July 26, 2022 09:22 ET | Source: Research Nester Research Nester
New York, New York, UNITED STATES
New York, July 26, 2022 (GLOBE NEWSWIRE) -- Worldwide, at least 16 billion shots are given each year. 90% or more of the time is spent in therapeutic care. Around 5% of all syringes are used for immunization, with the remainder going toward injectable contraception, intravenous medication, and fluid administration, and blood and blood product transfusion. According to surveys done in a variety of settings, a large percentage of prescriptions (up to 56%) contain at least one injectable preparation, and the annual ratio of injections per person ranged from 1.7 to 11.3%
Research Nester has published a detailed market report on ‘Global Micro Syringes Market’ for the forecast period i.e., 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
According to the data by UNICEF, in comparison to an average year, the volume of syringes purchased in 2021 (for routine vaccination and the COVID-19 response) increased four-fold ranging from 600 million on an average year to around 2.4 billion in 2021. The global micro syringes market to grow at a significant CAGR over the forecast period. The growth of the market can be attributed to the rising demand for microliter syringes for sample collection or precise drug delivery. Micro syringes are used to inject fluids into patients and draw fluid from their bodies. They are designed specifically for homogeneous liquids. Given the small diameter of the syringe, micro syringes are also used to measure and dosage chemicals very precisely. Furthermore, the increasing cases of Covid-19 across the globe and rising vaccination drive to limit Covid-19 cases are expected to drive the market growth during the forecast period. As per WHO surveys, globally, 6,334,728 deaths from COVID-19, including 545,226,550 confirmed cases, have been recorded and at least one dose of the COVID-19 vaccine has been administered to 66.5% of the world's population. In total, 12.09 billion doses have been induced, and 5.74 million are now given daily.
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In addition to this, the increasing clinical trials, preclinical services, and rising investment in research and development activities across the globe are expected to fuel the market growth over the ensuing years. It is found that global research and development spending has more than tripled in real terms since 2000, rising from USD 677 billion to USD 2.2 trillion in 2019. Furthermore, technological advancement, rising patient pool in the hospitals and laboratories, and increasing healthcare spending are estimated to drive the market growth over the forecast period. As per the World Health Organization, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP up from 8.5 percent in 2000.
On the basis of geographical analysis, the global micro syringes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, North America region is estimated to hold the largest market share over the forecast period owing to high healthcare spending, advancement in healthcare infrastructure, and an increasing emphasis on medical R&D activities. As per the expenditure data report, spending on health care in the United States increased by 9.7% in 2020 to USD 4.1 trillion, or USD 12,530 per person. The amount spent on health represented 19.7% of the country's GDP.
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Moreover, the market in the Europe region is estimated to hold a notable market share over the forecast period owing to the higher adaption of cutting-edge medical technologies and the significant investment in research and development activities in the region. For instance, Europe’s research and development spending as a percentage of gross domestic product (GDP) increased to 2.32% in 2020 from 2.23% the year before. Additionally, the existence of significant clinical research organizations in the region is predicted to fuel the market growth over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global micro syringes market is segmented by type into auto samplers, manual, and others. Out of these, the auto samplers segment is expected to gain a maximum market share over the forecast period owing to several benefits of the auto sampler, including good repeatability, superior efficiency, and greater accuracy. As per the research report, it was found that more than 3 billion auto-sampler syringes are secured by UNICEF in 2022 for routine immunizations and COVID-19 needs. In addition to this, the auto sampler syringe is widely used for chromatography, given to its precision, time-saving, large sample storage, and accurate sample selection characteristics. It was observed that in the numbered places of the auto sampler tray, 100 samples or standards—or much more be loaded at once and selection is accurate without mistake which is more common with manual syringes.
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Further, the global micro syringes market is segmented by needle type into fixed and removable. Out of these, the removable segment is estimated to hold the largest market share over the forecast period owing to its versatility as different needle sizes can be used on the same syringe barrel as the needles are replaceable in the event of bending. They come in a range of lengths and point configurations as well. In addition to this, the reusability of this syringe makes it the smart syringe and even WHO advocates the re-usage of the smart syringe, which in turn can contribute to limiting the waste generated by healthcare industries. As per the one of the environmental surveys, approximately 85% of the trash produced by health care activities is general, non-hazardous waste. The remaining 15% is classified as hazardous material, which may be radioactive, poisonous, or contagious. Moreover, the rising demand for removable needle-type smart syringes and the efforts of key market players to make them cost-competitive are expected to drive the segment growth over the forecast period. It is believed that syringes without safety measures cost USD 0.03 to 0.04. The price of the new "smart" syringes is at least double that. But, estimated to fall in price with rising demand.
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The global micro syringes market is also segmented on the basis of end user.
Global Micro Syringes Market, Segmentation by End User
Some of the prominent key players and their company profiling mentioned in the global micro syringes market research report include Innovative Labor Systeme GmbH, GL Science, Inc., PerkinElmer, Inc., Trajan Scientific and Medical, Agilent Technologies, Inc., Shimadzu Corporation, Avantor, Inc., ITO Corporation, Merck KGaA, Thermo Fisher Scientific Inc., and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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