Wilmington, Delaware, United States, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a study published by Transparency Market Research, the syringes market in Europe is expected to grow at a CAGR of 5.6% during the forecast period from 2022 to 2031.
Syringes are medical equipment used to withdraw or inject liquids from a patient's body. Commonly used syringes include disposable syringes, injection syringes, and prefilled syringes.
New product launches are helping leading players to gain an edge over competitors and create new revenue streams. In September 2021, Medtronic plc announced the launch of a new syringe with the ability to deliver osteoinductive DBM into the surgical site. Additionally, prominent players could expand their production capacities in a bid to meet consumer requirements.
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Key Findings of Market Study
- Rise in Demand for General Purpose Syringes Boosting Market Growth: Based on product, the syringes market in Europe has been classified into general purpose syringes, specialized syringes, and smart syringes. The general purpose syringes segment held significant market share in 2021. Rise in demand for syringes to treat patients suffering from different medical conditions, such as diabetes, cancer, and arthritis, is driving the segment.
- Increase in Demand for Syringes in Hospitals: In terms of end-user, the syringes market in the region has been divided into hospitals & clinics, blood banks, diagnostic laboratories, veterinary facilities, and pharmaceuticals & biotechnology companies. The hospitals & clinics segment accounted for the largest market share in 2021. This is ascribed to increase in prevalence of chronic diseases and surge in number of patients opting for treatment at hospitals due to supportive reimbursement policies.
- Surge in Demand for Therapeutic Applications: Based on application, the syringes market in Europe has been segregated into therapeutics, diagnostics, and immunization. The therapeutics segment accounted significant market share in 2021. The trend is expected to continue during the forecast period. Rise in geriatric population is expected to drive the demand for therapeutics during the forecast period.
Syringes Market - Key Drivers
- Rise in government initiatives for different vaccination programs is anticipated to be one of the factors, driving market growth during the forecast period
- Increase in demand for point-of-care administration to augment business growth in Europe
- Rise in demand for drug delivery purposes due to benefits such as reduced overfills and improved benefits is likely to fuel industry growth during the forecast period
- Presence of developed healthcare facilities in rural parts of the region is expected to propel market size during the forecast period
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Syringes Market - Regional Insights
The syringes market in Germany accounted for the dominant market share in 2021. The market in the U.K. is anticipated to witness significant growth during the forecast period. This is ascribed to rise in the number of patients opting for self-medication at home.
Syringes Market - Key Players
The syringes market in Europe less competitive due to presence of small number of leading players. The competition could intensify if new players enter the market during the forecast period.
Key players are investing significantly in research and development activities to introduce improved syringes that meet consumer requirements. Increase in demand for improved syringes is likely to augment market development during the forecast period. Key players in the syringes market in Europe are Becton, Dickinson and Company, Medtronic Plc, and Baxter International Inc.
The syringes market in Europe is segmented based on:
- Product Type
- General Purpose Syringe
- Specialized Syringes
- Insulin
- Others
- Smart Syringes
- Application
- Therapeutics
- Diagnostics
- Immunization
- Others
- Usage
- Disposable
- Conventional Syringe
- Safety Syringes
- Reusable
- Material
- Plastic
- PP
- LDPE
- HDPE
- Others
- Glass
- End-use
- Hospitals & Clinics
- Independent Diagnostic Laboratories
- Blood Banks
- Pharmaceuticals & Biotechnology Companies
- Veterinary Facilities
- Others
- Regions Covered
- Europe
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