The Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2022 and is expected to exhibit a CAGR of 8.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A syringe is a medical device that consists of a tube with a narrow opening at one end and piston at the other end used to inject or withdraw fluid from the body or flexible container. Syringes are commonly used to deliver doses of vaccines, medications and drugs due to the precision and control they provide. Various types of syringes available are reusable syringes, disposable syringes and auto disable syringes.
Market key trends:
One of the key trends contributing to the growth of the syringe market is the increasing adoption of reusable syringes. Unlike disposable syringes which are discarded after single use, reusable syringes can be used multiple times when sterilized properly between uses. This significantly reduces syringe wastage generated from disposable syringes. Various healthcare facilities and hospitals are adopting reusable syringes to lower operational costs and reduce environmental footprint from plastic waste. Governments across countries are also implementing policies promoting reuse of syringes in appropriate clinical settings to support sustainability in healthcare. Hence, growing focus on reusable syringes will drive substantial growth of the overall syringe market during the forecast period.
Porter's Analysis
Threat of new entrants: The syringe market poses moderate threat of new entrants given the requirement for significant investments in manufacturing facilities and stringent regulatory requirements.
Bargaining power of buyers: The bargaining power of buyers is moderate as syringes are necessity for drug delivery. However, buyers can negotiate on price and demand bulk/customized orders.
Bargaining power of suppliers: The suppliers have moderate bargaining power given the established supply chains and presence of substitutes. However, suppliers face pressure to deliver quality products at competitive prices.
Threat of new substitutes: Threat from new substitutes is low as syringes are most economical and reliable method for drug delivery.
Competitive rivalry: The syringe market witnesses high competitive rivalry among established global players.
SWOT Analysis
Strength: Syringes offer convenient and effective means for precise drug dosages. Growing prevalence of chronic diseases boosts market growth.
Weakness: Improper disposal of used syringes leads to infections. High prices of advanced pre-filled syringes limits their adoption.
Opportunity: Increasing demand for self-injectable and fillable syringes present opportunities. Growth prospects in developing regions provide scope for market expansion.
Threats: Stringent regulations on production standards add compliance costs. Growing popularity of alternative drug delivery methods pose threats.
Key Takeaways
The global Syringe Market is expected to witness high growth at a CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases requiring drug injections. The growing demand for vaccines and rising geriatric population further accelerates market growth.
Regionally, North America dominated the global syringe market in 2021 with a share of over 35%, owing to increasing prevalence of chronic diseases, advanced healthcare infrastructure and growing adoption of self-injectable drugs. Asia Pacific is expected to be the fastest growing region during the forecast period, due to rising healthcare spending, large patient pool and increasing focus on therapeutic injections.
Key players operating in the syringe market are Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Codan Medizinische Geräte GmbH & Co. KG, and Hindustan Syringes & Medical Devices Limited, among others. Major players are focusing on new product launches, geographical expansion and adopting inorganic growth strategies to gain competitive edge in the market.
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