Revenue from Sales of Syringes Market To Increase Exponentially During 2022 – 2031 : Fact.MR

As per latest Fact.MR analysis, the global syringes market is set to register a CAGR of 7.8% in 2021, reaching a valuation of US$ 16.5 Bn by 2021 end.

With growing preference for parenteral drug administration, the sales of syringes are poised to rise by 2.6X, with market valuation surpassing US$ 37 Bn by 2031.

The swift growth of syringes market can be attributed to the increasing incidence of chronic diseases, rising demand for invasive medical treatments, increasing usage of self-administration drugs and faster action time of syringe-based drug administration.

Rapidly increasing population creates huge demand for immunization vaccines. According to the World Health Organization (WHO), around 83% infants were vaccinated with 3 doses of DTP containing vaccine in 2020. This resulted in the surge of syringe sales.

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The outbreak of COVID-19 has caused the demand for syringes to skyrocket in a short period. Millions of vaccines were administered around the world between 2020 and 2021 to contain the virus and the practice is likely to continue in the near future. Fact.MR predicts this trend to manifest into impressive scope for expansion for the market, facilitating growth at 10% CAGR between 2021 and 2031.

Disposable syringes segment will remain dominant during the forecast period. Due to diseases transmission concerns, disposable syringes are more preferred than their reusable counterparts. Fact.MR forecasts that the segment to account for more than 80% of total sales in the market by 2031.

Europe leads the global syringes market as a result of the presence of a highly developed healthcare sector, rising geriatric population, and high prevalence of chronic diseases.

“Advanced product launches with ecofriendly features will remain key strategy among manufacturers aiming for competitive edge. Overall, the market is expected to be driven by the rising usage of self-administration drugs,” says the Fact.MR analyst.

Key Takeaways from Syringes Market Survey

• The U.S. is projected to be the most lucrative market for syringes across North America. The U.S. market generated more than US$ 2.5 Bn revenue during 2020.
• With rapidly increasing population and increasing patient pool, Asia is expected to emerge as the most lucrative market. The region is set to generate incremental opportunity of more than US$ 5.7 Bn by 2022 end.
• Based on end user, hospitals will continue to lead the market, accounting for more than 2/3^rd of total syringes sales.
• Disposable syringes segment is expected to hold command over the global market, accounting for 80% revenue generated during the forecast period.

Competitive Landscape

Key players operating in the syringes market are focusing on expanding their product portfolio. Theya are adopting various growth strategies such as new product launches, mergers and acquisitions to strengthen their position in the global market.

• In January 2021, Aurobindo Pharma Limited received final approval from the US Food & Drug Administration to manufacture and market Naloxone HCL injection prefilled syringe 2mg/2ml.
• In June 2021, Hindustan syringes and Medical Devices Ltd. (HMD) launched single-use Dispojekt safety needles to prevent injuries.

Some of the prominent players operating in the Syringes market profiled by Fact.MR are:

• Becton, Dickinson and Company
• B. Braun Melsungen AG
• Gerresheimer AG
• Hindustan Syringes & Medical Devices Limited
• Terumo Corporation
• Nipro Corporation
• Schott AG
• Medtronic Plc.
• Smith’s Group Plc.
• Codan Medizinische Geräte GmbH & Co Kg.

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More Insights on the Global Syringes Sales Outlook

Fact.MR provides an unbiased analysis of syringes market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights into the global demand for syringes with a detailed segmentation on the basis of:

Product Type

• General Syringes
• Specialized Syringes
• Conventional Syringes
• Safety Syringes
• Retractable Syringes
• Other Syringes

Usability

• Disposable Syringes
• Reusable Syringes

Material

• Glass Syringes
• Polymer Syringes

End User

• Syringes for Hospitals
• Syringes for Blood Collection Centers
• Syringes for Diabetic Care Centers
• Syringes for Veterinary Care Centers
• Syringes for Other End Users

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Key Questions Covered in the Syringes Sales Outlook Report

• The report offers insight into syringes demand outlook for 2021-2031
• The market study also highlights projected sales growth for syringes market between 2021 and 2031
• Syringes market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Syringes market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

For More Insight- https://www.factmr.com/article/124/latest-trends-in-the-healthcare-industry-how-has-it-transformed-businesses

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