Syringe and Needle Market at a CAGR of 7.3% to hit USD 10,480.40 million by 2025
Research Reports
Jan 19, 2022
The global syringe and needle market size by the end of 2025 is around USD 10,480.40 million. The growth rate for this global market during these forecast years is a CAGR of 7.3%. According to the syringe and needle industry overview, market dynamics are flourishing in recent years due to diversified driving possibilities. Some of the primary drivers for the worldwide syringes and needles market in recent years have been the rising prevalence of chronic diseases, the aging population, and technical developments in syringes and needles-based drug delivery. As a result, demand for needles and syringes has increased dramatically. As a result, it is one of the primary market drivers. Aside from that, tremendous technological breakthroughs in the 23-gauge needle and syringe drug injecting system are propelling this industry to new heights. Furthermore, demand for injectable pharmaceuticals is fast rising, as it has been demonstrated to be a superior option to oral medications. The rising prevalence of diabetes has led in a large increase in demand for insulin syringes and needles to help diabetics maintain a healthy blood glucose level.
There are a few limitations that are preventing the sector from reaching its full potential, despite significant market drivers. The use of syringes and needles increases the risk of infection. One of the primary syringe and needle market limitations is that medicine administration via syringes and needles can sometimes cause adverse reactions in some patients. Aside from that, the rise in needle-stick injuries has a significant impact on the market. Players in the syringe and needle industry are attempting to deal with these constraints and overcome them in order to close market loopholes.
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Segmental Analysis
The worldwide syringe and needle market is divided into distinct sorts based on type segmentation. These varieties of syringes and needles are responsible for the wide range of applications they have in the medical field.
The global syringe and needle market is segmented into many applications, such as diagnostics, general surgery, orthopedics, respiratory, dental, cardiovascular, and neurology, based on application segmentation.
The global market for syringes and needles is made up of two basic materials, according to the material type classification. It is either disposable or reusable, according to the producers.
The syringe and needle for sale are manufactured for a diverse target population based on end-user segmentation. These people advocate for the use of syringes and needles to assist the market grow on a broader scale.
Regional Overview
In the Americas, the need for syringes and needles is substantially higher. There is a large population suffering from chronic diseases like diabetes and cancer, and better healthcare knowledge has increased the demand for syringes and needles in this region.
Due to the current large population affected by chronic disease, Europe is also considering the vast market for syringe and needle market players. Furthermore, market participants in this region are involved in the export of their products to emerging countries. The government is focusing more on public education in order to reduce the patient population.
The major market is being considered by Asia Pacific, the Middle East, and Africa. Due to the existence of a large population suffering from diabetes, cancer, and cardiovascular illness, Asia Pacific countries such as India and China are considered the fastest developing region. Furthermore, governments in this region hope to adopt modern technologies and treatments from developed countries in order to improve the quality of life for their citizens.
Competitive Dynamics
Becton, Dickinson & Company (U.S.), B. Braun Melsungen AG (Germany), Medtronic plc. (Ireland), Terumo Corporation (Japan), Smiths Medical (U.S.), Retractable Technologies Inc. (U.S.), Alcon Laboratories Incorporated (U.S.), Parker Dayton Technology Suzhou Co., Ltd. (China) and Light Medical Products Co., Ltd. (U.S.) are some of the leading players at the cutting edge of the competition in the market of syringe and needle, globally.
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