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Syringes are sterile medical devices used for injecting and extracting fluids such as medicines from the body. They have wide applications in healthcare, laboratories and pharmaceutical industry. Syringes facilitate simple and effective delivery of vaccines and medicines. The growing number of immunotherapy treatments and vaccination drives globally has increased the demand for syringes.
The global Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The growing demand for vaccination is one of the key trends driving the growth of the syringe market. With rising prevalence of chronic diseases and infections, vaccination has become crucial worldwide. According to WHO, vaccination programs prevent 2-3 million deaths each year globally. Furthermore, introduction of newer vaccines for diseases such as COVID-19, HPV and pneumococcal diseases has fueled the demand for syringes. Growing awareness about health and well-being among people has further increased the uptake of vaccination and demand for syringes for safe delivery of vaccines. Rapid expansion of immunization programs across developing regions will continue to propel the syringe market during the forecast period.
SWOT Analysis
Strength: The syringe market has robust demand from healthcare facilities for vaccine administration and drug delivery. It has demand from pharmaceutical companies and hospitals.
Weakness: Prices of syringes fluctuate due to changes in prices of raw materials. Alternatives like auto-injectors pose competition to conventional syringes.
Opportunity: Rise in incidence of chronic diseases drives the need for efficient drug delivery systems. Development of advanced syringes with safety features present new opportunities.
Threats: Stringent regulatory norms for product approvals delay new launches. Risk of supply chain disruptions and trade barriers.
Key Takeaways
The global syringe market is expected to witness high growth driven by increasing incidence of chronic diseases and demand for accurate drug dosing. The global Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030.
North America currently dominates the market owing to high healthcare spending and presence of prominent players. The Asia Pacific region is forecast to grow at the fastest pace during the forecast period owing to rising healthcare investments, growing patient population and healthcare reforms.
Key players operating in the syringe market are Becton, Dickinson and Company, B. Braun Melsungen AG , Terumo Corporation, Hindustan Syringes & Medical Devices Limited, Nipro Corporation, Schott AG, Gerresheimer AG, Codan Medizinische Geräte GmbH & Co Kg., and Retractable Technologies Inc. These players are focusing on new product launches, partnerships and expansion in emerging markets to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
