Insulin Syringes Market Size to Reach USD 2.69 Billion in 2030, Says Reports and Data
Increasing demand for insulin syringes, due to surge in cases of diabetes and obesity, and rapid rise in incidence of chronic diseases among all age groups are some key factors driving market revenue growth
NEW YORK, May 2, 2022 /PRNewswire/ -- The global insulin syringes market size is expected to reach USD 2.69 Billion in 2030 and register a revenue CAGR of 6.9% during the forecast period, according to latest report by Reports and Data. Increasing demand for insulin syringes, due to surge in cases of diabetes and obesity, and rising prevalence of chronic diseases are key factors expected to drive market revenue growth during the forecast period. Increasing use of portable medical instruments, including insulin syringes, for quicker, easier, and more effective treatment, is expected to support revenue growth of the global market in the near future.
In today's fast-paced and busy world, people prefer to have quick access to health diagnostics and healthcare devices and tools. Insulin syringes are one of those portable tools that are helpful and effective for patients who need regular administration of insulin. It is much easier and more time-efficient to self-inject than visiting a nursing home or hospital for daily insulin doses, which is expected to increase demand for insulin syringes and thus, drive revenue growth of the global market.
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However, concerns regarding high prices of advanced insulin syringes and insulin can restrict market revenue growth during the forecast period. Leading manufacturers, due to increased investments in Research & Development (R&D) and global rise in costs of raw materials, are manufacturing advanced insulin syringes that are costlier than conventional syringes. Moreover, the price hike in insulin vials is not expected to reduce during the forecast period. These factors could hamper revenue growth of the global market over the forecast period.
Some Key Highlights in the Report
- ½ cc syringe (0.5ml) segment is expected to register a steady revenue growth rate during the forecast period. This syringe holds 31 to 50 units of insulin dosage, and the insulin dosage required for type-1 diabetes is generally close to the capacity of a 0.5 ml syringe. Therefore, most patients suffering from type-1 diabetes prefer to use this syringe for insulin administration, which in turn, is expected to increase demand for ½ cc syringes and drive revenue growth of this segment.
- Type-1 diabetes segment is expected to register a steady revenue growth rate over the forecast period. Type-1 diabetes is characterized by the body's inability to produce insulin, and therefore, patients with this condition require daily dosage of insulin. Around 9 million individuals across the globe have type-1 diabetes, and most of them live in high-income economies where healthcare expenses are also high. The fact that type-1 diabetes cannot be prevented makes patients dependent on insulin injections for lifelong, which is contributing to revenue growth of this segment.
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- The market in Asia-Pacific is expected to register the fastest CAGR in the global market during the forecast period. Increasing investments in healthcare research & development, and growing awareness among governments of various countries in the region regarding development of health facilities and equipment are some major factors driving revenue growth of this regional market.
- Companies profiled in the global market report include Nipro Medical Corporation, Biocon Ltd., Terumo Corporation, Cardinal Health Inc., Novo Nordisk A/S, Abbott Laboratories, Becton, Dickinson and Company, Hindustan Syringes and Medical Devices Ltd., Teleflex, and B. Braun Melsungen.
- In September 2019, Medtronic plc received approval for the Envision Pro Glucose Monitoring System and went on to release it in the Middle East & Africa and Europe markets. The Envision Pro helps monitor diabetes regularly in a homecare setting, identifying any required changes in insulin dosage.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/insulin-syringes-market
For the purpose of this report, Reports and Data has segmented the global insulin syringes market based on size, disease, end-use, and region:
Size Outlook (Revenue, USD Billion; 2019-2030)
- 3/10 cc syringe (0.3ml)
- ½ cc syringe (0.5ml)
- 1 cc syringe (1ml)
Disease Outlook (Revenue, USD Billion; 2019-2030)
- Type-1 Diabetes
- Type-2 Diabetes
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals & Clinics
- Homecare
- Nursing Homes
- Others
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Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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