The latest research report by Emergen Research, named ‘Global Syringes Market – Forecast to2030 The Global Syringes Market report carefully investigates the present market scenario and the fundamental growth prospects. The report entails an organized database of the Syringes Market dynamics that helps market analysts estimate the global market growth rate over the projected timeline.
The global syringes market size reached USD 15.98 Billion in 2021 and is expected to register a revenue CAGR of 8.7% during the forecast period, according to latest analysis by Emergen Research. The rising demand for vaccination and immunization is an important factor driving market revenue growth.High demand for the COVID-19 vaccine is driving the syringe market revenue growth. Demand for syringes to administer the COVID-19 vaccine has increased along with efforts to increase vaccine manufacturing. According to research, more than 12.1 billion doses have been given across 184 countries. Most recently, the rate was at 47.1 million doses per day. Emergence of the omicron variant in late 2021 increased the demand for syringes as there was an increased need for booster doses.
Major Leading Players BD, Terumo, Medtronic, Smiths Medical, B. Braun Melsungen AG, NIPRO, Hindustan Syringes & Medical Devices Ltd, Gerresheimer AG, SCHOT, and CODAN Companies.
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Some Key Highlights From the Report
- General syringes segment accounted for the largest revenue share in 2021. General-purpose syringes are made of polypropylene (most frequently) plastic and are disposable. A general-purpose syringe’s main feature is that it doesn’t have a single, focused usage. Instead, they are widely used for a variety of tasks, including those in industrial manufacturing, compounding pharmacies, and medical situations including Intravenous (IV) treatments and vaccination injections. The need for vaccinations is projected to increase as the birth rate rises in developing countries which is expected to drive revenue growth of the segment.
- Disposable syringes segment accounted for the largest revenue share in 2021. Sanitation and safety are the two main benefits of using a disposable syringe. Patients no longer have to rely entirely on the doctors sterilizing techniques to ensure their safety owing to disposable syringes, which are thrown away after only one use. There are no dangers of cross-contamination as a result. The cost-effectiveness of utilizing disposable syringes is another advantage. These disposable syringes are far less expensive and require no maintenance than conventional syringes. As a result, doctors can focus more on caring for patients rather than maintaining expensive medical equipment which is driving revenue growth of the segment.
- Hospitals segment accounted for a moderate revenue share in 2021. Increasing number of people being diagnosed with different chronic conditions is driving segment revenue growth. According to research, chronic illness, such as diabetes, cancer, stroke, or heart disease, affects six out of ten Americans. For the cure of these diseases, there is a high demand for syringes to administer medicine. Every hospital across the globe uses needles on the patients they treat on a daily basis. According to World Health Organization (WHO) 16 billion injections are administered globally, every single year.
key driver of the Syringes Market :
The growing awareness about the disease among healthcare professionals and patients. As the diagnosis and treatment of Oncolytic Virus Therapy can be challenging, early detection and prompt management are crucial for improving patient outcomes. This has led to an increased focus on research and development activities aimed at developing more effective diagnostic and therapeutic options for the disease.
Global Syringes Market Segmentation by Type:
Emergen Research has segmented the global syringes market on the basis of product, usage, end-use and region:
· Product Outlook (Revenue, USD Billion; 2019–2030)
- General Syringes
- Specialized Syringes
- Insulin
- Tuberculin (TB)
- Allergy
- Smart Syringes
- Auto-Disable
- Auto Safety
- Passive Safety
- Specialized Syringes
· Usage Type Outlook (Revenue, USD Billion; 2019–2030)
- Reusable Syringes
- Disposable Syringes
- Empty
- Prefilled
- Disposable Syringes
· End-use Outlook (Revenue, USD Billion; 2019–2030)
- Hospitals
- Blood Collection Centers
- Diabetic Care Centers
- Others
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Regional Overview:
The global Syringes Market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Syringes Market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
Elucidating the competitive landscape of the Global Syringes Market :
The global Syringes Market report offers viable insights into the competitive spectrum of the Syringes Market business sphere.
The report systematically profiles the company information of each market player.
It identifies the estimated industry share, production facilities, development prospects, and geographies served by each market player.
The study showcases the extensive product portfolios of the prominent market contenders.
It offers critical data & information about the product application scope and the end-user landscape.
The study provides salient information about the pricing models of the products offered by these companies. Moreover, it determines the gross profits and losses experienced by them throughout their market tenures.
The Global Syringes Market is formulated through extensive primary and secondary research, which is further validated and verified by industry experts and professionals. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. Moreover, the report also offers a feasibility study and investment return analysis to assist the readers in making strategic investment plans.
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