Increase in demand for injectable drug delivery devices across the globe and rise in incidence of chronic diseases act as the major driving forces the market
PORTLAND, OREGON, UNITED STATES, September 27, 2021 /EINPresswire.com/ — 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. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery hider the growth to some extent. Nevertheless, rise in need for safety syringes in emerging countries is anticipated to usher a plethora of opportunities for the market players.
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.
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Increase in demand for injectable drug delivery devices across the globe and rise in incidence of chronic diseases act as the major driving forces for the global syringes market. Furthermore, increase in demand for technologically advanced syringes notably contribute toward the growth of the market.
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. This COVID-19 pandemic has affected syringes production and import & export of raw materials and finished goods in various COVID-19-affected countries. However, COVID-19 is expected to have positive impact on market growth in coming years, owing to expected availability of COVID-19 vaccines and alarming need for syringes for vaccine administration.
The outbreak of the pandemic led to huge disruptions in the manufacturing of syringes, which in turn led to supply shortage globally.
However, the lockdown has now loosened off and the global syringes market is expected to recoup really 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.
Based on usage, the market is bifurcated into reusable and disposable syringes. The disposable syringes segment accounted for 90% of the global syringes market revenue in 2019, and is expected to maintain its dominance by 2027. Moreover, the same segment is also expected to register the fastest CAGR of 9.8% throughout the forecast period.
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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
Frontrunners in the industry-
B. Braun Melsungen AG
Dickinson and Company
Cardinal Health Inc
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)
North America had the major share in 2019-
Based on geography, North America held the major share in 2019, garnering more than two-fifths of the global syringes market. This is due to increase in demand for advanced syringes, availability of well-developed healthcare infrastructure, and presence of major giants in the region. Simultaneously, the market across Asia-Pacific would exhibit the fastest CAGR of 10.8% from 2020 to 2027, owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
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Source: EIN Presswire