ROCKVILLE, Md., Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report the Disposable Polymer Syringes to Remain Top Choice for Drug Delivery, Accounting for Over 80% of Syringes Sales through 2031.
The global sales of syringes market was valued at USD 14.2 billion in 2020, and it is expected to reach USD 37 billion by 2031, projected to witness a CAGR of 10% during the forecast period 2021-2031.
With growing preference for parenteral drug administration, the sales of syringes are poised to rise by 2.6X, with market valuation surpassing US$ 37 Bn by 2031.
The swift growth of syringes market can be attributed to the increasing incidence of chronic diseases, rising demand for invasive medical treatments, increasing usage of self-administration drugs and faster action time of syringe-based drug administration.
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The outbreak of COVID-19 has caused the demand for syringes to skyrocket in a short period. Millions of vaccines were administered around the world between 2020 and 2021 to contain the virus and the practice is likely to continue in the near future. Fact.MR predicts this trend to manifest into impressive scope for expansion for the market, facilitating growth at 10% CAGR between 2021 and 2031.
Disposable syringes segment will remain dominant during the forecast period. Due to diseases transmission concerns, disposable syringes are more preferred than their reusable counterparts. Fact.MR forecasts that the segment to account for more than 80% of total sales in the market by 2031.
How is Preference for Injectable Drugs Spurring Syringes Adoption?
As the global incidence of various chronic and infectious ailments surge, patients are increasingly seeking treatment approaches which are swift acting and inflict minimum trauma while undergoing the entire process. Consequently, demand for injectable drugs is surging manifold.
Growing reliance on biologic drugs to facilitate faster outcomes has heightened the sales of drug injections, which has ultimately provided major traction to the global market for syringes. Owing to their highly complex nature, biologics require longer syringes for administration, spurring numerous product launches in the global market.
Why is Asia Likely to be an Opportunistic Market?
Asia exhibits immense growth potential for syringes, projected to show the highest growth rate, especially amidst the COVID-19 pandemic. As vaccination drives have been initiated, the demand for syringes is rising exponentially.
Considering the aforementioned factors, Fact.MR projects the market across the APEJ region to be highly lucrative during the forecast period (2021-2031), bringing in revenues over US$ 5.7 Bn by 2022-end.
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Key Segments Covered in the Syringes Industry Survey
- Product Type
- General Syringes
- Specialized Syringes
- Conventional Syringes
- Safety Syringes
- Retractable Syringes
- Other Syringes
- Usability
- Disposable Syringes
- Reusable Syringes
- Material
- Glass Syringes
- Polymer Syringes
- End User
- Syringes for Hospitals
- Syringes for Blood Collection Centers
- Syringes for Diabetic Care Centers
- Syringes for Veterinary Care Centers
- Syringes for Other End Users
Competitive Landscape
Some of the key players include Becton, Dickinson and Company, B. Braun Melsungen AG, Gerresheimer AG, Hindustan Syringes & Medical Devices Limited, Terumo Corporation, Nipro Corporation, Schott AG, Medtronic PLC, Smiths Group Plc., and Codan Medizinische Geräte GmbH & Co Kg., among others.
Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market and are adopting strategies like acquisitions and mergers.
- In January 2021, Aurobindo Pharma Limited announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Naloxone HCl Injection Prefilled Syringe 2 mg/2 mL.
- In April 2021, Nipro Pharmapackaging announced the launch of CURACASE™ needles. Each CURACASE needle is individually packed in a compact and smartly designed hard-plastic packaging that uses minimal space in secondary packaging when by-packed. Its smart design enables compatibility with feeders and automated pick-and-place systems.
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Key Takeaways from the Market Study
- Over 4 out of 5 syringes sold in the global market will be disposable through 2031
- Hospitals to generate 66% of global syringes market demand through 2031
- Demand for reusable syringes to soar at over 6% CAGR during the forecast period
- Sales of specialized syringes to account for 3/10th of the global market revenue
- Asia to emerge a significant market, bringing in US$ 5.7 Bn by 2022-end.
- U.S accounted for over US$ 2.5 Bn in revenue from syringes sales across 2020
- 99.4% of the global syringes market revenues will be arising from sales of polymer syringes
“Mushrooming demand for administering quick and effective treatment for a multitude of chronic ailments is spurring adoption of injection-based therapies, providing immense traction to sales of syringes in coming years,” comments the Fact.MR analyst.
Explore Fact.MR's Coverage on the Healthcare Domain-
Prefilled Syringes Market Analysis- Pre-filled syringes have emerged as one of the fastest-growing options for unit dosage medicine as the pharmaceutical industry investigates innovative and more convenient drug delivery technologies. During the projected period, revenues in the prefilled syringes business are expected to rise.
Syringes and Cannulas Market Trends- As the incidence of infectious diseases and communicable disorders rises, demand for disposable and reusable syringes is predicted to rise. The number of vaccination drives sponsored by government and non-government groups has increased significantly, resulting in increased demand for syringes and cannulas.
Single-Use Syringe Market Forecast- Single-Use Syringe is being driven by an increase in the prevalence of chronic diseases, higher healthcare spending, expanding lifestyle-related ailments, and other crucial considerations. In hospitals, clinics, and pathological laboratories, the expanding number of patients visiting hospitals and clinics, as well as the need to collect blood samples for various tests, are projected to fuel demand for reuse prevention syringes.
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