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Rising Syringe And Needle Demand To Drive Market Growth: Powering Innovation and Expansion in the Hypodermic Syringes And Needles Market by 2025
Hypodermic Syringes And Needles
What Is the Expected CAGR for the Hypodermic Syringes And Needles Market Through 2025?
The market size of hypodermic syringes and needles has seen consistent growth in recent times. The market is expected to expand from a value of $7.01 billion in 2024 to $7.19 billion in 2025, registering a compound annual growth rate (CAGR) of 2.5%. The growth observed in the historic period is credited to factors such as advancements in medical technology, increasing occurrences of chronic diseases, immunization campaigns, an increasing aged population, development of healthcare facilities, and worldwide health initiatives.
What's the Projected Size of the Global Hypodermic Syringes And Needles Market by 2029?
In the forthcoming years, the market size of hypodermic syringes and needles is projected to experience consistent growth, anticipated to reach "$8.74 billion in 2029 with a compound annual growth rate (CAGR) of 5.0%. The expansion during this prediction period can be linked to the rise in biologics and biosimilars, increased home healthcare trends, escalating diabetes cases, emphasis on infection control, chronic condition drug delivery devices, and growth of e-commerce in medical supplies. Key emerging trends include sustainable packaging, technological progression in needle safety, an increase in pre-filled syringes and autoinjectors, telehealth, remote medication management, and strategic manufacturing partnerships.
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Top Growth Drivers in the Hypodermic Syringes And Needles Industry: What's Accelerating the Market?
The growing number of chronic diseases is projected to fuel the expansion of the hypodermic syringes and needles market. This increase is primarily due to elements like aging populations, unhealthy lifestyles, environmental impacts, and the prevalence of risk factors such as obesity and inactive behavior. Hypodermic syringes and needles are utilized in the administration of medications, vaccines, and biological treatments, enabling accurate dosage and consistent delivery for the effective control of chronic conditions. For example, the Australian Institute of Health and Welfare, an autonomous Australian Government agency delivering data and information on Australians' health and welfare, reported in June 2024 that about 15.4 million individuals or around 61% of the population were living with a minimum of one selected long-term health issue in 2022. Consequently, the increasing incidence of chronic illnesses will boost the hypodermic syringes and needles market.
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What Trends Will Shape the Hypodermic Syringes And Needles Market Through 2029 and Beyond?
Major players in the hypodermic syringes and needles market are advancing passive safety technology. In January 2023, Italy-based MTD Group secured FDA clearance for DropSafe Sicura, a passive safety needle for intramuscular and subcutaneous drug delivery. This needle automatically activates a protective shield post-injection, eliminating needlestick injuries without additional steps from healthcare professionals.
What Are the Main Segments in the Hypodermic Syringes And Needles Market?
The hypodermic syringes and needles market covered in this report is segmented -
1) By Type: Syringes, Needles
2) By Usability: Disposable, Re-Usable
3) By Application: Blood Collection, Drug Delivery, Vaccination, Insulin Administration, Other Applications
4) By End-Use: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers, Other End-Uses
Subsegments:
1) By Syringes: Disposable Syringes, Reusable Syringes, Safety Syringes
2) By Needles: Standard Needles, Safety Needles, Prefilled Needles, Specialty Needles
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Which Top Companies are Driving Growth in the Hypodermic Syringes And Needles Market?
Major companies operating in the hypodermic syringes and needles market include Becton inson And Company, B. Braun Melsungen AG, Cardinal Health Inc., Smiths Medical Inc., Terumo Corporation, Nipro Corporation, Medline Industries LP, EXELINT International Co., Vitrex Medical A/S, Gerresheimer AG, Teleflex Incorporated, Catalent Pharma Solutions, DeRoyal Industries Inc., Hospira Inc., Owen Mumford Inc., Covidien plc, Schott AG, Codan Medizinische Geräte GmbH & Co. KG, Helapet Ltd., Vygon S.A., Medtronic plc, Argon Medical Devices Inc.
Which Regions Will Dominate the Hypodermic Syringes And Needles Market Through 2029?
North America was the largest region in the hypodermic syringes and needles market in 2024. The regions covered in the hypodermic syringes and needles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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