GCC Syringes and Needles Market Primed to Exceed the US$ 1.33 Million Milestone by 2031

In a groundbreaking revelation, a Future Market Insights (FMI) report highlights the impressive trajectory of the GCC syringes and needles market, which soared from a valuation of US$ 525.4 Million in 2020 to a projected US$ 1.33 Billion by 2031. This robust growth is anticipated to unfold at a remarkable Compound Annual Growth Rate (CAGR) of 8.8% over the forecast period, spanning from 2021 to 2031.

The surge in demand for syringes and needles is attributed to their critical role as precise drug delivery systems, addressing the treatment needs of a myriad of chronic ailments. Government initiatives and reforms across GCC countries have played a pivotal role in enhancing healthcare systems, introducing changes aimed at improving efficiency and quality. The resultant favorable policies create an environment conducive to market growth, fostering a landscape where the GCC Syringes and Needles Market is poised to redefine healthcare standards. As the region continues to evolve, these advancements underscore the pivotal role played by accurate drug delivery systems in shaping the future of healthcare across the GCC nations.

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According to an article published in the Saudi Medical Journal, the prevalence of diabetes was around 31.6% in the Kingdom of Saudi Arabia in the year 2017. Furthermore, increasing prevalence of other chronic diseases such as cardiovascular diseases, cancer, and other non-communicable diseases along with diabetes, which require long term care, contribute majorly in the increasing demand for disposable syringes and needles in these countries and will positively impact the market growth over the forecast period.

In February 2021, the Chairman of Department of Health, His Excellency Mohammed Al Hamed visited the Abu Dhabi Medical Devices company’s headquarters factory to oversee the efforts been taken to contribute to the COVID-19 pandemic since the company has made collaborations with various international organizations like UNICEF and COVAX to supply syringes and needles for the vaccination program worldwide.

Such developments not only strengthens the company’s existing portfolio but also help to increase their presence at the regional as well as global level, and helps companies to sustain the increasing competitive pressure. These developments are expected to favor growth of the GCC syringes and needles market.

Key Takeaways:

• Hypodermic syringes and needles will remain the top-selling product in the market, accounting 87.6% of demand in 2021.
• By usability, the disposable syringes and needles will account for dominant share of 81.3% in the market in 2021.
• By material, the polymer syringes and needles are expected to register high demand. Sales in this category will grow by 8.9% during the forecast period.
• By end user, the hospital segment will account for 66.9% of the market share in 2021.
• By countries, Kingdom of Saudi Arabia (KSA) is anticipated to hold the largest share of 73.6% of the GCC syringes and needles market in 2021.

“In order to cater to surging demand, market players are eyeing for strategic collaborations. Besides this, they are investing in research and development initiatives to strengthen their product portfolio. This is expected to help in the growth of the market over the coming years,” said a lead FMI analyst.

Who is winning?

Some of the leading manufacturers of syringes and needles market are focusing on product launch, collaboration and partnership strategies for global expansion objectives, thereby, enhancing their market presence.

• In June 2021, Becton, Dickinson and Company announced that they have received a huge order of 2 billion injection devices which would be used for the vaccination programs around the globe.
• In April 2019, B. Braun Medical Inc., announced the launch of their first FDA approved Heparin Sodium prefilled syringe injection which has attached safety needle for subcutaneous and intravenous use.

The key market players covered by FMI include Becton, Dickinson and Company, Nipro Corporation, Baxter International Inc., B. Braun Melsungen AG, Terumo Corporation, Medtronic PLC, Smiths Group PLC,  Abu Dhabi Medical Devices Company, SAAPP (FZC) LLC. and IBN Sina Medical Factory

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