February 21, 2024
Syringe Market

Syringe Market: Growing Demand for Medical Products Drives Market Growth

The global Syringe Market is estimated to be valued at US$14,839.3 million in 2021 and is expected to exhibit a CAGR of 8.0% over the forecast period (2022-2028), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Syringes are widely used medical devices that are essential for administering medications, vaccines, and blood products. They provide an accurate and effective method of delivering fluids into the body. The advantages of syringes include their ease of use, precise dosing, and sterile delivery. With the increasing prevalence of chronic diseases, growing demand for vaccinations, and the need for effective drug delivery, the demand for syringes is expected to increase significantly.

Market Key Trends:

One key trend in the syringe market is the growing adoption of prefilled syringes. Prefilled syringes are increasingly preferred by healthcare professionals and patients due to their convenience, safety, and reduced risk of contamination. These syringes come pre-filled with a specific dose of medication, eliminating the need for manual filling and reducing the risk of dosing errors. This trend is driven by the advantages offered by prefilled syringes, such as accurate dosing, ease of use, and reduced needle-stick injuries.

Overall, the syringe market is expected to witness steady growth in the coming years, driven by the increasing demand for medical products, advancements in technology, and the growing preference for convenient and safe drug delivery methods.

Porter’s Analysis:

Threat of new entrants: The syringe market is characterized by high barriers to entry due to the strict regulations and certifications required for manufacturing and distributing medical devices. This deters new entrants from easily entering the market, reducing the threat of new competition.

Bargaining power of buyers: The buyers in the syringe market, such as hospitals, clinics, and healthcare facilities, have significant bargaining power as they purchase syringes in large quantities. This puts pressure on manufacturers to provide competitive pricing and high-quality products to retain their customers.

Bargaining power of suppliers: The suppliers in the syringe market, which include raw material suppliers and manufacturers of plastic components, have limited bargaining power. This is due to the availability of multiple suppliers in the market, lowering the dependency on a single supplier.

Threat of new substitutes: The threat of new substitutes in the syringe market is low. Syringes are essential medical devices used for administering medication, vaccines, and other medical procedures. There are no direct substitutes that can offer the same level of precision, accuracy, and safety as syringes.

Competitive rivalry: The syringe market is highly competitive, with numerous key players operating globally. These players compete based on factors such as product quality, pricing, innovation, and distribution network. The competitive rivalry is intense, leading to continuous advancements and technological developments in the market.

Key Takeaways:

The global syringe market Share is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period of 2022-2028. This growth can be attributed to increasing healthcare infrastructure development, rising prevalence of chronic diseases, and the growing demand for vaccines and injectable drugs worldwide.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the syringe market. This can be attributed to the increasing healthcare expenditure, growing population, rising awareness about safe medical practices, and government initiatives to improve healthcare infrastructure in countries like China, India, and Japan.

Key players operating in the syringe market include 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. These key players focus on product innovation, strategic collaborations, and mergers and acquisitions to maintain their market position and gain a competitive edge.

Overall, the syringe market is poised for significant growth in the coming years due to the increasing demand for reliable and safe injection devices in the healthcare industry. The market’s competitive landscape, coupled with advancements in technology and expanding healthcare infrastructure, will drive innovation and propel the market forward.

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