Increasing geriatric population, rising demand for safety syringes, and increasing demand for disposable syringes amidst the ongoing coronavirus pandemic are key factors fueling global market growth.
Increasing geriatric population, rising demand for safety syringes, and increasing demand for disposable syringes amidst the ongoing coronavirus pandemic are key factors fueling global market growth
The global syringes and needles market is expected to reach USD 36.13 Billion in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are rising number of product approvals, availability of advanced syringes and needle types in many developed and developing countries, and increasing vaccination drives and blood donation drives.
A syringe is a reciprocating pump consisting of a sliding plunger, tightly fitted in a cylindrical tube called a barrel. A needle is attached to the barrel that helps in injecting or withdrawing fluids from the body. Various types of syringes and needles are used in the medical sector for injecting drugs in the body, administrating intravenous therapy, vaccines, and collecting blood. Key factors boosting global market revenue growth are increasing prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, and rising number of blood tests and other diagnostic tests. Other factors such as increasing adoption of injectable drugs, rising number of surgical procedures, increasing need for organ transplantations, and vaccination drives across the globe are fueling global market revenue growth. In addition, increasing healthcare expenditure, improving healthcare facilities, and increasing investments in research and development activities, government initiatives to increase production of syringes and needles during the COVID-19 outbreak are expected to fuel global market growth.
However, factors such as high risk of needlestick injuries and increasing concerns about needle infections with drug delivery administration, overuse of reusable syringes and increasing adoption of needle-free devices, and high focus on launching alternative drug delivery techniques are expected to hamper global market growth to a certain extent during the forecast period.
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Some key highlights of the report:
- Based on product, the blood collection segment is expected to account for significant revenue share between 2021 and 2028. This can be attributed to increasing prevalence of cancer, diabetes, cardiovascular diseases, blood-borne diseases, rising number of diagnostic tests and high demand for disposable syringes for blood collection, increasing cases of organ transplantation, and rising number of blood donation camps.
- Based on end use, the home care segment is expected to register rapid revenue CAGR over the forecast period owing to increasing prevalence of diabetes and cancer, high elderly population, increasing preference for home care setting and availability of latest injectable devices such as smart syringes, syringe pumps.
- North America market is expected to account for largest revenue share in the global market between 2021 and 2028 owing to factors such as increasing cases of chronic and lifestyle associated diseases, rapid urbanization, increasing number of surgeries, availability of technologically advanced syringes and needles, and presence of well-developed healthcare infrastructure. In addition, increasing diagnostic tests and product approvals, and increasing investments for developing and introducing novel and safer injectable devices are fueling market growth in North America.
- Asia Pacific market is expected to register rapid revenue CAGR of 8% during the forecast period owing to high patient pool, increasing demand for disposable syringes for vaccinations, and blood collection, improving healthcare infrastructure, and rising healthcare spending. Other factors such as favorable regulatory norms for approval of new injectables, increasing investments for developing advanced products are expected to fuel market growth going ahead.
- 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
- Biopsy
- Dental
- Ophthalmic
- Catheter
- Epidural
- Anesthesia
- Others
Material Type Outlook (Revenue, USD Billion, 2018-2028)
- Reusable
- Disposable
Application Outlook (Revenue, USD Billion, 2018-2028)
- Diagnostic
- General Surgery
- Orthopedics
- Respiratory
- Dental
- Cardiovascular
- Neurology
End Use Outlook (Revenue, USD Billion, 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Home Care
- Others
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) 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 2018 and 2028.
- 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.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- 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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