The Global Syringe Market is Estimated to Witness High Growth Owing to Opportunity in Healthcare Sector
Syringes are sterile and disposable medical devices used for injecting or withdrawing fluids from the body, including delivery of medicines. They help in safe injection and extraction of fluids like medicines, vaccines or bodily fluids from or into a body cavity, vessel, duct, or solid organ. Rising prevalence of diseases and disorders necessitating administration of drugs and other fluids intravenously or through intramuscular injection has increased the demand for syringes.
The global Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing healthcare spending provides growth opportunities for Syringe market. Rising healthcare expenditure across major countries such as the United States, China and India to prevent, treat and manage chronic diseases such as cancer, diabetes and cardiovascular diseases has resulted in increased demand for syringes from healthcare providers. For instance, according to data by the Centers for Medicare & Medicaid Services National Health Expenditure Projections 2018-2027, US healthcare spending is projected to grow at an average annual rate of 5.5% and reach nearly 20% of GDP by 2027, totaling $6.0 trillion. This increasing healthcare spending is expected to propel the demand for syringes for drug delivery, thereby driving the growth of the global Syringe market during the forecast period.
Porter’s Analysis:
The threat of new entrants in the syringe market is low as it requires significant capital investment to build manufacturing plants and establish distribution channels.
The bargaining power of buyers is high due to the presence of many local and global players offering substitutable products at lower prices.
The bargaining power of suppliers is low since raw materials used in syringe manufacturing such as plastic, glass are readily available.
The threat of new substitutes is moderate as alternative modes of drug delivery like wearable patches are emerging. However, syringes remain the most economical and convenient option for most medications.
The competitive rivalry in the market is high owing to the large number of domestic and international brands competing on the basis of product innovation, quality, and pricing.
SWOT Analysis:
Strengths: Syringes offer convenient and cost-effective delivery of medications. Established manufacturing facilities and supply chains of major players make syringes easily accessible. Strict quality control ensures syringes are sterile and safe.
Weaknesses: Disposal of used syringes contributes to biomedical waste. Improper reuse increases risk of needle-stick injuries and infections. Alternative drug delivery methods are gaining popularity.
Opportunities: Growing prevalence of chronic diseases is increasing demand for injectables and syringes. Advancements in safety syringes can help curb needlestick injuries and reuse. Emerging markets offer vast untapped potential.
Threats: Stringent regulations surrounding manufacture and disposal of syringes increases compliance costs. Patent expiries of blockbuster drugs impact syringe sales. Competition from alternative delivery modes like patches.
Key Takeaways:
The global syringe market is expected to witness steady growth over the forecast period led by increasing incidence of chronic diseases. Advancing healthcare infrastructure and growing medical spending in emerging economies will further aid the market expansion. The global Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030.
Regional analysis: North America holds the largest share in the syringe market propelled by rising cases of lifestyle diseases, growing geriatric population and availability of advanced syringes. Asia Pacific syringe market is poised to grow at the fastest pace during the forecast period supported by huge patient population, rising healthcare expenditure and increasing focus of global market players on tapping the opportunities in the region.
Key players: Key players operating in the syringe market are Becton, Dickinson and Company, B. Braun Melsungen AG, Gerresheimer, Hindustan Syringes & Medical Devices Limited, Terumo Corporation, Nipro Corporation, Schott AG, Medtronic Plc., Smiths Medical, and Codan Medizinische Geräte GmbH & Co Kg. Becton, Dickinson and Company holds the largest market share due to its well-established brand and expanding product portfolio.
