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Upsurge in incidence of needle stick injuries, rise in awareness about smart syringes, and high-end technological advancements fuel the growth of the global syringes market. On the other hand, high cost and unaffordability of safety syringes and alternative modes of drug delivery impede the growth to some extent. However, increase in need for safety syringes in emerging economies is expected to create lucrative opportunities in the industry.
The global syringes market size was estimated at $15.34 billion in 2019, and is expected to hit $32.39 billion by 2027, registering a CAGR of 9.6% from 2020 to 2027.
The specialized syringes segment to dominate by 2027-
Based on product, the specialized syringes segment accounted for more than two-thirds of the global syringes market share in 2019, and is projected to maintain the lion’s share by the end of 2027. The same segment would also register the fastest CAGR of 10.0% from 2020 to 2027. Surge in use of disposable syringes and rise in demand for injectable drugs drive the growth of the segment.
Rise in incidence of needle stick injuries, increase in awareness about smart syringes, and high-end technological advancements drive the growth of the global syringes market. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery hider the growth to some extent. Nevertheless, rise in need for safety syringes in emerging countries is anticipated to usher a plethora of opportunities for the market players.
Frontrunners in the industry-
North America had the major share in 2019-
Based on geography, North America held the major share in 2019, garnering more than two-fifths of the global syringes market. This is due to increase in demand for advanced syringes, availability of well-developed healthcare infrastructure, and presence of major giants in the region. Simultaneously, the market across Asia-Pacific would exhibit the fastest CAGR of 10.8% from 2020 to 2027, owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
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