The hypodermic syringes market is set to maintain its robust growth, with an average Compound Annual Growth Rate (CAGR) of 3.2%. Currently valued at US$ 3.51 billion in 2022, the market is expected to achieve a market revenue of US$ 4.66 billion by 2032.
The forecasted period holds promising growth prospects for the hypodermic syringes market. These syringes, used for withdrawing or injecting fluids beneath the skin, are witnessing increased demand due to the rising prevalence of chronic diseases. Their application is especially crucial in the medical sector, where ease of use is a key factor driving demand.
Government initiatives and a focus on reducing dosing errors have further propelled the sales of hypodermic syringes in healthcare markets. The market’s traction is also driven by competitive price ranges and innovative schemes. These factors combined contribute to the growth of the hypodermic syringes market, establishing its position as a vital component of the healthcare industry.
Request For Report Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-9423
Hypodermic Syringes Market: Dynamics
The global market for hypodermic syringes is expected to flourish against the backdrop of the global pharmaceutical industry during the forecast period. Hypodermic prefillable syringes are preferred over the after-filled syringes as it offer fixed dosages of the drug along with 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. 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. The conventional syringes were made of glass barrels and glass rods, which were comparatively expensive to manufacture when compared to plastic-based hypodermic syringes. Healthcare workers benefit from the accurate and pre-measured doses.
They are also helped by reduced dosing, medication errors and decreased microbial contamination risk. Along with this, an increasing trend of people getting vaccinated outside hospitals such as in schools, community centers, pharmacies, and airport booths is likely to contribute towards the growth of 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. There is a direct effect of many physician visits in the contribution of revenue generation in the industry. The demand for medical devices rises substantially with an increase in the number of physician visits. This is expected to further contribute to the global hypodermic syringes market during the forecast period.
Hypodermic Syringes Market: Key Players
Following are some of the key players operating in the global hypodermic syringes market: Terumo Corporation, Albert David Ltd., Becton, Dickinson and Company, Nipro Corporation, Smiths Medical, Hindustan Syringes & Medical Devices Limited, etc. Many local and unorganized players are expected to contribute to the global hypodermic syringes market during the forecast period.
Buy Report Now: https://www.futuremarketinsights.com/checkout/9423
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
About Future Market Insights, Inc.
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.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports