Global Syringe and Needle Market is valued approximately at USD 6.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.3% over the forecast period 2020-2027. Syringes and needle market include the disposable and safety syringes, needleless injectors, insulin pumps, injection pens, specialty needles. Syringes and needles are sterile devices applied to inject solutions, such as drugs, into the human body. Syringes and needles are being used to isolate several sorts of body fluids, including blood from veins and tissues from swollen joints. Moreover, the usage of syringes and needles in medical procedure has grown significantly due to the rise in number of patient populations with chronic conditions and lifestyle diseases, such as cancer and diabetes. According to the National Center for Biotechnology Information (NCBI), diabetes has affected 285 million people globally in 2010, and the number is likely to grew over 439 million by 2030. According to the International Diabetes Federation (IDF), the percentage of individual having type 2 diabetes is surging in most parts of the world. Around 79% of adults aged between 20-79 years are living with diabetes in low and middle-income countries. Thus, the rise in prevalence of diabetes has boosted the demand for syringes and needles for the effective treatment across the developed and developing countries. In addition, the rapid technological development in syringes and needle drug delivery system, and surging utilization of injectable drugs are few other factors responsible for the CAGR of the market during the forecast period. According to Statista, over15.3 million people around the world were using injectable drugs in 2018. Of which, Asia holds the leading position in terms of inject drugs consumption, with a number of people around 6.6 million in the same year i.e., 2019. This, in turn, is likely to strengthen the demand for syringe and needle market around the world. However, the high risk of infection concerning the needle and syringes is one the prime factors limiting the market growth over the forecast period of 2020-2027.
The regional analysis of the global Syringe and Needle market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising spending and expenditure on pharmaceutical and biopharmaceutical companies, along with the wide presence of market players in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in prevalence of chronic conditions and life-threatening diseases, coupled with improving healthcare infrastructure in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the cancer vaccine market in the Asia-Pacific region.
Major market player included in this report are:
Albert David Ltd.
B. Braun Melsungen AG
Connecticut Hypodermics Inc.
Becton, Dickinson and Company
Smiths Medical, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Blood Collection Syringe and Needles
Ophthalmic Syringe and Needles
Bone Marrow Syringe and Needles
Catheter Syringe and Needles
Hospital & Clinics
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Syringe and Needle Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers