Syringes and Needles Market Trends and Insights By Type (Blood Collection Syringe and Needles, Ophthalmic Syringe and Needles, Bone Marrow Syringe and Needles, Catheter Syringe and Needles, and Others), Application (General Surgery, Diagnostic, Respiratory, Orthopedics, Cardiovascular, Dental, and others), Material Type (Disposable, Reusable), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, July 28, 2022 (GLOBE NEWSWIRE) -- Syringe and Needle Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Syringe and Needle Market Information by Type, Applications, Material, End-User, and Region - Forecast till 2030”, the market size will be nearly USD 13.3 billion by 2030 and will capture a CAGR of 5.9% from 2022 to 2030.
A syringe can be described as a pump that contains a plunger. It evolved into a piston rather than a plunger that is fitted into the barrel, which is called a cylindrical tube. A plunger is designed to be pulled and pushed within the tube; which is the mechanism of how the syringe expels or takes in the liquid or gas. Syringes and needles have uses in diverse medical applications and are, therefore, note a substantial demand in the healthcare sector.
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Type, Application, Material Type and End User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
The demand for injectable drugs is increasing rapidly, as it is proven to be a better alternative to oral drugs
The rapid technological advancements in syringe and needle drug delivery systems.
Syringe and Needle Market Competitive Landscape:
The renowned companies in the syringe and needle industry include
Syringe and Needle Market USP Covered:
The syringe and needle industry has been showing compelling growth, thanks to the mounting cases of chronic and infectious diseases, and the rising use of injectable drugs. The rise in technological innovations in needles and syringes by medical device firms will also benefit the worldwide market.
The global healthcare sector is under immense pressure owing to the rising prevalence of various chronic illnesses such as cardiovascular diseases, diabetes, and cancer. The American Heart Association 2019 report reveals that CVD remains the leading reason for death worldwide, accounting for over 19.8 million deaths that year. This number is only expected to touch over 25.8 million by 2030.
Diabetes is another major public health issue that will affect a significant population in the coming years. The International Diabetes Federation report of 2020 says that the number of diabetics worldwide will rise from 470 million in 2020 to around 589.7 million in 2030. Syringes and needles are crucial components in treatments and therapies for these disorders. Therefore, the surging burden of these illnesses worldwide is bound to raise the demand for needles and syringes in the years to follow.
Despite numerous encouraging factors, the worldwide market will face a host of challenges in the coming years. These challenges will be responsible for holding back the global market from reaching its highest potential. One restraining factor can be that syringes and needles can raise the infection risk. In many cases, drug administration using syringes and needles can lead to reactions in patients, which may induce a drop in their demand.
Other than that, the surge in needle-stick injuries can slow down the market demand. However, the syringe and needle market companies are working on reducing the impact of these challenges, which will have a positive effect on the worldwide market.
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Syringe and Needle Market COVID-19 Analysis
Following the COVID-19 outbreak, the demand for syringes and needles has risen considerably owing to the rising number of vaccinations and delivery of other medications. Therefore, to enhance the production of the COVID-19 vaccine, manufacturers have raised their production capacity of syringes and needles. For example, the U.S. government is now part of a deal worth USD 138 million with major syringe developers to facilitate the manufacturing of 100 million syringes for COVID-19 vaccines.
The market participants are fostering their spending on raw materials as well as resources in the wake of mounting preference for home-based healthcare services. Healthcare workers are constantly responding to varied techniques of delivering the right care by adopting telemedicine, which brings down face-to-face interaction.
The emerging role of individual and community pharmacists in managing chronic conditions, along with the focus on medication adherence post the COVID-19 pandemic outbreak has lessened the burden on the healthcare systems. Overall, the COVID-19 impact on the syringe and needle market has been relatively positive.
Syringe and Needle Market Segmentation
The types of syringes and needles in the market are bone marrow syringes and needles, blood collection syringes and needles, catheter syringes and needles, ophthalmic syringes and needles, dental syringes and needles, blood collection syringes, and needles, and epidural syringes and needles.
The major applications of syringes and needles are general surgery, diagnostic, respiratory, orthopedics, cardiovascular, neurology, and dental.
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The material types discussed in the report are disposable and reusable.
Reusable syringes are generally more expensive compared to disposable ones. As a result, disposable syringes and needles note higher demand compared to reusable ones. Both have various applications in the medical field.
The end-users of syringes and needles are home care, hospitals & clinics, and diagnostic centers. Hospitals and clinics generate the highest demand for syringes and needles, given the rising number of surgeries, increased cases of wounds and injuries and surging admission rate.
Syringe and Needle Market Regional Insights
Europe, as well as the Asia Pacific, are some of the most successful markets for syringes and needles, given the substantial demands as well as sales in the healthcare sector. The favorable regulatory agencies rapidly approving new injectables and the rapidly burgeoning geriatric population enhance the market size in these regions.
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Likewise, North America will be performing extremely well in the following years, in line with the strong contributions of the United States. A 2019 study by the Center for Disease Control and Prevention reveals that heart disease is one of the top reasons for the deaths among women, and men in the United States. 1 person dies every 45 seconds in the country due to cardiovascular disease. Around 750,000 US citizens die due to heart disease every year, accounting to close to 1 in every 6 deaths in the country. Needles and syringes are used extensively in CVD treatment and therapies. Therefore, the surging cases of this disease in the country are anticipated to benefit the regional market. Another prevalent disorder in the region is diabetes. A 2020 report by the International Diabetes Federation says that there were 40 million US citizens living with diabetes that year. The number will be rising to 40.7 million by 2030 and 42 million by 2045. Syringes and insulin pens are essential in diabetes therapy, and therefore, the surging cases of diabetes will mean a higher demand for the market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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