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(Health-NewsWire.Net, January 29, 2022 ) Syringes Market size is estimated to reach $35,901 million by 2026, growing at a CAGR of 7.81% over 2021-2026. Syringe is a medical device with a hypodermic needle that is used to inject fluid into, or withdraw fluid from, the body. A medical syringe consists of a needle attached to a hollow cylinder that is fitted with a sliding plunger which contains lubricant that is injected subcutaneously through intravenous therapy. The downward movement of the plunger injects fluid; upward movement withdraws fluid. Medical syringes were once made of metal or glass, and required cleaning and sterilization before they could be used again. Now most syringes used in medicine are plastic and disposable. The rising incidence of cardiovascular diseases and chronic diseases such as diabetes and infectious diseases, as well as the expanding geriatric population, are driving the market's growth, as the number of diagnostic tests and therapies for these diseases grows. Apart from these, the development of COVID-19 vaccines has risen as a result of COVID-19, resulting in increasing demand for syringes.
Syringes Market Segment Analysis – By Product Type
The Syringes Market based on product type can be further segmented into General Syringes, Specialized Syringes, Smart Syringes. The general syringes segment is the major segment generating revenue in 2020. This can be attributed to the fact that these types of syringes are mostly used ones for various types of vaccinations in any kind of end use segment for tetanus and regular vaccines. Furthermore, category demand is projected to be driven by factors such as rising birth rate in developing countries leading to increase the demand for vaccines, thereby propelling the growth of the syringes market.
On the other hand, the smart syringe segment is estimated to register the fastest CAGR of 6.5% for the period 2021-2026. Smart syringes accurately deliver the fluid and hence reduce the chance of transfer of contaminants or disease causing germs. The adoption rate of smart syringes will be boosted by WHO recommending the usage of smart syringes to reduce contamination and transfer of harmful diseases.
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Syringes Market Segment Analysis – By Distribution Channel
The Syringes Market based on distribution channel can be further segmented into Offline, Online Stores. The offline segment registers for the highest Syringes market share in 2020. This is mainly owing to facts as these stores are incorporated with numerous alternatives and the availability of varieties of Syringes from various brands. Furthermore, offline is believed to rise effectively as consumers prefer these retail channels for shopping owing to the in-store promotions by retailers and price comparisons is anticipated to further expand the consumption rate over the forecast period 2021-2026.
On the contrary, the online segment is forecasted to register the fastest CAGR of 8.67% over 2021-2026. This is mainly owing to the fact that there is an increase in the number of online retail channels, especially in developing economies, which has augmented the penetration of modern grocery retail chains, further contributing to the sales of Syringes in the up-coming years.
Syringes Market Segment Analysis – By Geography
North America dominated the Syringes Market with major share of 45.2% in 2020 and is the world's most technologically advanced medical products availability region. Moreover, there are major market players in the regions which makes the syringes available in the region. In order to aid this, syringes consumption is rapidly increasing as people in the region are more inclined towards chronic and other heart related illness.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 7.85% during the forecast period 2021-2026 owing to the fact that Asian countries such as Japan, China, and India are mainly having geriatric population followed by people suffering for diabetes and other chronic ailments requiring syringes for aid, which is thereby offering significant potential growth in the Syringes industry. Apart from this, rapid growth in urbanization, rising income levels, and growing awareness about the health amongst the consumers, especially in China, India, Thailand, etc. are the drivers for this market.
Syringes Market Drivers
Chronic illnesses are becoming more common
The market for syringes is growing due to the rising prevalence of chronic diseases such as heart disease, cancer, and diabetes, as well as cardiovascular and infectious disorders. According to the International Diabetes Federation, about 463 million individuals worldwide have diabetes in 2019, resulting in 4.2 million deaths each year. Furthermore, the market is anticipated to be driven by the growing elderly population. The number of tests and treatments conducted has grown as the number of patients and the older population who are susceptible to chronic illnesses has increased. As a result, the demand for and usage of syringes increases.
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Syringes Market Challenges
Needle Stick Injuries
The major challenge in the Syringes market is the raising cases of needle stick injuries thereby leading to infections. This also aided by the fact there are lack in sterilization of reusable needles which raises the counts. However, smart syringes are emerging in the market to cope with such challenges.
Syringes Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Syringes market. In 2020, Syringes market share is fragmented by the top ten players present in the market. The Syringes market top 10 companies are Smiths Medical, Cardinal Health Inc., Becton Dickinson and Company, Hindustan Syringes & Medical Devices Limited, Nipro Corporation, Gerresheimer AG, Schott AG, Catalent Inc., Biocon, Bayer AG and others.
Acquisitions/Product Launches
In October 2019, BD launched Intevia 1mL two-step disposable autoinjector, which comprises autoinjector and pre-fillable syringe in one integrated system.
In September 2019, Hikma Pharmaceuticals PLC, multinational pharmaceutical company has launched new prefilled syringe capability in the US.
In August 2019, Ipsen, a French pharmaceutical company has launched new pre-filled syringe for Somatuline Autogel. The syringe is now available for treatment of adult patients with gastroenteropancreatic neuroendocrine tumours (GEP-NETs).
In August 2019, Sunshine Guojian Pharmaceutical, a subsidiary of 3SBio have announced the approval of Yisaipu, a biosimilar of Enbrel (etanercept), as a pre-filled syringe to treat ankylosing spondylitis in China.
Key Takeaways
In 2020, North America dominated the Syringes Market.
Increasing prevalence of chronic diseases in this region such as heart disease and stroke, cancer, or diabetes are enhancing the growth of the Syringes Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Syringes Market report.
Stringent laws regarding the manufacturing and its compliance to the various regions is set to create hurdles for the Syringes Market.
Related Reports:
A. Prefilled Syringes Market
https://www.industryarc.com/Report/16940/prefilled-syringes-market.html
B. GCC Syringes And Needles Market
https://www.industryarc.com/Research/GCC-Syringes-And-Needles-Market-Research-504254
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