The global Syringe Market is estimated to be valued at US$ 17308.56 Mn or Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Syringes are medical devices that are used to inject, withdraw fluids and administer medicines into the body. They provide an easy way to accurately dispense the required quantity of drugs or vaccines into or from the body.
Market key trends:
The increasing prevalence of chronic diseases is expected to boost the syringe market size over the forecast period 2023-2030. As per WHO, chronic diseases are responsible for over 70% of all deaths globally. Chronic diseases, such as cardiovascular diseases, cancer, respiratory diseases, and diabetes require frequent injections to control the disease or administer drugs. These diseases often need lifelong treatment and monitoring which is further elevating the demand for syringes. According to Centers for Disease Control and Prevention, heart diseases cause 1 in every 4 deaths in the United States each year, approximately 647,000 Americans die from heart disease each year. The growing cases of chronic diseases drives the growth of the syringe market.
SWOT Analysis
Strength: The syringe market has widespread applications in the healthcare industry for drug delivery. Rising chronic diseases and need for accurate dosing have increased syringe adoption.
Weakness: Changing regulations related to waste disposal of used syringes add operational costs for manufacturers. Battery-powered alternatives pose competition.
Opportunity: Growing geriatric population and rising prevalence of lifestyle diseases in developing nations create demand. Technological advancements in safety syringes reduce risks of accidental needlestick injuries.
Threats: Pricing pressures from local manufacturers may reduce profit margins. Economic slowdowns can decrease healthcare budgets and affect market growth.
Key Takeaways
The global Syringe Market Growth is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases. Syringes find extensive usage in administration of medications and vaccines for conditions like diabetes, cancer, autoimmune disorders etc.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead over 2030. This can be attributed to rising healthcare spending and growing diabetic population in the US and Canada. Asia Pacific is anticipated to exhibit fastest growth owing to improving access to healthcare in countries like India, China and Indonesia.
Key players operating in the syringe market are Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Cand Hindustan Syringes & Medical Devices Limited, among others. These companies are focusing on new product launches, collaborations and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
