Newark, NJ, Feb. 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global syringes market is expected to grow from USD 12.33 billion in 2020 and to reach USD 24.38 billion by 2028, growing at a CAGR of 8.9% during the forecast period 2021-2028.
The global syringes market has witnessed significant growth in recent years. This growth is attributed to the increasing number of surgical procedures, technological advancements, growing awareness towards blood-borne diseases, and increasing adoption of injectable drugs. Other factors propelling the market growth include growing trends towards prefilled syringes and growing demand for vaccination and immunization.
A reciprocating pump that consists of a plunger that fits tightly within the cylindrical tube is known as a syringe. The syringes are used in clinical medicine to control injection, draw liquids, and infuse intravenous therapy into the bloodstream. A medical syringe has a needle attached to a hollow cylinder of the tube that is fitted with a sliding plunger. The syringe's open end can be equipped with a hypodermic needle to direct the flow into and out of the barrel. The downward movement of the syringe injects fluids, and the upward trend withdraws the fluid.
The global syringes market is expected to witness significant growth, owing to the growing geriatric population, technological advancements in syringes, and increasing adoption of safety syringes. The factors hampering the market growth are the high cost of prefilled syringes and the rising number of needlestick injuries and infections. Growing trends towards prefillable syringe systems will provide market growth opportunities.
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The key players operating in the global syringes market are Dickinson and Company, Terumo Corporation, Smiths Medical, B. Braun Medical Inc., Medtronic plc, Hindustan Syringes & Medical Devices Limited, CODAN Medizinische Geräte GmbH & Co KG, Becton, NIPRO Corporation, Gerresheimer AG, and SCHOTT AG. To gain a significant market share in the global syringes market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Medtronic Plc and Smiths Medical are major players operating in the global syringes market.
Disposable Syringes segment dominated the market and held the largest market share of 25.43% in the year 2020
On the basis of usability, the global syringes market is segmented into hypodermic syringes, sterilizable syringes, disposable syringes, oral syringes, safety syringes, conventional syringes, non-retractable safety syringes, retractable safety syringes, and prefilled syringes. Disposable Syringes segment dominated the market and held the largest market share of 25.43% in the year 2020. This growth is attributed to the growing geriatric population, high infection risks due to reusable syringes, and growing use of disposable injection as a mode of drug delivery.
General Syringes segment dominated the market and held the largest share of 27.11% in the year 2020
On the basis of type, the global syringes market is segmented into specialized syringes, general syringes, tuberculin syringes, insulin syringes, allergy syringes, and others. General Syringes segment dominated the market and held the largest share of 27.11% in the year 2020. This growth is attributed to the increasing birth rates in emerging economies, regular usage in vaccination and tetanus, and increasing demand for vaccines. The specialized syringe segment is anticipated to witness significant growth, owing to the increasing incidences of needlestick injuries and technological advancements.
Glass Syringes segment dominated the market and held the largest share of 56.26% in the year 2020
On the basis of material, the global syringes market is segmented into plastic syringes, and glass syringes. Glass Syringes segment dominated the market and held the largest share of 56.26% in the year 2020. This growth is attributed to the resistiveness of the glass syringes as it reduces the chances of the syringe material reacting with the fluid. The plastic syringe segment is anticipated to witness significant growth, owing to the increasing inclination towards self-administration and rising awareness about blood-borne infections.
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Regional Segment of Syringes Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global syringes market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 32.7% in the year 2020. This growth is attributed to the increasing prevalence of chronic and lifestyle diseases, increasing developments in injectable devices, growing product approvals, and increasing awareness about specialized syringes. The Asia-Pacific region is anticipated to witness significant growth, owing to the rapid urbanization, favorable government policies for the approval of new injectable, and rapid growth in the aging population. In the region, Japan holds the largest market share due to the increasing prevalence of diabetes and high penetration of self-injection devices.
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About the report:
The global syringes market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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