North America Syringe Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Syringe Type, Application, Usability, and End User and Geography
NEW YORK, Oct. 27, 2020 /PRNewswire/ -- The North America syringe market is projected to reach US$ 9,612.96 million by 2027 from US$ 4,427.49 million in 2019; it is estimated to grow at a CAGR of 10.1% from 2020 to 2027.
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The growth of the North America syringe market is driven by factors such as growing number of chronic and infectious diseases and increasing adoption of injectable drugs. However, the rising number of cases related to needle-stick injuries hinders the growth of the market.
Syringes play a major role in the administration of vaccines, nutritional supplements, and medicines.It has a wide range of applicability from injecting liquid nutritionals into a feeding tube to conduct vaccination.
Increasing prevalence of chronic conditions and rising patient population are prominently expected to drive the market growth during the forecast period.
Injectable drug delivery devices, such as conventional syringes, needle-free injectors, and auto and pen injectors, are extensively used for drug administration to treat various diseases ranging from cancer to autoimmune disorders.The administration of biologics is mainly done through the injectable route.
As per the article published by The Economist, in 2015, for the treatment of over 100 diseases, more than 900 biologics were under development in the US.Also, there is a growing demand for vaccines, insulin, human growth hormone, and many modern medicines to treat cancer and other chronic diseases.
As per the BioPharm International, biologics currently account for ~70% of the top-10 selling drugs in the world.
Thus, the rising adoption of injectable drugs increases the use of syringes, which, in turn, bolsters the growth of the syringes market in North America.
Based on syringe type, the syringe market is subsegmented into luer lock syringes, glass syringes, luer slip syringes, and others.In 2019, the luer lock syringes segment accounted for the largest share of the market.
However, the glass syringes segment is estimated to register the highest CAGR of 10.9% in the market during the forecast period.
Based on application, the market is segmented into aesthetics, human health, lab/industrial, and others. The human health segment held the largest share of the market in 2019; moreover, it is estimated to register the highest CAGR of 10.3% in the market during the forecast period.
Based on usability, the market is segmented into sterilizable/reusable syringes and disposable syringes. The disposable syringes segment held the largest share of the market in 2019; moreover, it is estimated to register the highest CAGR of 10.3% in the market during the forecast period.
Based on end user, the market is segmented into hospitals & clinics, blood collection centers, diabetic care centers, and others.The hospitals & clinics segment held the largest share of the market in 2019.
However, the diabetic care centers segment is estimated to register the highest CAGR of 11.1% in the market during the forecast period.
The major primary and secondary sources referred to while preparing the report of North America syringe market are the World Health Organization (WHO), Food and Drug Administration (FDA), United States Nations Department of Economic and Social Affairs, American Society of Plastic Surgeons, U.S. Department of Health and Human Services, Arthritis Foundation, and American Diabetes Association, among others.
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