Syringes are sterile medical devices primarily used for administration of medications, vaccines and drawing fluids from the body such as blood. They are made available in different materials, sizes and designs suiting varied medical needs. With increasing prevalence of chronic diseases worldwide and progress in vaccination programs propelling demand for injectable drugs and vaccines, the global syringe market is witnessing robust growth.
The global syringe market is estimated to be valued at US$ 14,839.3 Mn 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 key trends:
The increasing prevalence of chronic diseases is a major driver for the syringe market. Chronic diseases such as cancer, diabetes, cardiovascular diseases among others have risen significantly worldwide over the past few decades. This has increased the demand for injectable medications for treatment and management of chronic diseases which is boosting the syringe market. Syringes play an important role in injecting insulin for diabetes patients, chemotherapy drugs for cancer patients and other injectable medications. With growing burden of chronic diseases, injectable drug delivery is becoming increasingly important fueling market growth of syringes. Advancements in syringe design suitable for self-administration and safety are also supporting the increased uptake of syringes.
SWOT Analysis
Strength: The global syringe market has witnessed strong growth owing to the increase in chronic diseases and rise in immunization programs globally. This leads to steady demand for syringes.
Weakness: Low profit margins for syringe manufacturers due to pricing pressures and commoditization of the product. Certain regulations restrict use and disposal of syringes which remains a challenge.
Opportunity: Growth opportunities in Developing markets of Asia Pacific and Middle East & Africa due to rising healthcare infrastructure and expenditures. Advancements in technology for development of more patient-friendly syringes.
Threats: Threat from local manufacturers offering low cost syringes. Stringent regulations pertaining to product standards and manufacturing processes increase compliance costs.
Key Takeaways
The global syringe market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 14,839.3 Mn by 2023 from US$ ~10 Bn in 2020, expanding at a CAGR of around 8.0% during the forecast period.
Regional analysis
Asia Pacific region is dominating as well as the fastest growing regional market for syringes. Countries like India, China and Japan have large patient pool suffering from chronic diseases. Favorable government policies supporting immunization programs also boost the market. Steady economic growth supports healthcare infrastructure development and expenditures in the region.
Key players
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, Codan Medizinische Geräte GmbH & Co. KG, and Hindustan Syringes & Medical Devices Limited, among others. Leading players focus on expansions, partnerships, and new product launches to strengthen their market position and cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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