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Hypodermic Syringes And Needles Global Market Observe Highest Growth of $8.33 Billion with an Excellent CAGR of 3.7% by 2028
Hypodermic Syringes And Needles Global Market
According to The Business Research Company's, The hypodermic syringes and needles market size has grown steadily in recent years. It will grow from $7 billion in 2023 to $7.21 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to medical advancements, prevalence of chronic diseases, vaccination programs, growth in geriatric population, expansion of healthcare infrastructure, global health initiatives.
The hypodermic syringes and needles market size is expected to see steady growth in the next few years. It will grow to $8.33 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to growth in biologics and biosimilars, home healthcare trends, rise in diabetes cases, focus on infection control, drug delivery devices for chronic conditions, e-commerce growth in medical supplies. Major trends in the forecast period include sustainable packaging, technological advances in needle safety, pre-filled syringes and autoinjectors, telehealth and remote medication administration, strategic partnerships in manufacturing.
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Market Drivers and Trends:
The increasing demand for syringes and needles will boost the hypodermic syringes and needles market. Syringes and needles are medical devices used to inject or withdraw bodily fluids. A syringe consists of a cylindrical barrel, a plunger, and a tip that can be attached to a needle. Needles are thin, hollow, and sharp devices connecting to a syringe's end. A syringe consists of a cylindrical barrel, a plunger, and a suggestion that can be attached to a needle. Hypodermic syringes and needles inject or withdraw fluids from the body, including administering medications. Hypodermic syringes and needles allow for accurate and precise delivery of drugs and other liquids, making them a valuable tool in medical treatment and care. For Instance, in April 2022, according to the Aesthetic Society, a US-based international organization, surgical procedures increased by 54% in 2021. Therefore, the increasing demand for syringes and needles will drive the hypodermic syringes and needles market forward.
Product innovations are a popular trend in the hypodermic syringes and needles market. Major companies operating in the hypodermic syringes and needles market focus on product innovations to retain their market share. For Instance, in June 2021, Hindustan Syringes & Medical Devices launched a new product called DispoJekt Safety Needle, a single-use needle designed to prevent needle stick injuries and increase patient safety. The DispoJekt Safety Needle is made from high-quality medical-grade materials and is available in various sizes and gauges to suit different medical applications. The product is also compatible with most syringe brands, making it a versatile and convenient option for healthcare professionals.
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Major Key Players of the Market:
Becton Dickinson And Company; B. Braun Melsungen AG; Cardinal Health Inc.; Smiths Medical Inc.; Terumo Corporation; Nipro Corporation; Connecticut Hypodermics Inc.; Medline Industries LP; EXELINT International Co.; Vita Needle Company; Vitrex Medical A/S; Hi-Tech Syringes Pvt. Ltd.; Hindustan Syringes & Medical Devices; Gerresheimer AG; Teleflex Incorporated; Bioject Medical Technologies Inc.; Catalent Pharma Solutions; DeRoyal Industries Inc.; Hamilton Medical AG; Hospira Inc.; International Medication Systems Limited; MedPro Safety Products Inc.; Owen Mumford Inc.; Covidien plc; Schott AG; Codan Medizinische Geräte GmbH & Co. KG; Helapet Ltd.; Vygon S.A.; Medtronic plc; Allison Medical Inc.; Argon Medical Devices Inc.
Hypodermic Syringes And Needles Market 2024 Key Insights:
• The hypodermic syringes and needles market size will grow to $8.33 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%.
• Rising Syringe And Needle Demand To Drive Market Growth
• Product Innovations Transforming The Hypodermic Syringes And Needles Market
• North America was the largest region in the hypodermic syringes and needles market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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