The syringe and needle market is expected to grow at a CAGR of over 10% during the period 2019–2025.
Key Highlights Offered in the Report:
1. Safety needles are the major leading segment and are growing at a faster growth rate, thereby boosting the market in the coming years.
2. A surge in the number of vaccinations, and rising hospital admission are the major driver of the global market during the forecast period.
3. Asia Pacific is anticipated to exhibit the highest CAGR of over 13% and the region has the highest absolute growth of over 111%, during the forecast period. This growth in the region is due to the rising patient population and increasing vaccination.
4. Also, the upsurge in the COVID-19 pandemic cases has increased the demand for needles and syringes, as there is increasing patient population that require IV, as well as vaccination to treat the rising COVID-19 patients, this is leading to positive growth in the global market.
5. Moreover, the rising various initiatives such as, needles syringes program has increased the safety among end-users, along with availability of vending machines that provides safe and hygiene syringes and needles is boosting the market growth.
6. Vendors need to strategically focus on the development and commercial launch of safe advanced syringes and needles that can be used in hospitals, clinics, and other healthcare facilities. Vendors in the syringes and needles market should penetrate and tap the huge growth potential in developed and emerging nations during the forecast period.
• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by products, patient group, end-users, and geography
• Competitive Landscape – 7 key vendors and 34 other vendors
Syringe and Needle Market – Segmentation
• North America dominates the syringe market. APAC is expected to grow at a faster growth rate due to the presence of a large patient population that requires syringes for medication and blood testing. The increased adoption of injectable drugs, technological advancements, the increase in the geriatric population, and the growing number of vaccination and immunization programs for pediatrics, as well as adults, are expected to drive the volume growth over the next few years.
• The pediatric segment is expected to grow at the fastest CAGR during the forecast period. The segment is driven by improving birth rates across the world, boosting the usage of injections. Moreover, the increase in chronic disease prevalence in the pediatric population is one of the significant factors that is driving the usage of syringes and needles.
• The clinic end-user segment is expected to grow at a CAGR of over 9% during the period 2019¬2025. IVF and rehabilitation clinics use a high number of needles and syringes for medical and vaccination procedures, thereby boosting the market. Similarly, the home care setting segment is expected to experience growth as the elderly population prefers these settings over hospitals and other clinics.
Syringe and Needle Market by Products
Syringe and Needle Market by Patient Group
• Pediatric Patients
Syringe and Needle Market by End-users
• Home Healthcare Settings
Syringe and Needle Market – Dynamics
The demand for self-administered injectable devices among other drug delivery devices is growing at a significant rate in recent years. These pre-filled devices contain syringes or cartridges that enable patients to easily select their dosage and administer medication accurately with minimal preparation or clean up. Most self-administered injectable devices treat emergency conditions such as allergies or chronic conditions like diabetes and rheumatoid arthritis. Self-injection devices consist of accurate dosage volumes and reconstituted drugs, which help patients eliminate confusion regarding dosage and wastage of medication. These syringes are thus helpful in the self-administration of drugs.
Key Drivers and Trends fueling Market Growth:
• Rapid Advancements in Needle & Syringe Design & Technology
• High Growth Potential in Emerging Economies
• Growing Demand for Safety Needles & Syringes
• Global Expansion of Needle Syringe Programs
Syringe and Needle Market – Geography
The market in North America is driven by the rising incidence of chronic and infectious diseases, where hospitals, clinics, and ASCs are the largest revenue generators. The US and Canada are the primary revenue contributors to the market in North America. The adoption of syringes & needles with safety mechanisms is higher in North America compared to other geographical regions.
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Syringe and Needle Market by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o South Africa
o Saudi Arabia
• Braun Melsungen
• Smiths Medical
• Cardinal Health
Other Prominent Vendors
• Allison Medical
• Karam Green Bags
• APEXMED International
• Argon Medical Devices
• CODAN Medizinische Geräte
• Connecticut Hypodermics
• EXELINT International
• Hindustan Syringes & Medical Devices
• International Medsurg Connection
• Retractable Technologies
• West Pharmaceutical Services
• Vita Needle Company
• Aspen Surgical
• Credence MedSystems
• Dali Medical Devices
• MHC Medical Products
• Micsafe Medical Group
• Novo Nordisk
• Troge Medical
• Van Oostveen Medical
• Wujiang Evergreen EX/IM
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Source: EIN Presswire