The global hypodermic syringes market is anticipated to witness an evaluation of US$ 4.66 billion by 2032, rising from US$ 3.51 billion in 2022. The target market is slated to grow at a sluggish CAGR of 3.2% from 2022 to 2032. A surge in dosing errors associated with syringes in the healthcare sector coupled with favorable government initiatives will drive the growth of the hypodermic syringes market during the forecast period.
“Hypo” in hypodermic stands for beneath while “derm” implies skin. This literal meaning explains the application of hypodermic syringes as these syringes are used to withdraw fluid from the body or inject fluid into it. Hypodermic syringes are gaining traction and are often preferred over after-filled syringes as they offer fixed dosages of the drug and are easy to use. Thus, hypodermic syringes are undergoing strong demand in the medical and pharmaceutical sectors. Further, increasing incidences of chronic illnesses are expected to spur the demand for hypodermic syringes in the forthcoming years.
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The prefill feature of hypodermic syringes helps lessen the overall cost by reducing incidences of drug overfill. Single-dose vials or multi-dose vials have a drug overfill of almost 20% to 25% so that the administrator has sufficient amount to fill the correct dosage and compensate for human errors. This bolsters the demand for hypodermic syringes as prefilled hypodermic syringes eliminate drug overfills and enhance the efficiency of the manufacturing process. This attribute of hypodermic syringes is especially beneficial for enterprises dealing with expensive biopharmaceuticals. Moreover, traditional syringes are made of glass barrels and glass rods which are relatively costly to produce when compared to plastic-based hypodermic syringes. This aspect will drive sales for the global hypodermic syringes market.
Other factors like the advantages of accurate and pre-measured dosage, fewer dosing errors, reduced risk of microbial contamination, and surging vaccination drives in schools, community centers, pharmacies, and airport booths, among others will fuel the growth of the hypodermic syringes market during this period of observation.
Key Takeaways:
- An expanding biologics sector across the globe will strengthen the prospects of the hypodermic syringes market during the assessment period.
- Europe will likely account for the largest hypodermic syringes market due to the presence of an enhanced healthcare sector.
- A diversified healthcare industry coupled with the growing competition will have a positive impact on the prospects of hypodermic syringes in India.
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Competitive Landscape
In a highly competitive environment, dominant market players are concentrating on product development and the release of innovative products that measure up to international standards. These firms also employ various organic and inorganic strategies like increasing product portfolios, facility expansions, partnerships, collaborations, and mergers to strengthen their market footprints.
Terumo Corporation, Dickinson and Company, Nipro Corporation, Smiths Medical, Hindustan Syringes & Medical Devices Limited, Albert David Ltd., and Becton, among others, are a few participants of the significant players in the hypodermic syringes market profiled in the full version of the report.
More Insights Into Hypodermic Syringes Market
FMI offers the latest, unbiased, and detailed analysis of the global hypodermic syringes market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type (polymer syringes, cyclic olefin polymers (COP), cyclic olefin copolymers (COC), polypropylene and other polymers, glass syringes), sales channel (manufacturers, distributors, retailers), end-users (hospital, diabetic care centers, blood collection centers, veterinary care centers, clinics), and region.
According to the same reports, based on region, the hypodermic syringes market in Europe will display robust growth. The target market in this region will likely be the largest in the international space. A well-established healthcare infrastructure and continuous progress in the same will aid the growth of the hypodermic syringes market in Europe. In terms of country, India emerges as an attractive pocket for the hypodermic syringes market. The Indian healthcare industry is diversified and exhibits strong potential for growth in each segment including providers, payers, and medical technology. Increasing competition and prevailing trends are also positively influencing the growth of the hypodermic syringes market in India.
In brief, the advantages associated with the use of a hypodermic syringe, favorable initiatives undertaken by governments all over the world, and contributions made by Europe will facilitate the global growth of the hypodermic syringes market.
Key Segments In The Hypodermic Syringes Market
By Material Type:
- Polymer Syringes
- Cyclic Olefin Polymers (COP)
- Cyclic Olefin Copolymers (COC)
- Polypropylene and Other Polymers
- Glass Syringes
By Sales Channel:
- Manufacturers
- Distributors
- Retailers
By End User:
- Hospital
- Diabetic Care Centers
- Blood Collection Centers
- Veterinary Care Centers
- Clinics
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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