Syringe Market is Expected to Hit USD 26,859.34 Mn by 2027 Research on Latest Technologies by The Insight Partners - Digital Journal

2022-04-02 03:54:48 By : Ms. Amy Ma

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The syringe market was valued at US$ 12,649.46 million in 2019and is projected to reach US$ 26,859.34 million by 2027; it is expected to grow at a CAGR of 9.8% from 2020to 2027. According to our new market research study on “Syringe Market to 2027 – Global Analysis and Forecast – by Syringe Type, Application, Usability and End Use. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

A syringe is a piston-like medical instrument that has a significant importance in healthcare. Syringes play a major role in administration of vaccines, nutritional supplements, and medicines. Theyhave a wide range of applicability, from injecting of liquid nutritionals into a feeding tube to conduct vaccination. Syringes can be classified into reusable and disposable. Increasing prevalence of chronic conditions and rising patient population are expected to drive the market growth during the forecast period.

The Syringe Market is categorized into syringe type, application, usability, end use, and region. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Syringe Market emphasizing on various parameters, such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the globe.

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Growing Number of Chronic Diseases and Infectious Diseases

Chronic diseases, such as diabetes, cardiovascular disease, and cancer, are among the primary causes of death in adults. Infectious diseases are also the top causes of death in children and adults. Chronic and infectious diseases need continuous diagnosis using various medical tests,which requires the use of syringes.

According to the World Health Organization estimations, around 16 billion injections are administered every year globally. It has been estimated that chronic diseases would account for almost three-quarters of all deaths worldwide, and that 75% of deaths due to stroke, 71% of deaths due to ischemic heart disease (IHD), and 70% of deaths due to diabetes would occur in developing countries by 2020. Many of these patients are advised regular intravenous administration of insulin, which increases the demand for syringes.

Infectious diseases are the secondtop cause of deaths worldwide and are among the top causes of death in children under age 5. For instance, the Centers for Disease Control and Prevention (CDC) stated that 1.7 million hospital-acquired infections (HAIs) occurred in 2017, and 99,000 associated deaths occur annually in American hospitals. It is estimated that nearly 32.0% of HAIs are urinary tract infections (UTIs), 22.0% are surgical site infections (SSIs), 15.0% are pneumonia, and 14.0% are bloodstream infections (BSIs).

Growing adoption of injectable drugs for the treatment of chronic and infectious diseases is expected to drive the market growth during the forecast period.

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Based on syringe type, the syringe market is segmented into luer lock syringes, glass syringes, luer slip syringes, and others. In 2019, the luer lock syringes segment accounted for the highest share of the market. Growth of this segment is attributed to increasing adoption of luer lock syringes due to ease of administration and rising patient pool across the globe. However, the glass syringes segment is likely to register highest CAGR Syringe Market during the forecast period.

In terms of application, the Syringe Market is segmented into aesthetics, human health, lab/industrial, and others. The human health segment held the largest share of the market in 2019, whereas the aesthetic segment is estimated to register the highest CAGR of 10.8% during the forecast period.

Based on usability, the sSyringe Market is categorized into sterilizable/reusable syringes anddisposable syringes. The disposable syringes segment held the largest share of the market in 2019, and it is estimated to register the highest CAGR of 10.0% during the forecast period.

Product launches and expansionare commonly adopted strategies by companies to expand their footprint worldwide and meet the growing demand.

The market players operating in the syringe market adopted the strategy of product innovation to cater to changing customer demand across the world, which also permits the players to maintain their brand name globally.

Becton, Dickinson and Company ; Baxter International Inc.; Terumo Corporation; Vita Needle Company; Cardinal Health Inc.; NIPRO; RETRACTABLE TECHNOLOGIES, INC.; B. Braun Medical Inc.; AIR-TITE PRODUCTS CO., INC.; and HENKE-SASS, WOLF Ltd., are among the leading companies operating in the syringes market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

If you have any queries about this report or if you would like further information, please contact us: Contact Person: Sameer Joshi E-mail: [email protected] Phone: +1-646-491-9876

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