The global syringe market is estimated to be valued at US$14,839.3 Mn in 2021 and is expected to exhibit a CAGR of 8.0% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Syringes are widely used in the healthcare industry for administering medications, vaccinations, and therapeutic injections. They are essential medical devices that play a crucial role in healthcare delivery systems. Syringes provide accurate dosage, ease of use, and minimize the risk of contamination. The increasing prevalence of chronic diseases, the rising number of vaccination programs, and the growing geriatric population are driving the demand for syringes globally. Moreover, the advancements in technology have led to the development of safety syringes, which further enhances the market growth by ensuring the safety of healthcare professionals and patients.
Market Key Trends:
One key trend observed in the syringe market is the growing adoption of prefilled syringes. Prefilled syringes are ready-to-use syringes that are filled with a single dose of medication. They offer various advantages such as accurate dosage, reduced risk of dosage errors, convenience, and cost-effectiveness. The increasing demand for self-administration of medications and the rising popularity of biologics are driving the growth of the prefilled syringe market. Moreover, the use of prefilled syringes eliminates the need for manual filling of syringes by healthcare professionals, saving time and reducing the risk of contamination.
In conclusion, the syringe market is witnessing high growth due to the increasing demand for vaccinations and therapeutic injections. The growing adoption of prefilled syringes is a key trend that is driving market growth. With the advancements in technology and the rising healthcare expenditure, the syringe market is expected to continue its growth trajectory over the forecast
Political: The political factors impacting the syringe market include government regulations and policies related to healthcare and medical devices. Governments play a crucial role in ensuring the safety and quality of syringes, which can affect the operations of syringe manufacturers. For example, regulations related to product labeling, sterilization, and disposal methods may impact the market.
Economic: The economic factors influencing the syringe market involve factors such as GDP growth, healthcare expenditure, and disposable income levels. The demand for syringes is directly influenced by the healthcare infrastructure and spending capacity of a country. Additionally, economic fluctuations and currency exchange rates can impact the pricing and affordability of syringes.
Social: Social factors impacting the syringe market include the increasing prevalence of chronic diseases, growing awareness about needle safety, and the need for vaccination programs. The rising incidence of diseases such as diabetes and the need for proper healthcare facilities drive the demand for syringes.
Technological: Technological advancements play a significant role in shaping the syringe market. The development of safety syringes, auto-disable syringes, and needlestick prevention devices have improved patient safety and reduced the risk of needlestick injuries. Furthermore, innovations in manufacturing processes and materials have led to the production of more efficient and cost-effective syringes.
The global syringe market Share is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period of 2022-2028. This growth is primarily driven by factors such as the increasing prevalence of chronic diseases, rising demand for vaccinations, and advancements in needle safety technology.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the syringe market. This can be attributed to the increasing healthcare expenditure, a large patient pool, and the presence of major manufacturers in countries like China and India.
Key players operating in the syringe market include Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Codan Medizinische Geräte GmbH & Co. KG, and Hindustan Syringes & Medical Devices Limited. These companies contribute to the market by introducing innovative products, expanding their geographical presence, and engaging in strategic collaborations and acquisitions.