Rise in incidence of needle stick injuries, increase in awareness about smart syringes, and high-end technological advancements drive the growth of the global syringes market. Based on usage, the disposable syringes segment accounted for largest revenue share in 2019. Moreover, the market across North America held the major market share in 2019, and is anticipated to maintain its dominance throughout the forecast period.
According to the report, the global syringes market size was estimated at $15.34 billion in 2019, and is expected to hit $32.39 billion by 2027, registering a CAGR of 9.6% from 2020 to 2027. Drivers, restraints, and opportunities-
Upsurge in incidence of needle stick injuries, rise in awareness about smart syringes, and high-end technological advancements fuel the growth of the global syringes market. On the other hand, high cost and unaffordability of safety syringes and alternative modes of drug delivery impede the growth to some extent. However, increase in need for safety syringes in emerging economies is expected to create lucrative opportunities in the industry.
Covid-19 scenario-
The market has witnessed disruptions in the manufacturing of syringes during the covid-19 outbreak, which in turn resulted in the shortage of syringe supply globally.
However, the demand for syringes is anticipated to skyrocket post covid. Also, with the regulations eased off the global syringes market is expected to recover soon.
The global syringes market is segmented into type, usage, material, end use, and region Based on product type, the market is categorized into general syringes, specialized syringes, and others. The specialized syringes segment held lion’s share in 2019, with more than two-thirds of the global syringes market share, and is expected to lead the trail by the end of 2027. Furthermore, the same segment is expected to portray the fastest CAGR of 10.0% from 2020 to 2027.
The disposable syringes segment to lead the trail-
Based on usage, the disposable syringes segment contributed to 90% of the global syringes market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 9.8% throughout the forecast period. This is attributed to its role in reducing the risk of infection, which is high while using reusable syringes, and economical costs as compared to reusable syringes.
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Key Findings Of The Study
By type, the specialized syringes segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period. On the basis of usage, the disposable segment garnered the largest share in 2019, and is expected to continue this trend throughout the forecast period. According to material type, the polymer segment exhibits the largest market share, and is estimated to grow at a CAGR of 10.0% from 2020 to 2027. As per end user, the hospitals segment is expected to register a CAGR of 10.1%. Region wise, Asia-Pacific is expected to attain a CAGR of 10.8% during the forecast period.
Frontrunners in the industry-
B. Braun Melsungen AG Becton Dickinson and Company Cardinal Health Inc Gerresheimer AG Hindustan Syringes and Medical Devices Ltd. Medline Industries, Inc Nipro Corporation (Nipro Medical Corporation) Retractable Technologies, Inc Smith’s Group Plc Terumo Corporation (Terumo Medical Corporation)
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