Global Insulin Syringes Market Overview
Insulin Syringes Market Size was valued at USD 1.7 Billion in 2022. The Insulin Syringes market industry is projected to grow from USD 1.77 Billion in 2023 to USD 2.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2023 - 2032). One of the main market driver propelling market expansion is the rise in prevalence of diabetes.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Insulin Syringes Market Trends
- Increase in the prevalence of diabetes is driving the market growth
The market for insulin pens, syringes, pumps, and injectors is expanding as diabetes prevalence rises throughout the world. One of the main causes of the rise in the incidence of diabetes worldwide is the rise in the number of obese individuals, bad eating patterns, physical inactivity, and the rise in the number of elderly people. The Centers for Disease Control and Prevention (CDC) in the US estimated that 34.2 million Americans had diabetes in 2020. The International Diabetes Federation estimates that 537 million adults worldwide had diabetes in 2021; by 2045, that figure would climb to 783 million, fueling the demand for insulin pens, syringes, pumps, and injectors.
Patients' opposition to self-injection is limiting the market for insulin pens, syringes, pumps, and injectors. Some patients experience anxiety because to their fear of needles, which makes them delay getting insulin injections and results in uneven insulin uptake. Before the start of diabetes education programs, it has been predicted that 30% to 50% of patients experience worry or dread related to injection-associated pain, according to a report from the National Center for Biotechnology Information (NCBI). According to the survey, over 28% of patients were reluctant to begin insulin therapy even though it had been prescribed because they lacked confidence in their ability to administer the injections and feared pain from self-injection. The market's expansion is being hampered by people's aversion to injecting themselves because of their phobia of needles.Thus, driving the Insulin Syringes market revenue.
Insulin Syringes Market Segment Insights
Insulin Syringes Syringe Size Insights
The Insulin Syringes Market segmentation, based on 3/10 CC syringe (0.3ml), 1/2 CC syringe (0.5ml), 1CC syringe (1ml), and others. The 1ml syringe size accounted for the majority of sales in 2021. These syringes have a 2-unit graduation and are suitable for dosages larger than 50 units. An adult who needs a substantial dose of insulin may benefit from using a 1 mL syringe.
Insulin Syringes Disease Insights
The Insulin Syringes Market segmentation, based on Disease, includes Type 1 Diabetes and Type 2 Diabetes. In 2022, the insulin syringes market's greatest revenue share was attributed to Type 2 Diabetes. The global prevalence of type-2 diabetes is rising, which is the cause of this. The World Health Organization estimates that around 462 million people, or 6.28 percent of the world's population, had type 2 diabetes in 2019.
Insulin Syringes End-use Insights
The Insulin Syringes Market segmentation, based on end-use includes Hospitals & Clinics, Homecare Settings, and others. The hospital & clinics segment generated the largest revenue share in the insulin syringes market as a result of the rising incidence of chronic diseases like diabetes and obesity in the population. The constantly growing older population also contributes considerably to the growth of the insulin syringe market. According to the American Diabetes Association, 34.2 million people received a diagnosis of diabetes in 2019, with 14.3 million of those over 65 years old being affected.
Insulin Syringes Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Insulin Syringes Market dominated this market in 2022 (45.80%). This is due to elements including a high prevalence of diabetes, a sophisticated healthcare system, and a significant need for diabetic care supplies. The region has a strong market for insulin syringes and other diabetes treatment goods due to its well-developed healthcare system and substantial diabetic patient population. Further, the U.S. Insulin Syringes market held the largest market share, and the Canada Insulin Syringes market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Insulin Syringes Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Insulin Syringes market accounts for the second-largest market share. Another significant market for insulin syringes is Europe. With a highly developed healthcare system, nations like Germany, France, and the United Kingdom have a high prevalence of diabetes. The demand for diabetes management items, especially insulin syringes, is influenced by the region's focus on medical developments, insurance regulations, and patient education.Further, the German Insulin Syringes market held the largest market share, and the UK Insulin Syringes market was the fastest growing market in the European region
The Asia-Pacific Insulin Syringes Market is expected to grow at the fastest CAGR from 2023 to 2032. Due to the rising prevalence of diabetes, especially in China and India, the Asia Pacific region is expected to have considerable growth in the insulin syringes market. The number of diabetic patients is on the rise, which can be attributed to rapid urbanization, changing lifestyles, and aging populations. The need for diabetes management items, particularly insulin syringes, is projected to rise in this region as healthcare infrastructure and awareness improve.Moreover, China’s Insulin Syringes market held the largest market share, and the Indian Insulin Syringes market was the fastest growing market in the Asia-Pacific region.
Insulin Syringes Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Insulin Syringes market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Insulin Syringes industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Insulin Syringes industry to benefit clients and increase the market sector. In recent years, the Insulin Syringes industry has offered some of the most significant advantages to medicine. Major players in the Insulin Syringes market, including Novo Nordisk A/S, Biocon Ltd, Abbott Laboratories, Terumo Corporation, Cardinal Health Inc., Beckton and Dickinson Company, Eli Lilly and Company, Nipro Medical Corporation, Medline Industries, and Hindustan Syringe and Medical Device Ltd are just a few of the companies that are involved in the pharmaceutical industry, are attempting to increase market demand by investing in research and development operations.
Novo Nordisk A/S, a well-known pioneer in the treatment of chronic illnesses including diabetes, has its global headquarters in Denmark. With a strong commitment to improving patient lives, Novo Nordisk focuses on the research, development, and marketing of innovative therapies. The company was founded in 1923 and has since developed into a major leader in the healthcare industry. Novo Nordisk's main areas of competence are the treatment of hemophilia, the management of diabetes, and the management of obesity. The company's broad line of pharmaceutical products includes insulin, GLP-1 receptor agonists, and other medications used to manage diabetic complications and control blood sugar levels. Novo Nordisk also conducts research and development on therapies for rare bleeding disorders including hemophilia.
An Indian biopharmaceutical business called Biocon Ltd. is dedicated to the development and production of novel, cost-effective therapies for a variety of therapeutic conditions. Biocon, which Kiran Mazumdar-Shaw founded in 1978, has developed into one of India's top biotechnology firms with a global presence and a dedication to providing affordable healthcare solutions.
Biopharmaceuticals, biosimilars, and innovative therapeutics are among Biocon's primary fields of competence. By creating biosimilar versions of complicated biologic medications, the business has significantly improved access to therapies for people all around the world. Oncology, immunology, and diabetes care medicines are all part of Biocon's portfolio of biosimilars.
Key Companies in the Insulin Syringes market include
Novo Nordisk A/S
Cardinal Health Inc
Beckton and Dickinson Company
Eli Lilly and Company
Nipro Medical Corporation
Hindustan syringe and medical device Ltd.
Insulin Syringes Market Segmentation
Insulin Syringes Syringe Size Outlook
3/10 CC Syringe (0.3ml)
1/2 CC Syringe (0.5ml)
1CC Syringe (1ml)
Insulin Syringes Disease Outlook
Type 1 Diabetes
Type 2 Diabetes
Insulin Syringes End-use Outlook
Hospitals & Clinics
Insulin Syringes Regional Outlook
Rest of Europe
Rest of Asia-Pacific
Rest of the World
|Market Size 2022
||USD 1.7 Billion
|Market Size 2023
||USD 1.77 Billion
|Market Size 2032
||USD 2.46 Billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
||Value (USD Billion)
||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
||Syringe Size, Disease, and Region
||North America, Europe, Asia Pacific, and the Rest of the World
||The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
||Novo Nordisk A/S, Biocon Ltd, Abbott Laboratories, Terumo Corporation, Cardinal Health Inc., Beckton and Dickinson Company, Eli Lilly and Company, Nipro Medical Corporation, Medline Industries, and Hindustan syringe and medical device Ltd.
|Key Market Opportunities
||Advancement in technology
|Key Market Dynamics
||Increasing number of diabetic patients
Frequently Asked Questions (FAQ) :
The global Insulin Syringes market size was valued at USD 1.7 Billion in 2022.
The global market is projected to grow at a CAGR of 4.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Novo Nordisk A/S, Biocon Ltd, Abbott Laboratories, Terumo Corporation, Cardinal Health Inc., Beckton and Dickinson Company, Eli Lilly and Company, Nipro Medical Corporation, Medline Industries, and Hindustan syringe and medical device Ltd.
The 1CC Syringe (1ml) category dominated the market in 2022.
The Type 2 Diabetes had the largest share in the global market.
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