by The global Syringe Market is estimated to be valued at US$ 17308.56 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 Overview:
Syringes are medical devices used for injection or extraction of fluids from the body, such as drawing fluid from a vial or ampoule or injecting a medicine under the skin, into a vein, muscle or other part of the body. Syringes have plunger and a barrel which stores the liquid medicine. A major advantage of using syringes is that it allows for accurate dosage, prevents cross-contamination and is cost-effective versus other drug delivery methods. Syringes find widespread application for insulin injections by diabetes patients, vaccinations and for various other injection procedures in healthcare facilities.
Market key trends:
One of the key trends in the syringe market is growing prevalence of chronic diseases worldwide. Chronic diseases such as diabetes, cardiovascular diseases and cancer have seen steady rise over the past few decades. According to WHO, over 1.5 million deaths are caused due to diabetes each year globally and the total number of adults living with diabetes has surged to 537 million in 2021 from 108 million in 1980. Rising burden of such chronic conditions is expected to generate high demand for syringes for administration of medications and injectables. Technological advancements have also led to the development of prefilled syringes that provide accurate dosing and prevent accidental needle-sticks compared to conventional syringes. Increasing preference for prefilled syringes is likely to propel future growth of the market.
Porter’s Analysis
Threat of new entrants: The syringe market requires high investment costs for equipment, infrastructure, and compliance with stringent regulatory approvals which acts as a barrier for new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power in this market due to the availability of substitute products. However, medication safety compliance increases buyer dependence on syringes.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to the availability of substitute raw materials and established supply networks of major players.
Threat of new substitutes: New medical devices for injection like injectors and auto-disable syringes are substituting traditional syringes, however complete substitution is still some years away.
Competitive rivalry: The syringe market is highly consolidated with the presence of few large players commanding major market share.
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 and growth in demand for vaccines globally.
Regional analysis
The Asia Pacific region dominates the global syringe market and is estimated to grow at the fastest rate during the forecast period. Factors such as rising healthcare expenditure, increasing demand for vaccines and growth in medical tourism are driving the demand for syringes in Asia Pacific region, especially in emerging economies like India and China.
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, Cand Hindustan Syringes & Medical Devices Limited, among others. Catalent Inc. and Becton Dickinson are the leading players in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
