The global Syringe Market is estimated to be valued at Us$ 14,839.3 Mn or Mn in 2022 and is expected to exhibit a CAGR Of 8.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Syringes are medical devices used for administration of medications in a precise quantity through injection. Different types of syringes such as general, insulin and digital, are available to administer solids, liquids, or gases into the body. Precise dosing of medications and ease of use are the key advantages of syringes.
Market key trends:
The integration of digital technologies with conventional syringes is one of the key trends observed in the syringe market. Digital syringes allow automatic recording and tracking of medication administration through mobile applications. Data generated through digital syringes help clinicians in monitoring patient health with better compliance to treatment regimen. Digital syringes with connectivity to electronic medical records also aid in reducing medication errors. Increasing focus on patient safety and health outcomes is driving the demand for digital syringes.
Segment Analysis
The syringe market is segmented by product type, usability, action, application, and end user. By product type, the prefilled segment dominates the market as they offer convenience to patients and healthcare professionals. Their pre-filled and sterile nature reduces chances of contamination.
By usability, the disposable syringes segment accounted for the largest revenue share in 2021. The major factor contributing to this growth is their single-time use feature which reduces chances of infection spread.
Key Takeaways
The global Syringe Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and growing numbers of vaccination drives worldwide.
Regionally, North America dominates the market and is expected to grow the fastest owing to growing geriatric population and rising number of surgical procedures in the US and Canada. However, Asia Pacific is expected to witness the highest growth due to rising healthcare expenditure and increasing patient pool in China and India.
The global syringe market size was valued at US$ 14,839.3 Mn in 2021. It is projected to reach US$ 28,123.7 Mn by 2030 growing at a CAGR of 8.0% during the forecast period.
Key players operating in the syringe market are 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. Major players are focused on new product launches, expansions, and agreements to gain higher market share.
