Syringes Market to Reach $32.39 Billion, Globally, by 2027 at 9.6% CAGR: Allied Market Research

PORTLAND, Ore., Feb. 11, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Syringes Market by Product (General Syringes, Specialized Syringes, and Others), Usage (Reusable and Disposable Syringes), Material (Glass and Polymer), and End Use (Hospitals, Diagnostic Centers, Speciality Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, 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.

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Drivers, restraints, and opportunities-

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.

Covid-19 scenario-

    --  The outbreak of the pandemic led to huge disruptions in the
        manufacturing of syringes, which in turn led to supply shortage
    --  However, the lockdown has now loosened off and the global syringes
        market is expected to recoup really soon.

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.

The disposable syringes segment to lead the trail-

Based on usage, the disposable syringes segment contributed to 90% of the global syringes market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 9.8% throughout the forecast period. This is attributed to its role in reducing the risk of infection, which is high while using reusable syringes, and economical costs as compared to reusable syringes

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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.

Frontrunners in the industry-

    --  B. Braun Melsungen AG
    --  Becton
    --  Dickinson and Company
    --  Cardinal Health Inc
    --  Gerresheimer AG
    --  Hindustan Syringes and Medical Devices Ltd.
    --  Medline Industries, Inc
    --  Nipro Corporation (Nipro Medical Corporation)
    --  Retractable Technologies, Inc
    --  Smith's Group Plc
    --  Terumo Corporation (Terumo Medical Corporation)

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