Coherent Market Insights

The Syringe Market is estimated to be valued at USD 21.98 Bn in 2024

The Syringe Market is estimated to be valued at USD 21.98 Bn in 2024 - Coherent Market Insights

Publish In: Apr 12, 2024

The Syringe Market is estimated to be valued at USD 21.98 Bn in 2024, growing at a CAGR of 9.3% over the forecast period (2024-2031). Furthermore, the rising prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, has increased the demand for syringes. Technological advancements in syringes, such as auto disabling syringes and safety syringes, help prevent needle stick injuries and stop the reuse of syringes, thereby driving the market growth.

Market Dynamics:

The syringe market is primarily driven by the rising prevalence of chronic diseases as well as technological advancements in syringes. According to World Health Organization, chronic diseases accounted for over 60% of global deaths in 2020, with cardiovascular diseases being the leading cause of death followed by cancer and diabetes. The increasing incidences of such chronic conditions have boosted the demand for syringes for drug delivery as well as vaccination purposes. Additionally, auto disabling and safety syringes help prevent accidental needle pricks and reuse of syringes. This reduces the potential of infections and the transmission of diseases such as HIV and hepatitis. Technological upgrading in syringe design focused on safety and user-friendliness is expected to support the market growth over the forecast period.

Growing Prevalence of Chronic Diseases is Driving the Demand for Syringes

The rising prevalence of chronic diseases, such as diabetes, cancer, and cardiovascular diseases, across the globe has significantly increased the demand for syringes. According to the International Diabetes Federation, around 463 million adults were living with diabetes in 2019 and this number is expected to rise to 700 million by 2045. Diabetes management relies heavily on insulin injections through syringes. Similarly, cancer patients require several chemotherapy injections that use syringes. This growing patient pool of chronic diseases is a major factor augmenting the sales of syringes.

Increasing Healthcare Expenditure in Emerging Economies

Countries like China, India, Brazil, and others have been witnessing substantial economic growth in the recent past. Rising incomes have translated to increased healthcare spending in these nations. As per the WHO, healthcare expenditure as a percentage of GDP is growing across emerging economies. This has promoted better access to healthcare facilities and treatment options. Since syringes form an integral part of various medical procedures, investments in the healthcare sector provide considerable opportunities to syringe manufacturers. The growing healthcare expenditure in developing regions acts as a key driver for the syringe market.

Stringent Government Regulations on Safety Standards

Government agencies worldwide have implemented stringent regulations pertaining to the safety and quality of syringes. For example, the U.S. Food and drug Administration in the U.S. mandates compliance with cGMP guidelines for syringe manufacturing. Similarly, the Europe has introduced directives on medical devices like syringes. Complying with these standards involves high production and compliance costs for manufacturers. Additionally, frequent changes in norms compel companies to continually upgrade their facilities and processes. This regulatory burden imposes challenges for syringe producers and somewhat restricts market growth.

Growing Demand for Prefilled Syringes

Prefilled syringes offer benefits like improved accuracy of dosing, reduced risk of cross-contamination, and lower infusion time. Their rising popularity can be attributed to the increasing demand for self-injectable drugs to simplify treatment procedures. The prefilled syringe segment is expected to witness the fastest CAGR during the forecast period. Manufacturers are developing advanced designing and filling technologies to cater to this unmet need. The market potential of prefilled syringes provides lucrative opportunities for syringe suppliers to expand their product portfolio.

*Link: https://www.coherentmarketinsights.com/market-insight/syringes-market-917

Key Development

  • In September 2022, BD, a U.S.-based pharmaceutical company, launched a next-generation glass prefillable syringe (PFS) for vaccines with new specifications for processability, cosmetics, contamination, and integrity
  • In July 2022, WuXi Biologics, a global contract research development and manufacturing organization (CRDMO), announced the launch of a commercial drug product facility for prefilled syringes.
  • In May 2022, Schott, a leading international technology group in the areas of specialty glass, glass-ceramics, and glass innovations, announced the inauguration of its new high-end polymer prefillable syringe manufacturing facility in Mülheim, Germany
  • In October 2021, West Pharmaceutical Services, a designer and manufacturer of injectable pharmaceutical packaging and delivery systems, launched NovaGuard SA Pro Safety System, a single-use accessory for prefilled ISO standard 0.5 mL staked needle syringes, in India. The NovaGuard SA Pro safety system can be deployed using a single-handed technique and is designed to prevent pre-activation during handling.

Key Players: ICU Medical, Inc., CODAN Companies, Catalent, Inc., BD, Hindustan Syringes & Medical Devices Ltd, Terumo Corporation, Schott AG, Cardinal Health, B. Braun SE, Gerresheimer AG, NIPRO, Gerresheimer AG, Dali Medical Devices, Zephyrus Innovations (Zephyrus), Stevanato Group, Xellia Pharmaceuticals, and Delta Med Group

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