Dublin, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The "Syringe Trays Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global syringe trays market size has grown rapidly in recent years. It will grow from $16.38 billion in 2023 to $18.31 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%.
The growth observed in the historic period can be attributed to several factors, including increased vaccination programs, advancements in pharmaceutical packaging technology, rising prevalence of chronic diseases, expansion of healthcare infrastructure in emerging markets, stringent regulatory requirements for medical device packaging, heightened focus on infection control and sterile packaging, increased production capacity of syringe manufacturers, and growing awareness of safe injection practices.
The syringe trays market is expected to see rapid growth in the next few years. It will grow to $28.78 billion in 2028 at a compound annual growth rate (CAGR) of 12%.
In the forecast period, growth can be attributed to several key factors, including technological advancements in syringe tray manufacturing, increasing demand for home healthcare services, government initiatives promoting vaccination, a growing aging population requiring medical care, advancements in biodegradable and eco-friendly materials for syringe trays, expansion of the medical tourism industry, investments in healthcare infrastructure, and rising demand for prefilled and disposable syringes.
Major trends anticipated in this period include a shift towards sustainable and eco-friendly materials for syringe trays, greater automation in syringe tray production, increasing demand for customized syringe tray solutions, adoption of smart packaging technologies, expansion of the global healthcare market, and integration of advanced tracking and monitoring systems in syringe trays.
The syringe trays market is expected to grow significantly due to the increasing number of surgical procedures. This growth is driven by advancements in medical technology and a rising aging population requiring more medical interventions. For example, in 2022, the British Association of Aesthetic Plastic Surgeons reported a 102% increase in cosmetic procedures compared to 2021, highlighting the growing demand for surgical interventions. Similarly, the American Academy of Facial Plastic and Reconstructive Surgery noted a 40% rise in surgical and non-surgical procedures in 2021 compared to 2020.
Leading companies in the syringe trays market are focusing on innovation to meet clinical needs and enhance patient safety, such as developing specialized products such as thoracostomy trays. For instance, Merit Medical Systems Inc. launched the ReSolve Thoracostomy Tray in 2022, specifically designed to facilitate safe air or fluid extraction from the chest cavity. This innovative tray includes various syringes, including luer lock and slip syringes of different capacities, catering to specific medical requirements.
In April 2023, Inverness Graham, an investment firm based in the US, acquired Innovia Medical to expand its healthcare portfolio and capitalize on market opportunities. This acquisition of Innovia Medical, known for its InstruSafe brand of surgical solutions including syringe trays, aims to leverage Innovia's expertise and enhance growth prospects in the evolving healthcare sector.
North America was the largest region in the syringe trays market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the syringe trays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the syringe trays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Where is the largest and fastest growing market for syringe trays? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered:
1) By Type: Polypropylene Syringe Trays; Polyvinyl Chloride Syringe Trays; Polystyrene Syringe Trays; Polyethylene Syringe Trays; Other Types
2) By Distribution Channel: Offline; Online
3) By Application: Food Laboratories; Hospitals; Veterinary; Agriculture; Diagnostics; Pharmaceuticals; Research And Laboratories
Key Companies Mentioned: Cardinal Health Inc.; Becton Dickinson and Company; Baxter International Inc.; Henry Schein Inc.; Medline Industries L.P.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $18.31 Billion |
| Forecasted Market Value (USD) by 2028 | $28.78 Billion |
| Compound Annual Growth Rate | 12% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Cardinal Health Inc.
- Becton Dickinson and Company
- Baxter International Inc.
- Henry Schein Inc.
- Medline Industries L.P.
- ICU Medical Inc.
- Vygon Ltd.
- Terumo Medical Corporation
- Retractable Technologies Inc.
- Sol-Millennium Medical Group Inc.
- B Braun Melsungen AG
- ArcRoyal Ltd.
- MPS Medical Inc.
- Bausch+Stroebel Machine Company Inc.
- Addent Inc.
- Covidien Healthcare India Pvt.
- Hospital Equipment Manufacturing Company
- Hurst Corporation
- Jal Extrusion Private Limited
- Desco Medical
- Shakti Polyplast
For more information about this report visit https://www.researchandmarkets.com/r/jiyex0
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