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Insulin Syringes market growth
PORTLAND, OR, UNITED STATES, December 10, 2024 /EINPresswire / -- The global insulin syringes market is experiencing significant growth, projected to expand from $1,561.20 million in 2020 to $2,401.51 million by 2030, with a compound annual growth rate (CAGR) of 4.4% from 2021 to 2030. This growth is primarily driven by the increasing prevalence of
diabetes and an aging population globally.
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Overview of Insulin Syringes
Insulin syringes are essential medical devices used for administering insulin to diabetic patients. They consist of three main components:
.Needle: Typically thin and short, often coated with silicone for easier penetration with minimal pain.
.Barrel: The chamber that holds insulin, marked with calibrations to indicate dosage.
.Plunger: A rod that moves within the barrel to draw in or expel insulin.
Key Factors Driving Market Growth
Several factors contribute to the expansion of the insulin syringes market:
.Aging Population: An increase in the elderly demographic leads to a higher incidence of diabetes.
.Rising Diabetes Rates: The global increase in diabetes cases, particularly type-2 diabetes, necessitates effective insulin delivery methods.
.Obesity Epidemic: Growing rates of obesity contribute significantly to the rise in diabetes cases.
.Favorable Government Policies: Supportive regulations and healthcare initiatives enhance market growth prospects.
Challenges Facing the Market
Despite its growth, the insulin syringes market faces challenges:
.Competition from Insulin Pens: The rising popularity of insulin pens may limit syringe usage.
.High Costs: Advanced insulin syringes can be expensive, potentially restricting access for some patients.
Market Segmentation
The insulin syringes market is segmented based on various criteria:
.Syringe Size:
.3/10 cc Syringe (0.3ml)
.1/2 cc Syringe
.1cc Syringe (1ml)
.Disease Type:
.Type-1 Diabetes
.Type-2 Diabetes
.End User:
.Hospitals
.Homecare Settings
.Nursing Homes
Regional Insights
The market is analyzed across several regions:
.North America: Holds a significant share due to high diabetes prevalence and healthcare expenditure.
.Asia-Pacific: Expected to grow rapidly, driven by a large diabetic population and improving healthcare infrastructure.
Key Players in the Market
Major companies operating in the insulin syringes market include:
.Novo Nordisk A/S
.Biocon Ltd
.Abbott Laboratories
.Terumo Corporation
.Cardinal Health Inc
.Beckton and Dickinson Company
.Eli Lilly and Company
.Nipro Medical Corporation
.Medline Industries
.Hindustan Syringe and Medical Device Ltd
Conclusion
The global insulin syringes market is poised for substantial growth due to increasing diabetes prevalence and supportive healthcare policies. With ongoing advancements in syringe technology and growing awareness among patients, the market presents lucrative opportunities for stakeholders.
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Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.