Empowering Healthcare Delivery: Navigating the Thriving Syringes Industry, Poised to Reach Exhilarating Heights with a 9.2% CAGR

The global syringes market is poised for remarkable growth, with anticipated valuation crossing US$ 22 billion in 2023 and expected to surpass US$ 54 billion by 2033, exhibiting a robust Compound Annual Growth Rate (CAGR) of 9.2% from 2023 to 2033.

Drivers Fueling Market Growth:

1. Rising Prevalence of Chronic Diseases: Increasing chronic diseases necessitate effective drug delivery methods, driving the demand for syringes.
2. Technological Advancements: Innovations in syringe materials, needle technologies, and safety features enhance usability and safety.
3. Needlestick Injury Prevention: Emphasis on preventing needlestick injuries and infections fuels the adoption of safety-engineered syringes.
4. Emerging Healthcare Facilities: Development of healthcare infrastructure in emerging markets creates a favorable environment for syringes industry growth.
5. Awareness on Safe Injection Practices: Healthcare professionals and patients’ awareness drives demand for reliable and user-friendly syringes.

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Restraints and Challenges:

1. Stringent Regulations: Compliance with quality standards poses challenges for syringe manufacturers.
2. Market Competition: High competition prompts players to engage in mergers, acquisitions, and collaborations.
3. Raw Material Price Fluctuations: Price fluctuations impact manufacturing costs and profit margins.
4. Waste Management Challenges: Proper disposal of used syringes poses environmental and contamination risks.
5. Shortage of Trained Professionals: Shortage of trained healthcare professionals can limit syringe-based therapies’ adoption.

Opportunities and Trends:

1. Investment Opportunities: Growing healthcare infrastructure in emerging economies presents significant investment prospects.
2. Innovative Technologies: Research and development investment in innovative syringe technologies can lead to market differentiation.
3. Partnerships with Pharma Companies: Collaborations with pharmaceutical firms offer long-term business opportunities.
4. Eco-Friendly Manufacturing: Adoption of eco-friendly processes and recyclable packaging appeals to environmentally conscious customers.
5. Prefilled Syringes and Autoinjectors: Increasing adoption driven by convenience and ease of use.
6. Safety-Engineered Syringes: Demand rises for syringes with retractable needles and needlestick prevention mechanisms.
7. Needle-Free Injection Technologies: Jet injectors and micro-needle patches gain traction for needleless drug delivery.
8. Specialized Syringes: Increased demand for specialized syringes catering to specific medical needs.
9. Integration of Digital Features: Digital advancements enhance patient monitoring and medication adherence.

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Key Takeaways from the Syringes Market:

• North America accounted for 31.1% of the market in 2022, followed by Europe at 32.7%.
• The United States held a significant market share of 25.7% in 2022, making it a key player in the syringes industry.
• Germany contributed 8.2% to the market share in 2022, highlighting its significant presence in the syringes industry.
• Japan accounted for 3.8% of the market share in 2022, establishing its importance in the global syringes industry.
• Australia held a market share of 1.5% in 2022, indicating its contribution to the syringes industry.
• China recorded a CAGR of 6.7% in 2022, positioning itself as a notable player in the global syringes market.
• India syringes industry is projected to rise at a CAGR of 9.4% during the forecast period.
• The United Kingdom held a market share of 3.7% in 2022, establishing its prominence in the global syringes market.
• The syringe type segment was dominated by disposable syringes, which accounted for 86.5% of the market share.

Expansion of Healthcare & Medical Sector to Generate High Demand for Syringes
The healthcare & medical sector across the globe is expanding due to the spread of various viruses & diseases. Besides this, the people are getting more health-conscious which is resulting in more usage of healthcare facilities and services.

The expansion of healthcare and medical sector is expected to propel the demand for syringes. Also, the small scale healthcare facilities are emerging to cater for the growing number of patients which is creating incremental growth opportunities for the syringe market.

Besides this, the government in several countries is also focusing on expanding the healthcare facilities to improve the treatment of patients, thereby, augmenting the sales of syringes. Additionally, development of new drugs across the globe will bolster the demand in the syringe market.

Rise in Blood Collection Center Creating Growth Opportunity for the Syringes Market

The blood collection centers use a syringe to withdraw blood samples from the patient’s body to examine the spread or impact of caused virus or disease. The spread of the COVID-19 virus resulted in high demand for a blood collection center to examine the spread of the virus on the lungs blood is been collected. This rise in the demand for blood collection centers creating growth opportunity for the syringe market.

The increase in blood collection centers is anticipated to create market growth opportunities for the syringe during the forecast period.

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Syringes Market Landscape
Becton, Dickinson and Company, Gerresheimer AG, Braun Medical Inc., Schott AG, and DWK Life Sciences are the top players operating in the syringe market. Furthermore, Cardinal Health Inc., Hindustan Syringes & Medical Devices Ltd., and CHEMI S.P.A. are also noticeable players in the market. The Tier 1 players in the market hold 10-15% of the global syringe market.

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

About Future Market Insights (FMI)

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