SAN FRANCISCO, Dec. 17, 2019 /PRNewswire/ -- The global syringes market size is expected to reach USD 25.7 billion by 2026, expanding at a CAGR of 8.5%, according to a new report by Grand View Research, Inc. The rising prevalence of chronic diseases, increasing number of surgical procedures, growing adoption of injectable drugs, favorable initiatives taken by government organizations, and increasing geriatric population across the globe are the key driving factors for the market.
Key suggestions from the report:
By product, the general segment held the largest market share in 2018 as they are commonly used for various conditions such as tetanus and vaccination
Disposable needles held the largest market share in 2018 and are anticipated to witness the fastest growth over the forecast period as they reduce the risk of contamination, significantly
The hospital segment held the largest market share owing to the increasing number of chronic disease patients and rising number of surgeries
The Asia Pacific market is expected to witness the fastest growth over the forecast period owing to the rising demand for vaccines and immunization in this region
Prominent players in the syringes market are BD; Smiths Medical; B. Braun Melsungen AG; NIPRO Medical Corporation; Hindustan Syringes and Medical Devices Ltd.; Gerresheimer AG; SCHOTT AG; CODAN Medizinische Geräte GmbH and Co KG; McKesson Medical-Surgical Inc.; and Cardinal Health. The key players are adopting various strategies such as product launch, partnership, and merger and acquisition to strengthen their foothold in the market.
Read 123 page research report with ToC on "Syringes Market Size, Share & Trends Analysis Report By Product (General, Specialized, Smart), By Usage (Reusable, Disposable), By End Use (Hospitals, Blood Collection Centers), By Region, And Segment Forecasts, 2019 - 2026'' at: https://www.grandviewresearch.com/industry-analysis/syringes-market
Chronic inflammatory diseases such as Crohn's disease and rheumatoid arthritis can be treated through self-administration of drugs. For instance, as per the U.S. Department of Health and Human Services, in 2015, approximately 3.0 million people were diagnosed with either Crohn's disease or ulcerative colitis, which was a huge increase from 2.0 million people in 1999. In addition, as per the Arthritis Foundation, arthritis is the major cause of disability in the U.S. It also reported that in 2019, approximately 54.0 million adults have been diagnosed with arthritis by the doctors, which is anticipated to increase to more than 78.0 million by 2040.
North America accounted for highest syringes market share in 2018 attributed to advent of technologically advanced medical devices and growing prevalence of chronic diseases. In addition, presence of major players in the region contributed to regional growth. Prominent players operating the region include Thomas Scientific; Smiths Medical; BD; Cardinal Health; McKesson Medical-Surgical Inc.; and B. Braun Melsungen AG.
Moreover, key companies such as BD and Smiths Medical, are launching products specifically for chronic disease treatment to strengthen their foothold in the industry. For instance, BD offers Hypak SCF PRTC glass pre-fillable syringe, used in the treatment of chronic diseases. Such factors are anticipated to boost the industry growth over the forecast period.
Grand View Research has segmented the global syringes market based on product, usage, end use, and region:
Syringes Product Outlook (Revenue, USD Million, 2015 - 2026)
Syringes Usage Outlook (Revenue, USD Million, 2015 - 2026)
Syringes End-use Outlook (Revenue, USD Million, 2015 - 2026)
Blood Collection Centers
Diabetic Care Centers
Syringes Regional Outlook (Revenue, USD Million, 2015 - 2026)
Prefilled Syringes Market– The global prefilled syringes market size was valued at USD 8.6 billion in 2016 and is projected to expand at a CAGR of 11.2% over the forecast period.
Disposable Syringes Market– The global disposable syringes market size was valued at USD 6.4 billion in 2015. The market is expected to grow due to growing demand for injectable drugs.
Smart Syringes Market– The global smart syringes market was valued at USD 4.75 billion in 2015. The high growth is anticipated on account of the increasing prevalence of various target diseases.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
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.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected]