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The global syringes and needles market is expected to reach USD 36.13 Billion in 2028 and register a revenue CAGR of 6.5% over the forecast period
NEW YORK CITY, NY, UNITED STATES, September 12, 2022 /EINPresswire.com/ -- The global syringes and needles market is expected to reach USD 36.13 Billion in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing manufacturing of disposable needles and syringes due to increasing COVID-19 vaccination across the globe, increasing blood transfusions, and increasing number of diagnostic tests.
A syringe is medical device used to inject or withdraw fluid from the body. It consists of a needle attached to a hollow cylinder fitted with a sliding plunger. The piston (plunger) can be pulled or pushed inside the tube, which allows syringe to draw in or expel fluids or gases. These syringes are commonly used for administrating injections, therapeutic drugs, vaccines, or for collecting blood. Key factors responsible for surging demand of syringes are rising cases of chronic illnesses, increasing need for organ transplantations, and rising number of vaccination drives. Factors such as increasing demand for home care settings, increasing demand for safety syringes and needles, and rising number of surgeries are fueling global market growth. In addition, increasing elderly population, increasing demand for disposable syringes in hospitals, diagnostic centers, and clinics, and increasing investments for developing enhanced syringes and needles are other factors driving revenue growth of the global market.
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However, high cost of disposable syringes, rising risks of needlestick infections and diseases, and increasing adoption of needle-free injection technology are key factors expected to hamper overall market growth over the forecast period.
Some key highlights of the report:
Based on type, the biopsy segment is expected to register rapid revenue CAGR over the forecast period to increasing incidence of types of cancer and rare blood diseases, increasing awareness about early diagnosis and biopsy tests, and availability of advanced and safe biopsy needles.
Based on material, the disposable segment is expected to account for significantly larger revenue share between 2021 and 2028 owing to high prevalence of chronic diseases, increasing demand for disposable syringes amidst coronavirus vaccinations, high risk of infection with reusable syringes and needles, rising demand for injectable drugs and increasing number of diagnostic tests.
Among the end use, the hospitals and clinics segment is expected to account for largest revenue share during the forecast owing to high prevalence of chronic diseases, increasing number of surgeries, and improving healthcare facilities. Other factors such as high birth rate, increasing geriatric population, availability of latest injectable devices, and increasing number of clinics and hospitals across the globe are driving revenue growth of the segment.
Europe is expected to account for significant revenue growth over the forecast period. This can be attributed to factors such as high prevalence of chronic and lifestyle-associated diseases, rising number of tests and surgeries, rapid advancements in syringes and needles, increasing presence of well-developed healthcare facilities, and increasing investments for developing advanced and safe needles and syringes.
Asia Pacific market revenue is expected to expand at a rapid CAGR of 8% between 2021 and 2028 owing to increasing incidence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, improving healthcare facilities, and increasing diagnostic tests and blood collection. In addition, rising investments in research and development activities, increasing healthcare expenditure, increasing number of hospitals and clinics, and increasing vaccination drives are other factors driving revenue growth in Asia Pacific.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
DeRoyal, Albert David Ltd, B. Braun Melsungen AG, Terumo Corporation, Connecticut Hypodermics Inc., Insulet, Septodont, Medtronic plc, Becton Dickinson, Schott AG, Cardinal Health Inc., Smiths Medical, Covidien Plc, Thermo Fisher Scientific, Hamilton Company, Merck, Novo Nordisk A/s, and Nipro Medical Corporation
Syringes and Needles Market Segmentation:
Product Type Outlook (Revenue, USD Billion, 2018-2028)
Blood Collection Drug Delivery Biopsy Dental Ophthalmic Catheter Epidural Anesthesia Others
Material Type Outlook (Revenue, USD Billion, 2018-2028)
Application Outlook (Revenue, USD Billion, 2018-2028)
Diagnostic General Surgery Orthopedics Respiratory Dental Cardiovascular Neurology
North America (U.S., Canada, Mexico) Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific) Latin America (Brazil, Rest of LATAM) Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
What is the revenue growth rate of the global Syringes and Needles market over the forecast period? What are the major factors driving the growth of the Global Syringes and Needles Market? What are the key challenges impacting the global Syringes and Needles market growth? What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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