The global syringes market size was USD 12.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.5% during the forecast period.
Increasing prevalence of chronic diseases, such as diabetes, cancer, and cardiovascular illnesses, rising demand for injectable drugs, and need for efficient drug delivery systems are major factors driving market revenue growth.
Syringes are medical instruments used to administer medications, vaccinations, and other therapeutic substances to patients. The World Health Organization (WHO) estimates that there were 108 million diabetics in 1980 and 422 million in 2014. In addition, need for injectable medications has increased as a result of prevalence of chronic diseases, which is driving revenue growth of the market.
Moreover, demand for reliable and secure drug delivery solutions is another factor driving market revenue growth. Syringes' effectiveness in medicine administration and usability have led to a major rise in their use over the past few years. Development of more effective and secure syringes has increased as a result of technological developments in syringe design and production.
Use of syringes is also expected to increase due to increasing requirement for auto-disable syringes to stop the transmission of infectious diseases. For immunization campaigns, WHO advises using auto-disable syringes, especially in countries where syringe reuse is a frequent practice. Adoption of auto-disable syringes has increased as a result of rising emphasis on stopping the spread of infectious diseases.
Availability of alternative drug delivery methods and high costs of surgical staplers are major factors, which could restrain market revenue growth. In addition, lack of awareness regarding healthcare and safety issue is another factor, which could restrain market revenue growth.
Major Companies and Competitive Landscape:
The global syringes market is a highly competitive and fragmented market, with a number of large and medium-sized players accounting for majority of market revenue. Major players in the global syringes market are deploying various strategies, such as mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective products to maintain and increase their market share.
Some of the major companies included in the global syringes market report are:
Syringes Market Segmentations:
|Product Type Outlook||Application Outlook||Regional Outlook|
Blood Specimen Collection
Middle East & Africa