Dublin, April 12, 2023 (GLOBE NEWSWIRE) -- According to the latest publication by Fact.MR, a market research and competitive intelligence provider, the global syringes and cannulas market is estimated at US$ 19.1 billion in 2022 and is predicted to expand at a CAGR of 3.6% between 2022 and 2032.
The rigorous use of syringes for immunization over the past years and decades has led to advancements of the product in present times. Development of disposable single-use syringes and cannulas has reduced the chances of contamination, which has resulted in the decrement of disease caused due to transmission. A few technological advancements related to disposable syringes include the usage of various-chamber syringes, intensified lubrication technology, and the evolution of needle-stick safety-equipped devices, which have increased the demand for disposable syringes across the board.
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| Syringes and Cannulas Market Scope | |
| Report Coverage | Details |
| Historic period | 2017-2021 |
| Forecast period | 2022-2032 |
| Growth momentum & CAGR | Accelerate at a CAGR of 3.6 % |
| Market growth 2023-2033 | US$ 27.2 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Cardinal Health, B. Braun Medical Inc., Baxter International Inc., Becton Dickinson and Co, Cook Medical, Medline Industries Inc., Medtronic Plc., Nipro Corporation, Terumo Corp, Gerresheimer AG, Hindustan Syringes & Medical Devices Ltd., Schott Kaisha Private Limited, Abu Dhabi Medical Devices Company |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Fact.MR suggests that, under the product type segment, syringes will have an opportunistic growth for emerging manufacturers. In over a decade, the market for disposable syringes will continue to hold a majority of the share that could be even more than 90%. Comparatively, the use of cannulas is rare, offering limited growth opportunities.
However, because of the market's extreme fragmentation, manufacturers may experience intense rivalry. On the other hand, prominent as well as developing manufacturers may have a significant hurdle in obtaining permits for technical improvements. Providers will, however, see sustained revenue growth after following the approval process successfully.
Key Takeaways from Market Study
- The global syringes and cannulas market is projected to reach US$ 27.2 billion by 2032.
- The market expanded at 3.8% CAGR from 2017 to 2021.
- Under product type, disposable syringe dominates and are valued at US$ 14.8 billion in 2022.
- North America leads the global market with 33.2% share in 2021.
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Competitive Landscape
For a variety of end users, top syringe and cannula manufacturers are applying sustainable technology and optimization techniques. Moreover, the core marketing strategy of manufacturers is built on their professionalism and ability in organizing, creating, and delivering the best solutions. Market players are also aiming to make products available through geographical expansion in emerging and low-income countries.
- For instance, Baxter International Inc announced the acquisition of Hillrom to enhance its product portfolio and expand its geographical reach in the healthcare industry, in 2021.
- A strategic relationship was established in November 2021 between Terumo Corporation and Diabeloop SA, a leader in therapeutic AI. With a future goal of expanding these solutions globally in other countries like MENA, North America, etc., this cooperation was formed with an emphasis on developing and offering Automated Insulin Delivery (AID) systems in Japan and Europe.
Market Development
The market for syringes and cannulas is quite fragmented and there are many manufacturers across the world, including Cardinal Health., B. Braun Medical Inc., Baxter International Inc, Becton Dickinson and Co, Cook Medical, Medline Industries Inc., Medtronic Plc., Nipro Corporation, Terumo Corp, Gerresheimer AG, Hindustan Syringes & Medical Devices Ltd., Schott Kaisha Private Limited, and Abu Dhabi Medical Devices Company.
Companies are attempting to break into the syringes and cannulas market with new, cutting-edge solutions. In addition, major firms are implementing inorganic expansion tactics such as mergers and acquisitions to boost their distribution networks in underserved areas and increase their global reach.
Segmentation of Syringe and Cannulas Industry Research
- By Product Type:
- Syringes
- Reusable
- Disposable
- Cannulas
- Neonatal Cannulas
- Straight Cannulas
- Winged Cannulas
- Cannulas with Wings and Ports
- Cannulas with Integrated Stop Cocks
- Nasal Cannulas
- Syringes
- By End User:
- Hospitals
- Diagnostic Laboratories
- Clinics
- Nursing Facilitates
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global syringes and cannulas market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (syringes and cannulas) and end user (hospitals, diagnostic laboratories, clinics, nursing facilitates, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
Key Questions Covered in the Syringes and Cannulas Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Syringes and Cannulas sales grow until 2033?
- Which are the factors hampering the Syringes and Cannulas demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Syringes and Cannulas Market during the forecast period?
Check out more related studies published by Fact.MR Research:
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Chromatography Syringes Market Sales: The global chromatography syringes market was valued at around US$ 73.75 Million in 2021, which amounts to close to 1% share of overall chromatography instrument demand. Sales of chromatography syringes are projected to accelerate at a CAGR of 6% to top US$ 140 Million by 2032.
Dual Chamber Prefilled Syringes Market Demand: The global dual chamber prefilled syringes market demand is projected to grow at a CAGR of 8.7% during the forecast period, 2017 to 2026, according to a new study of Fact.MR.
Prefilled Syringes Market Share: The global prefilled syringes market is set to enjoy a valuation of US$ 7,742.9 Million in 2022 and further expand at a CAGR of 10.0% to reach US$ 20,167.8 Million by the end of 2032.
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