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Syringes are medical devices that help in injecting fluids into or withdrawing fluids from the human body. They are commonly used for administering injections, performing blood tests, and drawing fluids from the body during medical procedures. Some key applications of syringes include injecting vaccines, insulin, antibiotics, chemotherapy drugs, sedatives among others. They also aid in drawing blood samples to screen for conditions like diabetes, cholesterol, liver or kidney disorders. Syringes are available in various types including conventional, insulin, and safety syringes. Safety syringes provide protection from needle pricks to prevent transmission of blood-borne pathogens. The global syringe shortage during the COVID-19 pandemic highlighted the critical importance of syringes in healthcare.
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:
One of the key trends in the syringe market is the rise of safety syringes. Safety syringes are designed to prevent needlestick injuries and reusing of syringes. They provide built-in safety features such as retractable needles, sliding sheath covers, and hinged clip covers. Safety syringes help reduce transmission of bloodborne pathogens such as hepatitis B and C viruses and HIV. The World Health Organization (WHO) has been promoting the use of safety syringes to curb unsafe injection practices globally. Rising awareness about bloodborne infections and safety of healthcare workers has been fueling adoption of safety syringes across the world. Manufacturers are also coming up with innovative designs to enhance safety further and drive the market growth.
Porter’s Analysis
Threat of new entrants: The syringe market requires huge capital investments for product development and regulatory approvals which limits new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of syringes from various manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative raw material suppliers.
Threat of new substitutes: There is low threat from substitutes due to lack of substitutes for syringes used for injecting medications and taking blood samples.
Competitive rivalry: The syringe market is consolidated with presence of few large players intensifying competition.
Key Takeaways
The global syringe market is expected to witness high growth over the forecast period. North America region is expected to hold the largest share of the market throughout the forecast period owing to rising prevalence of chronic diseases and growing geriatric population in the region. The demand for conventional syringes is expected to remain high due to growing prevalence of immunization programs for vaccines. However, the demand for safety syringes is expected to grow at a higher rate due to mandatory implementation of regulations regarding use of safety syringes in many countries.
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. and Cardinal Health are focusing on capacity expansion through acquisitions and partnerships to strengthen their market position. Terumo Corporation is investing in R&D to develop advanced prefilled syringes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
