Syringes and Needles Market Analysis 2022-2028- Increasing Geriatric Population, High Focus On Increasing Production Of Syringes And Needles During The Coronavirus Outbreak
Increasing prevalence of chronic diseases, rising demand for syringes and needles for therapy and drug delivery, and technological advancements are key factors fueling global market growth
The global syringes and needles market size was USD 21.70 Billion in 2020 and is expected to register a steady revenue CAGR of 6.5% during the forecast period. Key factors driving global market revenue growth are technological advancements in syringes and needles, increasing prevalence of various chronic and infectious diseases, rising demand for disposable syringes, and high adoption of injectable drugs.
A syringe is a simple reciprocating pump that consists of a plunger fitting tightly in a cylindrical tube. The plunger can be pulled and pushed linearly allowing the syringe to take in and eject liquid through a needle. The tip of the syringe provides a point of attachment for a needle. Different types of syringes are commonly used in the medical field for administrating injections during surgeries, blood collection, and vaccinations. Various types of syringes for different organs and functions are available in the market owing to rapid advancements in syringes technology. According to World Health Organization, around 90% of the syringes are used for drug delivery, 5% for vaccinations, and around 5% for blood transfusion.
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Some key highlights of the report:
- Based on type, the biopsy segment is expected to register rapid revenue CAGR over the forecast period to increasing incidence of types of cancer and rare blood diseases, increasing awareness about early diagnosis and biopsy tests, and availability of advanced and safe biopsy needles.
- Based on material, the disposable segment is expected to account for significantly larger revenue share between 2021 and 2028 owing to high prevalence of chronic diseases, increasing demand for disposable syringes amidst coronavirus vaccinations, high risk of infection with reusable syringes and needles, rising demand for injectable drugs and increasing number of diagnostic tests.
- Among the end use, the hospitals and clinics segment is expected to account for largest revenue share during the forecast owing to high prevalence of chronic diseases, increasing number of surgeries, and improving healthcare facilities. Other factors such as high birth rate, increasing geriatric population, availability of latest injectable devices, and increasing number of clinics and hospitals across the globe are driving revenue growth of the segment.
- Europe is expected to account for significant revenue growth over the forecast period. This can be attributed to factors such as high prevalence of chronic and lifestyle-associated diseases, rising number of tests and surgeries, rapid advancements in syringes and needles, increasing presence of well-developed healthcare facilities, and increasing investments for developing advanced and safe needles and syringes.
- Asia Pacific market revenue is expected to expand at a rapid CAGR of 8% between 2021 and 2028 owing to increasing incidence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, improving healthcare facilities, and increasing diagnostic tests and blood collection. In addition, rising investments in research and development activities, increasing healthcare expenditure, increasing number of hospitals and clinics, and increasing vaccination drives are other factors driving revenue growth in Asia Pacific.
- DeRoyal, Albert David Ltd, B. Braun Melsungen AG, Terumo Corporation, Connecticut Hypodermics Inc., Insulet, Septodont, Medtronic plc, Becton Dickinson, Schott AG, Cardinal Health Inc., Smiths Medical, Covidien Plc, Thermo Fisher Scientific, Hamilton Company, Merck, Novo Nordisk A/s, and Nipro Medical Corporation are some of the key players profiled in the global syringes and needles market report.
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For the purpose of this report, Reports and Data has segmented the global syringes and needles market on the basis of product type, material type, application, end use, and region:
Product Type Outlook (Revenue, USD Billion, 2018-2028)
- Blood Collection
- Drug Delivery
Material Type Outlook (Revenue, USD Billion, 2018-2028)
Application Outlook (Revenue, USD Billion, 2018-2028)
- General Surgery
End Use Outlook (Revenue, USD Billion, 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Home Care
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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