Syringes Market 2021 Size, Share, Trends, Industry Growth Research Report, COVID-19 Impact Analysis, Scope, Top Industry Players, Forecast, 2027

Allied Market Research published a report, titled, The global syringes market was valued at $15,340 million in 2019, and is projected to reach $32,394.74 million by 2027, registering a CAGR of 9.6 % from 2020 to 2027.

Prime determinants of growth:

increase in demand for injectable drug delivery devices across the globe and rise in incidence of chronic diseases act as the major driving forces for the global syringes market. Furthermore, increase in demand for technologically advanced syringes notably contribute toward the growth of the market.

Disposable syringes are widely used to inject drugs, vaccines, or to draw a blood sample from the body. In addition, disposable syringes are intended for single use, which prevents the need for sterilization. Furthermore, mandatory recommendation by WHO to switch to disposable syringes ensuring safe injection practices, resulting in increased use of disposable syringes, significantly fosters the growth of the syringes market.

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The safety syringes segment to continue its lead position during the forecast period

Based on product type, the safety syringes segment held the highest market share in 2018, contributing to more than four-fifths of the global disposable syringes market, and is estimated to continue its lead position during the forecast period. In addition, the segment is expected to witness the highest CAGR of 9.6% from 2020 to 2027. This is attributable to owing to rise adoption of safety syringes, and surge in prevalence of needle stick injuries. Furthermore, increase in awareness among clinicians related to benefits offered by these devices boosts the market growth.

COVID-19 Market Analysis:

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. This COVID-19 pandemic has affected syringes production and import & export of raw materials and finished goods in various COVID-19-affected countries. However, COVID-19 is expected to have positive impact on market growth in coming years, owing to expected availability of COVID-19 vaccines and alarming need for syringes for vaccine administration.

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Every year, about 384,000 healthcare personnel suffer from needlestick injuries in the U.S. Thus, such alarming increase in incidence of needlestick injuries has created an impending need for safety syringes. In addition, wide availability of cost-effective syringes and increase in healthcare expenditure and rise in number of surgeries among elderly population significantly contribute toward the growth of the market. However, availability of alternative ways of drug delivery is anticipated to restrain the market growth.

By usage, the market is classified into reusable and disposable syringes. The disposable segment accounted for the majority of the market share in 2019. This is attributed to its role in reducing the risk of infection, which is high while using reusable syringes, and economical costs as compared to reusable syringes.

Key Findings Of The Study

By type, the specialized syringes segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period.

On the basis of usage, the disposable segment garnered the largest share in 2019, and is expected to continue this trend throughout the forecast period.

According to material type, the polymer segment exhibits the largest market share, and is estimated to grow at a CAGR of 10.0% from 2020 to 2027. As per end user, the hospitals segment is expected to register a CAGR of 10.1%.

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North America accounted for approximately 41.9% of the global syringes market share in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to increase in demand for advanced syringes, presence of major giants in the region, and availability of well-developed healthcare infrastructure.

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