcare facilities to improve the treatment of patients, thereby, augmenting the sales of syringes. Additionally, development of new drugs across the globe will bolster the demand in the syringe market.
Rise in Blood Collection Center Creating Growth Opportunity for the Syringes Market
The blood collection centers use a syringe to withdraw blood samples from the patient’s body to examine the spread or impact of caused virus or disease. The spread of the COVID-19 virus resulted in high demand for a blood collection center to examine the spread of the virus on the lungs blood is been collected. This rise in the demand for blood collection centers creating growth opportunity for the syringe market.
The increase in blood collection centers is anticipated to create market growth opportunities for the syringe during the forecast period.
Impact of COVID-19 on Syringes Market
The global syringes market experienced a positive impact of COVID-19 due to the rise in production and consumption of vaccines to curb the spread of the virus which bolster the sales of the syringe across the globe. The COVID-19 vaccine getting compulsory for the population to supplement the sales of the syringe. Also, the massive vaccination drives push the demand for the syringe. The development of a new vaccine for the COVID-19 virus creates a growth opportunity for the syringes market.
Moreover, government decision of the first dose then the second dose, and the booster dose is fuelling the demand for the syringe. The key players operating in the syringe market are focusing on increasing their production capacity to meet the increasing demand for the syringe. The government also offered subsidies and support for the production of the syringe to avoid the shortage of the syringe. Thus, the COVID-19 bolster the sales of syringe across the globe.
Syringes Market Landscape
Becton, Dickinson and Company, Gerresheimer AG, Braun Medical Inc., Schott AG, and DWK Life Sciences are the top players operating in the syringe market. Furthermore, Cardinal Health Inc., Hindustan Syringes & Medical Devices Ltd., and CHEMI S.P.A. are also noticeable players in the market. The Tier 1 players in the market hold 10-15% in the global syringe market.
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Syringes Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global syringes market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the syringe based on the material (glass syringes and plastic syringes), product type (disposable syringes and reusable syringes), capacity (small volume syringes (1-10 ml), medium volume syringes (11-20 ml), and large volume syringes (Above 20 ml)), and end use (hospitals, research laboratories, drug manufacturing, and clinical research) across seven regions.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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