Global Medical Syringe Market Size to grow by US$ 24.9 billion in 2028
The Medical Syringe Market is projected to witness a CAGR of around 10.1% during the forecast period, with a revenue of approximately USD 13.8 billion in 2019 and expected to reach USD 24.9 billion by 2028.
The syringe is a sterile device utilized for the collection of blood samples from a patient and injects solutions into the body. A syringe is made up of plastic or glass material and shaped like a cylinder with a plunger at one end and an opening that attaches to a needle. Needles are a hollow metal tube with a pointed tip.
The growing prevalence of infectious diseases and the increase in the usage of Botox for therapeutic applications are the major factors that drive the growth of the Syringe Market during the forecast period. Moreover, therapeutic techniques and diagnostics processes for infectious dieses require syringes, as they play a significant role amidst test and drug administration. Also, the increasing number of chronic diseases such as diabetes, and cancer across the globe are witnessing the growth of the global syringe market. An unhealthy lifestyle, alcohol abuse, lack of physical activity, and smoking are some of the major factors contributing to growing prevalence of such diseases. According to the International Diabetes Federation (IDF) 2019 report, the number of people living with diabetes is expected to increase from 463 million in 2019 to nearly 700 million by 2045.
The impact of the COVID-19 didn’t much affect the healthcare sector in anyways. The pandemic did put all sectors on a temporary halt, but the healthcare sector and medical supplies sector was working with more effort than usual. Therefore, increasing the number of studies for the development of a vaccine to prevent the spread of the COVID-19, significantly increased the demand of syringe that is used in the administration of vaccination. In January 2020, Biomedical Advanced Research and Development Authority (BARDA) estimated that between 650 million to 850 million syringes would be needed to administer a vaccine in the United States alone. Moreover, to ramp up the production of the COVID-19 vaccine, the manufacturers are increasing their production capacity. In May 2020, The Department of Defense and the U.S. Department of Health and Human Services has signed a deal of $138 million with the syringe makers to will dramatically expand the U.S. production capability of syringes for the coronavirus vaccines by the end of 2021.
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Prefilled Syringes Are Gaining Acceptance in The Market
Prefilled syringes are gaining acceptance in the market as drug delivery systems designed to administer drugs via the parenteral route. Prefilled syringes are generally preferred for the parenteral administration of various drugs, and they are used mainly for the treatment of chronic diseases such as diabetes, cancer, and other diseases.
The COVID-19 outbreak has also increased the demand for prefilled syringes due to the reduced risk of needle-stick injuries. In addition, increasing manufacturer and governmental funding in the market is expected to increase production and demand of prefilled syringes. In November 2020, The U.S. International Development Finance Corporation (DFC) has approved a $590 million loan to ApiJect Systems, Corp. (ApiJect) to aid in the domestic response to the COVID-19 pandemic. DFC’s loan to ApiJect would facilitate the production of prefilled injectors that are capable of delivering almost all leading COVID-19 vaccine candidates with scale, speed, and efficiency.
Rising Burden of Chronic Diseases and Infectious Diseases
The growth in the geriatric population and the growing number of vaccination and immunization programs are expected to drive the syringe market growth during the forecast period. According to the United Nations international organization’s World Population Prospects 2019, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6 percent in 1990 to 9 percent in 2019. That proportion is projected to rise further to 16 percent by 2050, so that one in six people in the world will be aged 65 years or over. As the elderly population is expected to grow worldwide, the increase in chronic diseases, being high-risk factors in this population, will drive the market in the near future.
The Asia-Pacific is the largest market for the Medical Syringe Market due to the growth in awareness regarding the advantages of syringes, rise in purchasing power of the people, improving economic conditions, and the presence of a large patient pool suffering from various chronic diseases are expected to drive the market in this region. Moreover, due to the COVID-19 outbreak, there is a higher demand for syringes in the region. The pandemic has resulted in a large number of individuals being admitted to hospitals. These hospital admissions are followed by various tests using blood samples and injection of various medications to subdue the symptoms due to the virus, which is expected to further fuel the market growth.
North America is the second-largest market for the Medical Syringe Market due to the rise in several chronic diseases such as cancer, diabetes, and others, which is likely to enhance the market demand during the forecast period. The increasing product launches and the growing presence of major key market players such as West Pharmaceutical Services Inc., AptarGroup, Inc., Becton Dickinson and Company, B. Braun Medical Inc. are likely to boost the market growth in North America.
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KEY INDUSTRY DEVELOPMENTS:
In January 2021, AuroMedics Pharma LLC has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Naloxone HCl Injection Prefilled Syringe 2 mg/2 ml.
In April 2021, NIPRO EUROPE GROUP COMPANIES, announced the launch of CURACASE™ needles. Each CURACASE needle is individually packed in a compact and smartly designed hard-plastic packaging that uses minimal space in secondary packaging when by-packed. Its smart design enables compatibility with feeders and automated pick-and-place systems.