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The global Insulin Syringes market size is expected to reach USD 2.69 Billion in 2030 and register a revenue CAGR of 6.9% over the forecast period, according to latest report by Reports and Data. Rising demand for Insulin Syringes, due to increase in prevalence of diabetes, is expected to drive market revenue growth during the forecast period. Increasing expenditure on healthcare facilities and medicine is also expected to drive revenue growth of the market over the forecast period. Rising prevalence of diabetes and increasing number of patients suffering from it have considerably increased healthcare spending for treatment. In the past few years, healthcare expenditure rose to almost 3.50 trillion only in the US and is expected to rise further during the forecast period.
However, rising popularity of insulin pens is expected to hamper market revenue growth during the forecast period. Insulin pens, as compared to Insulin Syringes, require lesser steps for insulin administration, and most of them come pre-filled with insulin. Therefore, the user just needs to adjust the dosage and inject the insulin. On the other hand, Insulin Syringes require a better skill set, and chances of mistakes are also high. Majority of diabetes patients have found the use of insulin pens more convenient than conventional syringes.
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Some Key Factors Contributing to the Global Pharma Healthcare Market Growth
Unprecedented revenue growth of the global pharma healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in RD activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Some Key Highlights in the Report
Top Players in the Global Insulin Syringes Market:
Nipro Medical Corporation, Biocon Ltd., Terumo Corporation, Cardinal Health Inc., Novo Nordisk A/S, Abbott Laboratories, Becton, Dickinson and Company, Hindustan Syringes and Medical Devices Ltd., Teleflex, and Braun Melsungen.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma healthcare industry revenue growth over the recent past.
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Size Outlook (Revenue, USD Billion; 2019-2030)
Disease Outlook (Revenue, USD Billion; 2019-2030)
End-use Outlook (Revenue, USD Billion; 2019-2030)
Global Insulin Syringes Market Report: Regional Segmentation
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