Syringes Market is projected to reach $32,394.74 million by 2027, growing at a CAGR of 9.6% from 2020 to 2027

According to a new report published by Report Ocean, titled, “Syringes Market by Product, Usage, Material, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,"" the global syringes market size was valued at $15,340 million in 2019, and is projected to reach $32,394.74 million by 2027, growing at a CAGR of 9.6% from 2020 to 2027.

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Syringe is a cylindrical medical device, which has a thin hollow needle at the end attached to a tube and a plunger. Syringes are used for the extraction of fluids from the body or to inject fluids into the body. Based on usage, two types of syringes are available, which include reusable syringes and disposable syringes. 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.

The growth of the global syringe market is driven by rise in incidence of chronic diseases and surge in demand for vaccination & immunization. Furthermore, rapid growth in the geriatric population and rise in demand for injectable drugs accelerate the market growth. According to the Occupational Safety and Health Administration (OSHA) estimates, approximately 5.6 million healthcare professionals were susceptible to blood-borne diseases in 2014, owing to rise in prevalence of needlestick and other sharps object injuries. 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.

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.

On the basis of type, the market is categorized into general syringes, specialized syringes, and others. Presently, the specialized segment dominates the global syringes market, and is anticipated to continue this trend during the forecast period. the growth of this segment is attributable to alarming rise in prevalence of type II diabetes among the population and increase in the global burden of tuberculosis (TB) due to disruptions of health services.

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%.
Region wise, Asia-Pacific is expected to attain a CAGR of 10.8% during the forecast period.
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.

However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare. Furthermore, focus of leading manufacturers on expanding their geographical presence in emerging Asia-Pacific countries to capture high market share is expected to drive the growth of the syringes market in the region.

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This release was published on openPR.