According to a Future Market Insights (FMI) study, the GCC Syringes and Needles Market was valued at US$ 525.4 million in 2020 and is expected to reach US$ 1.33 billion by 2031, growing at an 8.8% CAGR from 2021 to 2031.
Because of the rising prevalence of infectious diseases and hospital-acquired infections, the disposables market has grown rapidly in recent years. Because of increased awareness about the importance of medical and personal hygiene around the world, the use of disposables has increased significantly since the COVID-19 outbreak. In 2020, hospitals will account for approximately 67.5% of this market’s total revenue. In 2021, sales of medical reusable syringes are expected to exceed US$ 107.3 million.
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Further, rising adoption and an increasing demand for safety syringes and needles over conventional reusable syringes and needles is expected to boost the growth of the GCC syringes and needles market in terms of value over the forecast period. Increasing instances of diabetes in the GCC region is likely to accelerate the demand for insulin syringes and needles and this is expected to further fuel growth of the overall syringes and needles market. Also, a rise in geriatric population is anticipated to inflate the healthcare service industry and subsequently boost growth of the syringes and needles market.
The availability of prefilled syringes has increased self-administration, which drives demand for prefilled disposable syringes and needles. The availability of new drugs via prefilled syringes and needles is likely to present lucrative opportunities for GCC syringes and needles market players as well as pharmaceutical manufacturers. A key market trend is that larger players are focusing on expanding their geographical presence and customer base through strategic mergers and acquisitions. Plastic syringes and needles are also becoming more popular due to their inherent advantages over glass syringes.
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Market projections
Over the forecast period, the polymer syringes and needles segment is expected to grow at a healthy rate. This segment is estimated to be worth US$ 359.3 million at the end of 2016 and is expected to grow to US$ 858.2 million by 2026, representing a 9.1% CAGR in terms of value over the forecast period. The segment of polymer syringes and needles is expected to have a larger market share than the segment of glass syringes and needles. Polymer syringes and needles are more resistant to breakage than glass syringes and needles and are less expensive. There are also growing regulatory concerns about the increased risk of injuries and accidents associated with the use of glass syringes, which is likely to limit the growth of the glass syringes and needles market in the GCC region during the forecast period.
Because of rising disposable syringe and needle demand, the disposable syringes and needles segment is expected to outperform the reusable syringes and needles segment over the forecast period. The hospital segment is expected to be worth $8,936 million by 2026, with a volume CAGR of 6.8% over the forecast period.
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The GCC syringes and needles market has been segmented into six prominent countries – the Kingdom of Saudi Arabia (KSA), United Arab Emirates (UAE), Oman, Kuwait, Qatar, and Bahrain. The Kingdom of Saudi Arabia (KSA) market is likely to dominate the GCC syringes and needles market, accounting for maximum revenue share of the market by the end of 2016. Collectively, the United Arab Emirates (UAE) and Oman markets are expected to account for over 21.2% revenue share of the GCC syringes and needles market by the end of 2016. Among the emerging markets, Kuwait is estimated to exhibit a significant CAGR of 1.7% over the forecast period followed by the Qatar market, due to recent industry developments and favourable trade policies.
Some of the key market players profiled in the GCC syringes and needles market report include Becton, Dickinson & Company, Nipro Corporation, Baxter International Inc., B. Braun, Terumo Corporation, Medtronic PLC., Smiths Group Inc., Abu Dhabi Medical Devices Company, SAAPP (FZC) LLC., and IBN Sina Medical Factory.
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