The Worldwide Syringe Industry is Expected to Reach $9+ Billion by 2026
DUBLIN, Sept. 7, 2021 /PRNewswire/ -- The "Global Syringe Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global syringe market is expected to grow at a compound annual growth rate of 4.33% over the forecast period to reach a market size of US$9.123 billion in 2026, from US$6.783 billion in 2019.
Syringes are the medical devices used to inject or withdraw fluid from the body. It consists of a hollow cylinder, a plunger, and a needle attached to the cylinder. The downward movement of the plunger results in injecting the fluid into the body, whereas upward movement of the plunger results in withdrawal of the fluid from the body. The syringes were once made from glass and metal and needed to be sterilized before use which has now been replaced by syringes made of plastic and is already pre-sterilized.
The rise in the market may be attributed to the rising patient population base requiring injecting drugs or withdrawal of fluids for diagnostic purposes from the body. Further, rising awareness regarding various vaccinations along with various advancements such as the introduction of smart syringes have led to a boost in the market during the given forecast period. However, growing focus on alternative drug delivery methods such as patches and oral might hamper the market during the given time frame. Major companies have been making significant developments in the market. Furthermore, several regions, globally, have started the procedures to legalize the possessions of syringes for individual use. For instance, in June 2021, New York State Senate announced that they had passed bill 2523, intending to decriminalize possessions and sales of hydroponic syringes. This development is expected to have a positive impact on the global syringe market, in the coming period. Moreover, in June 2021, the state of Arizona in the United States, announced that it had legalized needle or syringe exchange programs, which would allow drug-addicted persons to have a place for free needles. This is development is expected to increase the overall syringe market share, during the forecast period.
Rising prevalence of infectious and chronic diseases
The market is expected to surge in the coming years, due to the rising prevalence of chronic and infectious diseases, worldwide. Chronic diseases, such as diabetes, cancer, and heart disease, are a major cause of disability and death, worldwide. According to the Centers for Disease Control and Prevention, in the United States, chronic diseases are the leading cause of the nations' US$3.8 trillion, in annual health care costs. According to the International Diabetes Federation's 2019 report, the total number of people living with diabetes, globally, is expected to rise from 463 million in the year 2019 to around 700 million, by the year 2045. The World Health Organization stated that approx. 1.5 million deaths in the year 2019, was caused by diabetes. The increasing rate of cancer is also expected to surge the demand for syringes, worldwide.
According to the data given by the Global Cancer Observatory and the International Agency for the Research on Cancer, an estimated 19.3 million novel cancer cases, approx. 10 million cancer deaths, occurred in the year 2020. Furthermore, the global cancer burden is expected to increase to 28.4 million cases in the year 2040, with a rise of 47%, from the year 2020. There are considerable efforts and initiatives to develop infrastructure for the provision of cancer care and the dissemination of cancer prevention measures for global cancer control. For cancer treatment, IV or intravenous chemo is directly put into a patient's bloodstream through a soft, tiny, plastic tube known as a catheter. The drugs could be given immediately and quickly through a catheter from a syringe, over several minutes. Major companies have been manufacturing syringes for different chronic diseases. BD, one of the largest players in the market, provides conventional syringes, with catheter, eccentric, and luer lock tips for medical purposes. With the increasing prevalence of chronic diseases, the market is expected to register significant growth, during the forecast period.
Impact of COVID-19 Pandemic
COVID-19 pandemic had been expected to accelerate the demand for syringes, worldwide. Several companies have reported increasing their manufacturing capacity to meet the global demand for syringes. For instance, in March 2021, Hindustan Syringes & Medical Devices announced that they would begin to ship 3.2 million syringes to the UNICEF, in the coming months. The company had also increased its capacity to manufacture 5,900 syringes, per minute. With the introduction of covid vaccines, the global demand for syringes is expected to surge. For instance, Becton, Dickinson, and Company, a U.S based device maker, had announced that it had tallied orders for 2 billion injection devices from countries, worldwide, to accelerate the vaccination rate. The company had delivered over 900 million injection devices, worldwide, and stated that the remaining orders would be delivered by the end of the year 2022. These developments are expected to have a positive impact on the market, in the coming years.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Syringe Market Analysis, By Type
5.1. Introduction
5.2. Insulin Syringe
5.3. Conventional Syringe
5.3.1. Eccentric Tip Syringe
5.3.2. Catheter Tip Syringe
5.3.3. Luer Lock Syringe
6. Global Syringe Market Analysis, By Material
6.1. Introduction
6.2. Glass
6.3. Plastic
6.4. Stainless Steel
7. Global Syringe Market Analysis, By Syringe Size
7.1. Introduction
7.2. Smaller Volume Syringe
7.3. Larger Volume Syringe
8. Global Syringe Market Analysis, By Geography
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. UK
8.4.2. France
8.4.3. Germany
8.4.4. Italy
8.4.5. Others
8.5. The Middle East and Africa
8.6. Asia Pacific
8.6.1. Japan
8.6.2. China
8.6.3. India
8.6.4. Thailand
8.6.5. Taiwan
8.6.6. Indonesia
8.6.7. Others
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. BD
10.2. B. Braun Melsungen
10.3. Terumo
10.4. Teleflex
10.5. Nipro
10.6. Smith's Medical
10.7. Cardinal Health
10.8. HMD Healthcare
10.9. Hamilton Company
10.10. Advancecare Pharma USA
For more information about this report visit https://www.researchandmarkets.com/r/tjo0xr
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