Syringes Industry Soars with Prefilled Acting as Growth Enabler - Grand View Research, Inc.
SAN FRANCISCO, April 18, 2023 /PRNewswire/ -- The global syringes industry size was pegged at USD 43.98 billion in 2022 and will depict a CAGR of 9.02% from 2023 to 2030, according to the "Syringes Industry Data Book, 2023 – 2030," published by Grand View Research. The bullish outlook is partly attributed to the advent of 5G, demand for early diagnosis, reduced waste of product and increased patient safety. Pervasive chronic diseases have furthered the demand for state-of-the-art syringes. The American Cancer Society projected a 1.9 million cancer cases diagnosis and 609,360 cancer deaths in 2022.
Myriad of syringes, such as dental syringes, prefilled syringes and disposable syringes, have received an uptick, a trend likely to continue in the ensuing period. Notably, ready-to-fill prefillable syringes garnered traction, particularly during COVID-19. A spike in demand for vaccines and injectable drugs prompted industry leaders to inject funds into the landscape.
Technological advancements in the medical landscape have seen prefilled syringes grow in stature as a sought-after drug delivery solution. Healthcare workers envisage the product as a safer, easier and quicker option to administer drugs. The prefilled syringes market size stood at USD 20.61 billion in 2022 and will exhibit an impressive CAGR of 11.94% between 2023 and 2030. The growth outlook is mainly due to the demand for self-care injection devices. Predominantly, these products have amassed popularity to minimize waste, reduce chances of contamination and increase safety and accessibility.
Order your copy of the Free Sample of Syringes Industry Data Book - Prefilled Syringes, Disposable Syringes, Dental and Micro Syringes Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
Disposable syringes have witnessed surging demand on the back of an increased need to minimize disease transmissions. Bullish demand for sterilization and safety will expedite growth across emerging and advanced economies. The disposable syringes market size was pegged at USD 14.19 billion in 2022 and could observe a 6.21% CAGR over the assessment period. Syringe makers have exhibited a profound inclination for safety syringes to administer medication, prevent the risk of patient-to-patient transmission and expand penetration in curative healthcare drug discovery.
Although COVID vaccination rates have seemingly dipped, the syringes industry could witness notable growth. Trends and opportunities that are slated to encourage stakeholders to bolster untapped markets are highlighted below:
- Heightened demand for reusable syringes to deliver anesthesia and the prevalence of dental disorders have revved up the footfall of dental syringes.
- Micro syringes will likely impel the market growth on the heels of the surge in clinical trials and drug discoveries. Bullish R&D activities will encourage syringe manufacturers to ramp up their production.
- The Europe market could witness investment galore in the wake of the infusion of funds into the healthcare sector across the U.K., France, Germany and Spain. For instance, in March 2022, the U.K. government announced pouring £200 million (approximately USD 248 million) to augment health research to underpin diagnostic and treatment.
Syringe makers envisage North America as a happy hunting ground, mainly due to the rising footprint of advanced syringes for efficiency, safety and reliability. Predominantly, prefilled syringes are poised to witness compelling demand, prompting industry leaders to expand their penetration. To illustrate, in April 2022, Nevakar Injectables received U.S. FDA approval for its ready-to-use Ephedrine Sulfate Injection in a prefilled syringe. The company asserts that the green signal will help healthcare professionals to treat patients in the surgical setting. Moreover, the burgeoning geriatric population, coupled with the prevalence of infectious diseases, has spurred the regional outlook. The U.S. Census Bureau infers that nearly one in four Americans will be 65 years and older by 2060. The soaring number of adults alludes to buoyant demand for in-home caregiving and a robust healthcare system.
The competitive nature of the industry indicates that forward-looking companies would infuse funds into organic and inorganic strategies, including technological advancements, innovations, R&D activities and mergers & acquisitions. Additionally, geographical expansion and product launches would be pronounced through 2030. For instance, in September 2022, BD announced the rollout of a next-generation prefillable vaccine syringe for efficiency and reliability. The medical technology company states the product has strict specifications for cosmetics, contamination, processability and integrity.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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