ID: MRFR/MED/0252-HCR | February 2021 | Region: Global | 105 pages
Market Scenario The global syringe and needle market is expected to grow significantly over the forecast period. The market held a valuation of USD 6,400.09 million in 2018 and is projected to account for USD 10,480.40 million by 2025, at a CAGR of 7.3% over the forecast period. Syringes and needles are sterile devices used to inject solutions into the body. Syringes and needles are also used to segregate various types of body fluids, such as tissues from joints and blood from veins. A syringe is made up of plastic or glass and has a cylinder-like shape with a plunger at one end and an opening that is attached with needle. Needles are hollow metal tube with a pointed tip. The usage of syringe and needles in medical procedures has increased substantially over the last decade due to the increasing patient population suffering from cardiovascular diseases. The rapid technological advancements in syringe and needle drug delivery systems, rising adoption of injectable drugs are likely to provide favorable conditions for the growth of the market during the forecast period. Various other factors, such as the changing lifestyle and increasing geriatric population, are also expected to propel the growth of the market. However, high risk of infections associated with drug administration by syringes and needle and increasing chances of needle-stick injuries can hamper market growth over the forecast period. Segmentation The global syringe and needle market has been segmented based on type, application, usability, end user, and region. The global syringe and needle market, by treatment, has been segmented into syringe and needle repair, and syringe and needle replacement. Based on type, the market has been segmented into blood collection syringe and needles, ophthalmic syringe and needles, bone marrow syringe and needles, catheter syringe and needles, dental syringe and needles, epidural syringe and needles, av fistula syringe and needles, pen syringe and needles, intravenous syringe and needles, spinal anesthesia syringe and needles, suture syringe and needles, and others. On the basis of usability, the market has been segmented into disposable and reusable. The end user segment has been classified as hospitals & clinics, diagnostic centers, home care, and others. In the current scope of the study, the segments mentioned above are covered into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The syringe and needle market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada. The European syringe and needle market has been segmented into Western Europe and Eastern Europe. Western Europe has been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The syringe and needle market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The syringe and needle market in the Middle East & Africa has been segmented into the Middle East and Africa. Regional Market Summary Global Syringe and Needle Market Share (%), by Region, 2018 Sources: MRFR Analysis The Americas dominated the global market for syringe and needle owing to the growing prevalence of cardiac diseases, high adoption of self-injectable medicines, and the presence of a well-established healthcare sector. According to the Biopharma Global 2017, the biopharmaceutical sector registered rapid growth of ~8% (annually) and generated the global revenue of around USD 163 billion within the same year. This provides huge possibilities for the development of self-injection biopharmaceuticals, which provides favorable backgrounds for the market to propel. In 2018, it was estimated that Europe stood second in the global syringe and needle market. The increasing funding from the government for the development of the healthcare sector, increasing number of healthcare centers. Moreover, technological advancements in healthcare region the region, and increasing strategic collaborations along with the merger and acquisitions are expected to drive the growth of the market. For instance, in December 2018, Siemens Healthineers announced the acquisition of Fast-Track Diagnostics, a company based in Malta. Fast-Track Diagnostics is a global supplier of molecular diagnostic test kits. Germany accounted for the largest share in the European syringe and needle market. Asia-Pacific (APAC) is expected to represent the fastest growth in syringe and needle throughout the forecast period due to the growing geriatric population, changing lifestyle, and surge in chronic disorders in Asia-Pacific. Countries in Asia-Pacific are adopting advanced treatment options; this, in turn, fuels the market growth in this region. Moreover, presence of countries such as China, India, and Japan is expected to have positive impact on market growth. On the other hand, the Middle East and Africa held the least share in the global syringe and needle market due to the low economic development, especially within Africa. Key Players Some of the key players in the global Syringe and Needle market are DeRoyal, Albert David Ltd, B. Braun Melsungen AG, Terumo Corporation, Connecticut Hypodermics Inc., Insulet, Septodont, Medtronic, BD, Schott AG, Cardinal Health, and Smiths Medical. Market Segmentation Global Syringe and Needle Market, by Type
|Market Size||USD 10,480.40 million|
|Forecast Units||Value (USD Million|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Usability and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DeRoyal, Albert David Ltd, B. Braun Melsungen AG, Terumo Corporation, Connecticut Hypodermics Inc., Insulet, Septodont, Medtronic, BD, Schott AG, Cardinal Health, and Smiths Medical|
|Key Market Opportunities||Companies are investing more into research and development in order to develop quality and advance products.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Syringe and Needle Market is expected to reach a valuation of close to USD 10.5 billion by 2025.
The Syringe and Needle Market is expected to exhibit a strong 7.3% CAGR over the forecast period from 2019 to 2025.
Increasing demand for vaccinations and the growing technological advancements in syringe systems are the major drivers for the Syringe and Needle Market.
The Americas holds the largest share in the Global Syringe and Needle Market.
Leading players in the Syringe and Needle Market include DeRoyal, B. Braun Melsungen AG, and Terumo Corporation, among others.