The Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2021 and is expected to exhibit a CAGR of 8.0% over the forecast period (2022-2028), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The syringe market is driven by the increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases, which require frequent medication and injections. Additionally, the growing adoption of self-administration devices for home healthcare settings has further contributed to the market growth. Syringes are widely used in healthcare settings for various purposes, including medication administration, vaccination, and blood collection. The market offers a wide range of syringes, including safety syringes, insulin syringes, prefilled syringes, and disposable syringes, among others, catering to the diverse needs of healthcare professionals and patients.
Market Dynamics:
The two key drivers of the syringe market are the rising prevalence of chronic diseases and the increasing adoption of self-administration devices. The increasing burden of chronic diseases worldwide has led to a surge in the demand for medications and injections, driving the demand for syringes. Furthermore, the growing trend of self-medication and home healthcare has resulted in the increased use of self-administration devices such as prefilled syringes and insulin pens. These devices offer convenience and ease of use, providing patients with better control over their treatment. Overall, the syringe market is expected to witness significant growth in the forecast period, driven by these drivers.
SWOT Analysis:
Strengths: The syringe market has a strong global demand due to its essential role in healthcare settings for administering medications and collecting blood samples. The market is driven by the increasing prevalence of chronic diseases and the growing geriatric population. Additionally, advancements in syringe technologies, such as safety features and auto-injectors, are further boosting market growth.
Weaknesses: One weakness of the syringe market is the risk of needlestick injuries, which can lead to the transmission of infectious diseases. Another weakness is the lack of standardization in syringe sizes and types, which can cause confusion and errors in medical procedures.
Opportunities: The syringe market presents opportunities for innovation and product development. There is a growing demand for prefilled syringes, which offer convenience and reduce medication errors. Moreover, increasing investments in healthcare infrastructure, especially in developing economies, provide opportunities for market expansion.
Threats: The syringe market faces the threat of counterfeit and low-quality products, which can compromise patient safety. Additionally, stringent regulatory requirements and the high cost of syringe manufacturing are potential threats to market growth.
Key Takeaways:
The global syringe market Share is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period of 2022-2028. This growth is driven by the increasing prevalence of chronic diseases and the growing geriatric population worldwide. Among regions, Asia Pacific is the fastest-growing and dominating region in the syringe market, attributed to the rising healthcare expenditure and expanding healthcare infrastructure in countries like China and India. Key players operating in the syringe market include Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Codan Medizinische Geräte GmbH & Co. KG, and Hindustan Syringes & Medical Devices Limited, among others. These companies are actively involved in product development, partnerships, and mergers to strengthen their market position.
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The global sterilization equipment market size is expected to reach USD 9.8 billion by 2025, according to a new study by Grand View Research Inc. Increasing number of hospital stays and growing awareness amongst the patient population regarding hospital-acquired infections (HAI) are propelling the market growth at a global level.
Sterilization of medical devices is significant in order to prevent the spread of diseases such as AIDS.Furthermore, proper sterilization of medical devices also prevents additional surgeries required to treat infections caused by the use of unsterilized devices, thus reducing cost and life-threatening complications.
According to various research studies and statistics, sterilization shows almost 100% effective results with the least rate of contamination in hospitals and other medical institutions.Further Key Findings from the Study Suggest:Heat sterilization technique dominated the overall market in 2015, as it is the most widely used method for the sterilization of maximum medical equipmentIn addition, glassware such as flasks, petri dishes, pipette, burette, and glass syringes are the most compatible with heat sterilizationLow-temperature sterilization is anticipated to grow at the highest CAGR during the forecast period since the technique is used to sterilize heat-sensitive and moisture-sensitive loads with high efficiency as it destroys even the microorganismsHospitals segment occupied the largest share in 2014.
The segment is also expected to witness the highest growth rate during the forecast period as most of the medical equipment find its application in hospitals.North America dominated the segment with the largest revenue share in 2015 due to greater technological advancement, growing awareness, and highly developed healthcare infrastructure.Increasing number of surgical procedures in hospitals is aggressively propelling the demand for sterilization equipment in North America, which is expected to boost the growth in North AmericaAsia Pacific is anticipated to show a significant growth during the forecast period, mainly due to increasing government initiatives, large pool of patient population, and increasing incidence of hospital-acquired infectionsSome of the major companies operating in sterilization equipment market are STERIS plc; Getinge AB, Advanced Sterilization Products Services, Inc.; 3M; Belimed; Cantel Medical; MATACHANA GROUP; Sterigenics International LLC; and TSO3.Access full research report on global sterilization equipment market: www.grandviewresearch.com/industry-analysis/sterilization-equipment-market
