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| Syringe Market |
The global syringe market is estimated to be valued at US$14,839.3 Mn in 2021 and is expected to exhibit a CAGR of 8.0% over the forecast period
2022-2028, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Syringes are widely used in the healthcare industry for administering
medications, vaccinations, and therapeutic injections. They are essential
medical devices that play a crucial role in healthcare delivery systems.
Syringes provide accurate dosage, ease of use, and minimize the risk of
contamination. The increasing prevalence of chronic diseases, the rising number
of vaccination programs, and the growing geriatric population are driving the demand
for syringes globally. Moreover, the advancements in technology have led to the
development of safety syringes, which further enhances the market growth by
ensuring the safety of healthcare professionals and patients.
Market Key Trends:
One key trend observed in the syringe market is the growing adoption of
prefilled syringes. Prefilled syringes are ready-to-use syringes that are
filled with a single dose of medication. They offer various advantages such as
accurate dosage, reduced risk of dosage errors, convenience, and
cost-effectiveness. The increasing demand for self-administration of
medications and the rising popularity of biologics are driving the growth of
the prefilled syringe market. Moreover, the use of prefilled syringes
eliminates the need for manual filling of syringes by healthcare professionals,
saving time and reducing the risk of contamination.
In conclusion, the syringe market is witnessing high growth due to the
increasing demand for vaccinations and therapeutic injections. The growing
adoption of prefilled syringes is a key trend that is driving market growth.
With the advancements in technology and the rising healthcare expenditure, the
syringe market is expected to continue its growth trajectory over the forecast
PEST Analysis:
Political: The political factors impacting the syringe market include
government regulations and policies related to healthcare and medical devices.
Governments play a crucial role in ensuring the safety and quality of syringes,
which can affect the operations of syringe manufacturers. For example,
regulations related to product labeling, sterilization, and disposal methods
may impact the market.
Economic: The economic factors influencing the syringe market involve factors
such as GDP growth, healthcare expenditure, and disposable income levels. The
demand for syringes is directly influenced by the healthcare infrastructure and
spending capacity of a country. Additionally, economic fluctuations and
currency exchange rates can impact the pricing and affordability of syringes.
Social: Social factors impacting the syringe market include the increasing
prevalence of chronic diseases, growing awareness about needle safety, and the
need for vaccination programs. The rising incidence of diseases such as
diabetes and the need for proper healthcare facilities drive the demand for
syringes.
Technological: Technological advancements play a significant role in shaping
the syringe market. The development of safety syringes, auto-disable syringes,
and needlestick prevention devices have improved patient safety and reduced the
risk of needlestick injuries. Furthermore, innovations in manufacturing
processes and materials have led to the production of more efficient and
cost-effective syringes.
Key Takeaways:
The global syringe
market Share is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period
of 2022-2028. This growth is primarily driven by factors such as the increasing
prevalence of chronic diseases, rising demand for vaccinations, and advancements
in needle safety technology.
In terms of regional analysis, Asia Pacific is projected to be the
fastest-growing and dominating region in the syringe market. This can be
attributed to the increasing healthcare expenditure, a large patient pool, and the
presence of major manufacturers in countries like China and India.
Key players operating in the syringe market include 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. These companies contribute to the market by introducing
innovative products, expanding their geographical presence, and engaging in
strategic collaborations and acquisitions.
Read More,
https://www.newsstatix.com/syringe-market-trends-size-and-share-analysis/
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