February 21, 2024

Rising Prevalence Of Chronic Diseases To Boost The Growth Of Syringe Market

The global Syringe Market is estimated to be valued at Us$ 15.84 Bn in 2022 and is expected to exhibit a CAGR Of 8.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Syringes are medical devices that are used to inject or withdraw fluids from the body. They are made up of a cylinder with a plunger that helps transfer medication or fluid into or out of the body. Syringes are commonly used for injections of vaccines, drugs, and vitamins. They are also used to withdraw blood samples or other bodily fluids. Syringes come in various sizes depending on their intended use and dosage of medication required. Common applications include delivery of intravenous drugs, vaccines, nutrients, and anesthetics. They are an integral part of diagnosis and treatment procedures across hospitals and clinics.

Market key trends:

The global syringe market is projected to witness significant growth over the forecast period owing to rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases. According to the International Diabetes Federation, around 537 million adults are estimated to be living with diabetes in 2021 globally and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Increasing incidence of chronic diseases is expected to propel demand for syringes as they facilitate administration of drugs and vaccines through injections. Advances in medical technology have led to development of safety syringes that help prevent accidental needle stick injuries during administration. Growing awareness regarding benefits of safety syringes among healthcare professionals is anticipated to boost their adoption over the forecast period.

Porter’s Analysis

Threat of new entrants: The syringe market has high initial investment and regulatory barriers, making the threat of new entrants medium.

Bargaining power of buyers: Individual buyers have low bargaining power due to the indispensability of syringes in healthcare. However, large hospitals and institutions can negotiate lower prices.

Bargaining power of suppliers: A few major suppliers dominate the syringe market, giving them significant bargaining power over OEMs and other buyers.

Threat of new substitutes: There exists no close substitute for syringes. Alternative delivery methods such as inhalers and jet injections find limited application.

Competitive rivalry: The syringe market is highly competitive with the presence of several global and regional players. Price competition is intense.

Key Takeaways

The global Syringe Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and rising vaccination programs worldwide.

The market size for syringe was valued at US$ 14,839.3 Mn in 2021. Regional analysis
North America dominated the global syringe market in 2021 owing to high healthcare spending and advanced healthcare infrastructure in the region. Asia Pacific is expected to be the fastest growing market during the forecast period supported by increasing healthcare access and rising medical tourism 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. Catalent Inc., focused on expanding its syringe manufacturing capabilities through acquisitions and capacity additions globally.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it