Growing incidences of chronic diseases is one of the significant factors influencing market growth.
Market Size – USD 18.76 billion in 2018, Market Growth – CAGR of 6.7%, Market Trends – Increase in geriatric population
The global syringes and needles market is expected to reach USD 34.12 Billion by 2027, according to a new report by Reports and Data. Syringes and Needles are used for various purposes such as drug administration for many diseases and are used by both healthcare professionals and patients themselves. They have become popularly accepted with the advancements in therapy and a supportive reimbursement structure in many nations.
According to the World Health Organization (WHO), from 2015 to 2050, the aged population across the globe will be rise from 12% to 22% of the total global population. Owing to this, the incidence of target diseases such as chronic diseases is expected to grow and, in return, will boost the demand. An increase in healthcare expenditure across the globe also supports the adoption of user-friendly technologies.
Diabetes and its complications, societal costs, and deaths have a huge and rapidly growing impact across the globe. In 2019, around 463 million adults in the age group of 20 years to 79 years were living with diabetes and by 2045, this is expected to rise to 700 million. 79% of adults with diabetes were living in low- and middle-income countries Diabetes caused 4.2 million deaths. According to the American Diabetes Association, the annual healthcare cost in the U.S. increased by 26% during the last five years due to increased diabetes incidences.
The Center for Disease Control and Prevention (CDC) reports diabetes as the seventh leading cause of death among Americans as of 2019. Diabetes is no more limited to the rich nations and is becoming most significantly in low-middle income countries. Diabetes has become one of four high priority Non-Communicable Diseases (NCDs) targeted for action by leaders across the globe.
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Further key findings from the report suggest
- By product type, blood collection syringes and needles contributed to significant market share in 2018 and is likely to grow at a rate of 5.9% in the forecast period. Syringes and needles are often used for collecting blood samples. A syringe with a syringe needle is sometimes deployed to collect blood from patients with small or fragile delicate veins. Collecting blood with a syringe and needle is particularly useful when the phlebotomist needs to control the amount of applied vacuum to reduce or prevent the chance of the vein collapsing.
- Reusable syringes and needle are those which can be used more than and particularly require serialization. Reusable syringes or needles, with proper care, can offer more extended service.
- By end-users, hospitals contributed to the largest market share in 2018 and is likely to grow at a rate of 6.4% in the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
- The market in the Asia Pacific region is expected to grow at the fastest rate of 8.0% in the forecast period, due to the improving healthcare infrastructure, rising investments by market players, and better reimbursement scenario.
Key companies operating in the market include:
- Braun Melsungen AG, Terumo Corporation, Smiths Medical, Albert David Ltd., Becton, Dickinson, and Company, DeRoyal, Insulet, Connecticut Hypodermics Inc., Medtronic, and Schott AG, among others.
The report covers an extensive analysis of the key market players in the market along with their business overview, expansion plans, and strategies. The report also focuses on recent strategic alliances in the market including mergers and acquisitions, joint ventures, partnerships, agreements, corporate and government deals, product launches, and brand promotions, among others.
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The report aims to provide a better understanding of the market dynamics and the workings of the industry on a global level. To gain a deeper understanding of the industry, the global Syringes and Needles market is further segmented on the basis of key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The report also offers a country-wise analysis to provide crucial insights into market size, market growth, market revenue growth, and economic growth in each region.
On basis of product types and application offered by the Syringes and Needles industry, the market is segmented into:
Product Type Outlook (Revenue, USD Million; 2016-2027)
- Blood Collection Syringes and Needles
- Bone Marrow Syringes and Needles
- Ophthalmic Syringes and Needles
- Catheter Syringes and Needles
- Others Syringes and Needles
Usage Outlook (Revenue, USD Million; 2016-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2016-2027)
End-Users Outlook (Revenue, USD Million; 2016-2027)
- Diagnostic Centers
The regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Benefits of Syringes and Needles Market Report:
- Panoramic overview of the opportunities and risks in the Syringes and Needles sector
- Study of recent innovations and developments in the industry
- Comprehensive study of the growth pattern of the Syringes and Needles industry
- In-depth assessment of the competitive landscape of the key players of the Syringes and Needles industry
- Analysis of the Syringes and Needles market drivers, constraints, and opportunities
- Assessment of technological developments and latest trends of the industry
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