As Per Region, U.S. Is Projected To Be The Most Lucrative Market Owing To High Geriatric Population And Vast Covid-19 Vaccination Drives
South Korea, Seoul, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global 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.
Syringe based drug administration is expected to be the most preferred treatment alternative, owing to the comparatively rapid action time over other oral drugs. Due to this perception, syringes continue to remain dominant in the healthcare industry. Moreover, the market is expected to expand 2.6x.
Surge in demand for invasive medical treatments and rise in adoption of Self-administration of drugs, medical device manufacturers are putting emphasis on providing key surgical instruments such as syringes.
Besides this, medical professionals are also focusing on the advent of all-purpose syringes that can reduce the imprint of dumping plastic syringes on a large scale.
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Moreover, growing reliance on biological drugs to offer faster outcomes has increased the sales of drug injection, which has led to higher traction to the global syringes market. Besides this, owing to their highly complexity, biologics offer syringes for administration, spurring numerous product launches in the global market.
Besides this, the COVID-19 pandemic has led to a boost in the growth of syringes market owing to its widespread application in vaccinating people at a global level. Moreover, In 2020, As per Biomedical Advanced Research and Development Authority (BARDA). 650 to 850 million syringes and needles will be required in the US. In addition to this, UNICEF had planned to buy 1 billion syringes by the end of 2021 for COVID-19 vaccination efforts in various countries.
The U.S is expected to be the most dominant market across the North American regions owing to surge in geriatric population and Covid-19 vaccination drives. Also, as of 2020, around US $ 2.5 Billion worth of syringes were sold in the US. Moreover, the U.S. government announced a public-private initiative, with the initiative to facilitate the production of more than 500 million in 2021.
Asia is expected to offer lucrative growth opportunities and is projected to show the highest growth rate, especially during the Covid-19 pandemic.
As per the end user, hospitals are expected to emerge as the dominant end user of syringes. Moreover, it is expected that over 66% of revenues will be generated from hospitals.
Regions such as Asia exhibit lucrative opportunities for syringes manufacturers. It is expected to contribute to the growth of the market especially amidst the Covid-19 pandemic. Moreover, as vaccination drives have been initiated, the demand for syringes is expected to rise exponentially
Rise in reliance on biologic drugs to facilitate better outcomes has boosted the sales of drug injections. This is expected to drive the growth of syringes market during the forecast period.
Rise in global incidences of various chronic and infectious ailments is expected to boost the growth of injectable drugs market.
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The global syringes market is competitive in nature. High capital investment for entering the market has offered barriers for new market players. Moreover, leading market players are focusing their efforts on developing innovative products to establish their market position in the global market.
In January 2021, Aurobindo Pharma Limited had received final approval from the US Food & Drug Administration (USFDA) to market Naloxone HCl Injection Prefilled Syringe 2 mg/2 mL.
Key Companies Profiled by Fact.MR
Hindustan Syringes & Medical Devices Limited
Codan Medizinische Geräte GmbH & Co Kg.
More Valuable Insights on Syringes Market
Syringes for Blood Collection Centers
Syringes for Diabetic Care Centers
Syringes for Veterinary Care Centers
Syringes for Other End Users
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