(MENAFN- GlobeNewsWire - Nasdaq) The syringes market is expected to exceed USD 24,101 million in 2024. The market is expected to exceed USD 56,694.2 million by 2033, with a robust CAGR of 8.56% between 2023 and 2033.
Luton, Bedfordshire, United Kingdom, Nov. 06, 2024 (GLOBE NEWSWIRE) -- The emerging markets in the Asia-Pacific region present significant growth opportunities for companies involved in the development and production of syringes. Key factors contributing to this market expansion include advancements in technology, heightened interest from global players, rapid urbanization, favourable regulatory environments facilitating the approval of new injectables, and a swift increase in the aging population.
To estimate the sizes and growth rates of the syringe market and its various subsegments, a blend of bottom-up and top-down analytical methods was employed. All percentage shares, splits, and breakdowns were determined using secondary sources and subsequently validated through primary sources. Comprehensive parameters influencing the market have been thoroughly analyzed, and both quantitative and qualitative data have been compiled. Primary interviews with industry leaders helped in assessing the market share of each product globally. The report provides insights into growth rates and market drivers for all subsegments, mapping out market sizes and growth trajectories while identifying segments likely to experience rapid growth in each geographic area.
The rise in chronic diseases and the increasing number of vaccinations that heavily rely on syringes, particularly single-use and disposable types, are key contributors to the growth of the global market. The International Diabetes Federation (IDF) Diabetes Atlas predicts that the diabetic population will rise by 46% to reach 643 million by 2030, with a significant increase expected in middle-income countries compared to developed nations. The shift toward disposable medical supplies aimed at preventing infections during hospital procedures is another crucial factor propelling market growth.
The trend of self-administered medications underscores the importance of safety when using syringes. The introduction of disposable syringes has mitigated the risk of cross-contamination by allowing users to dispose of needles immediately after use. Mölnlycke Health Care AB highlights that around 70 million surgical procedures are conducted annually in Europe, contributing to a projected rise in syringe sales in the coming years and further driving market expansion.
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Increased Use of Self-Administered Medications Driving Syringe Sales in the United States
The syringes market in the United States is anticipated to generate an absolute growth opportunity of $5.7 billion by 2033, with projections indicating a growth rate of 2.5 times during the forecast period from 2023 to 2033.
As of 2022, the U.S. held a substantial market share of 25.7% , solidifying its position as a key player in the syringes industry. The increase in syringe sales across the nation can be linked to several factors, including the rising incidence of chronic and infectious diseases, the growing adoption of self-administered medications, the availability of standardized syringes, and the presence of major syringe manufacturers. Additionally, the expansion of sectors such as the prefilled syringes industry, home healthcare market, and insulin syringe market significantly contributes to this growth.
The escalating prevalence of chronic and infectious conditions, particularly diabetes and influenza, is a primary driver behind the growth of the syringe market. According to the CDC's National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), 6 in 10 adults in the United States live with a chronic disease. This results in substantial annual expenditures on insulin injections, flu vaccines, and other related medical treatments, further fueling the demand for syringes.
Precision at Its Best: Trends in the Syringes Industry in Germany
In 2022, Germany held a 8.2% share of the syringes market, underscoring its significant role in the industry. A prominent trend in this region is the strong emphasis on quality and precision. German manufacturers are committed to utilizing advanced manufacturing technologies and implementing stringent quality control protocols to ensure the production of top-tier syringes. Moreover, there is an increasing focus on sustainable manufacturing practices, which includes the use of eco-friendly materials and energy-efficient production processes.
Synergy of Technology and Care: Trends in the Syringes Industry in Japan
Japan represented 3.8% of the market share in 2022, affirming its importance in the global syringes landscape. The region is recognized for its technological advancements across various sectors, including healthcare. Japanese manufacturers are leading the way in creating innovative syringe designs that enhance functionality, precision, and user-friendliness. Continuous advancements in materials, such as self-lubricating plastics and biocompatible coatings, have further propelled the growth of the syringes industry in Japan.
Empowering Healthcare Delivery: Trends in the Syringes Industry in Australia
Australia accounted for 1.5% of the syringes market in 2022, highlighting its contribution to the industry. A significant trend in this region is the increasing adoption of prefilled syringes. These prefilled syringes offer numerous benefits, including a reduction in medication errors, enhanced dosage accuracy, and greater convenience for both healthcare professionals and patients. The rising demand for self-administered medications, along with the growth in chronic disease cases, is driving the acceptance and use of prefilled syringes in Australia.
Redefining Accessibility: Trends in the Syringes Industry in China
In 2022, China achieved a CAGR of 6.7% , establishing itself as a significant player in the global syringes market. The nation has experienced a notable transition towards the production of low-cost syringes that cater to both domestic and international markets. Chinese manufacturers capitalize on economies of scale and advanced production capabilities, enabling them to offer competitive pricing while maintaining high quality standards. Furthermore, there is an increasing integration of automation into the syringe manufacturing processes, resulting in enhanced production efficiency and substantial cost savings.
Innovation Meets Quality: Trends in the Syringes Industry in the United Kingdom
The United Kingdom accounted for 3.7% of the market share in 2022, affirming its significance in the global syringes industry. The region is characterized by stringent regulatory standards and a strong commitment to product quality. Manufacturers in the UK are dedicated to developing cutting-edge syringe technologies that prioritize patient safety and enhance the overall healthcare experience. The rising demand for self-administration syringes, coupled with the increasing prevalence of chronic diseases, is propelling market growth in the region. Additionally, the UK's robust healthcare infrastructure and strategic collaborations with pharmaceutical companies provide a competitive advantage in the syringes sector.
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Rising Vaccine Consumption Boosts Demand for Disposable Syringes in India
India is poised to capture over 35% of the South Asia syringes market share during the forecast period, driven by evolving attitudes towards vaccination, a rapidly growing population, heightened health awareness, and an expanding disposable syringes industry. The syringes market in India is projected to experience a CAGR of 10.5% throughout this period, according to FMI.
As one of the fastest-growing economies globally, India boasts a substantial population of over 1.38 billion . This demographic advantage positions the country as a promising market for disposable syringes. Several factors contribute to this growth, including increasing government initiatives aimed at vaccinating every newborn, a robust presence of syringe manufacturers, and a rising awareness of the latest trends in the syringes market. These elements collectively foster an environment conducive to the expansion of the syringes industry in India.
Key Players :
Becton Dickinson and Company Gerresheimer AG Braun Medical Inc. Schott AG DWK Life Sciences CODAN Medizinische Geräte GmbH & Co KG Cardinal Health Inc. CHEMI S.P.A. Terumo Corporation NIPRO Corporation Hindustan Syringes Medical Devices Ltd.
Recent Developments by Key Players in Syringes Market:
Medtronic (August 2023): Medtronic announced the launch of its new auto-injector platform designed for chronic disease management. The platform incorporates user-friendly features and advanced dosing technology to improve patient adherence and comfort during self-administration of medications. Fresenius Kabi (June 2023): Fresenius Kabi unveiled its new line of prefilled syringes that utilize cutting-edge sterilization methods to ensure maximum safety and efficacy. The syringes are designed for a wide range of medications, including vaccines and biologics. Schott AG (September 2023): Schott AG has introduced a new line of glass syringes with enhanced barrier properties. These syringes are designed to protect sensitive biologics from environmental factors, improving drug stability and shelf life. Gerresheimer AG (July 2023): Gerresheimer AG launched a range of disposable syringes featuring an innovative safety mechanism that reduces the risk of accidental needlestick injuries. This new design aims to enhance safety for healthcare workers during medication administration. B. Braun (October 2023): B. Braun announced an investment in expanding its syringe production facility in Mexico to meet growing global demand. The expansion includes the implementation of advanced automation technologies to increase production efficiency and ensure high-quality manufacturing standards.
Syringes Market Segments:
This research report categorizes the market size of syringes into the following segments:
By Usability
Sterilizable/Reusable Syringes Hypodermic Syringes Oral Syringes Disposable Syringes Conventional Syringes Safety Syringes Retractable Safety Syringes Non-Retractable Safety Syringes Prefilled Syringes
By Material
Glass Syringes Plastic Syringes
By Type
General Syringes Specialized Syringes Insulin Syringes Tuberculin Syringes Allergy Syringes Other Syringes
By Region
North America Europe Asia-Pacific Latin America Middle East & Africa
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