The syringes market is experiencing substantial growth due to the increasing prevalence of chronic diseases, the rising demand for vaccines, and the expanding healthcare infrastructure. Syringes are vital medical devices used for administering medications, vaccines, and diagnostic fluids.
The growing geriatric population and the need for insulin administration among diabetics are also fueling market demand. Technological advancements, such as safety-engineered syringes to prevent needlestick injuries, are further propelling market growth. Additionally, the ongoing COVID-19 vaccination drives worldwide are driving significant demand for syringes, making them a critical component in the fight against the pandemic.
The syringes market is projected to reach a valuation of US$ 22,487 million in 2023. The revenue from the sales of syringes is projected to reach US$ 54,219.8 million by 2033, exhibiting a CAGR of 9.2% during the period from 2023 to 2033.
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Innovation and advancements in medical technology are among the key drivers propelling the growth of the syringes industry. The demand for syringes is primarily driven by the increasing prevalence of chronic diseases and the growing need for vaccination programs worldwide. Additionally, the rising awareness about the importance of safe and hygienic injection practices has led to the adoption of advanced syringes, such as safety syringes and prefilled syringes. These factors contribute to the growth and expansion of the syringes market, ensuring a steady supply to meet the healthcare industry’s requirements.
While the syringes industry presents significant opportunities, companies and manufacturers face challenges requiring strategic considerations. One of the primary challenges is the presence of stringent regulations and quality standards governing the production and distribution of medical devices. Compliance with these regulations demands substantial investments in research and development, manufacturing processes, and quality control measures.
One notable trend in the syringes industry is the growing adoption of prefilled syringes. Prefilled syringes offer numerous benefits, including accurate dosing, reduced risk of contamination, and improved convenience for healthcare professionals and patients. This trend is driven by the increasing demand for self-administered medications and the emphasis on reducing medication errors. Furthermore, the industry is witnessing advancements in syringe materials, such as the use of eco-friendly and biocompatible materials, which contribute to sustainability and patient safety. Integrating smart technologies, such as electronic syringe systems and connectivity features, is another emerging trend that enhances drug administration accuracy and monitoring capabilities.
Key Takeaways from the Syringes Market:
- North America accounted for 31.1% of the market in 2022, followed by Europe at 32.7%.
- The United States held a significant market share of 25.7% in 2022, making it a key player in the syringes industry.
- Germany contributed 8.2% to the market share in 2022, highlighting its significant presence in the syringes industry.
- Japan accounted for 3.8% of the market share in 2022, establishing its importance in the global syringes industry.
- Australia held a market share of 1.5% in 2022, indicating its contribution to the syringes industry.
- China recorded a CAGR of 6.7% in 2022, positioning itself as a notable player in the global syringes market.
- India syringes industry is projected to rise at a CAGR of 9.4% during the forecast period.
- The United Kingdom held a market share of 3.7% in 2022, establishing its prominence in the global syringes market.
- The syringe type segment was dominated by disposable syringes, which accounted for 86.5% of the market share.
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.
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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, the government’s 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 syringes. The government also offered subsidies and support for the production of the syringe to avoid a shortage of the syringe. Thus, 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% of the global syringe market.
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