Syringes Market Worth 15.99 Billion USD by 2021
PUNE, India, November 14, 2016 /PRNewswire/ --
According to a new market research report "Syringes Market by Usability (Sterilizable/reusable (hypodermic, oral) & Disposable Syringes (conventional, safety, prefilled)), Material (Glass & Plastic Syringes), Type (General & Specialized Syringes (insulin, tuberculin) - Global Forecast to 2021" published by MarketsandMarkets, The global market over the forecast period of 2016 to 2021. The market is expected to reach USD 15.99 Billion by 2021, at CAGR of 8.7% from 2016 to 2021.
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Browse 70 market data Tables and 42 Figures spread through 129 Pages and in-depth TOC on "Syringes Market"
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This report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the Rest of the world (RoW). Key factors such as high prevalence of chronic diseases across the globe, rising geriatric population, increasing adoption of safety syringes, technological advancements, and increasing demand for vaccines are supporting the growth of this market. However, the high cost of safety syringes and increasing incidence of needle stick injuries are the major challenges in this market.
On the basis of usability, the global Syringes Market is segmented into two broad categories, namely, sterilizable/reusable syringes and disposable syringes. The disposable Syringes Market is estimated to command the larger share of the global Syringes Market in 2016. The large share of this segment can be attributed to the increasing use of injectable as a mode of drug delivery, growing aging population, high infection risks associated with reusable syringes, and increasing inclination towards self-administration.
On the basis of type, the market is segmented into general syringes and specialized syringes. The general syringes segment holds a larger share in the Syringes Market. The global specialized syringes segment is expected to grow at the higher rate from 2016 to 2021. Specialized syringes allow for the accurate delivery of drugs by overfilling or under filling, which is a key reason for its growing adoption among users. In addition, other factors such as the increasing use of injectables as a mode of drug delivery and increasing inclination towards self-administration are driving the growth of the specialized Syringes Market across the globe.
On the basis of material, the Syringes Market is further segmented into glass syringes and plastic syringes. The glass syringes segment is expected to account for a larger share of the Syringes Market in 2016. Glass syringes are more resistive and reduce the chances of the syringe material reacting with the fluid. These syringes can also be sterilized and reused. On the other hand, the plastic syringes segment is expected to witness higher growth during the forecast period. Factors such as rising awareness about blood-borne infections and increasing inclination towards self-administration are driving the growth of the plastic syringes segment in the global Syringes Market.
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As of 2016, North America holds the largest share of the global Syringes Market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR of 9.3% from 2016 to 2021. A number of factors such as increasing technological advancement, rising focus of global players on the region, growing number of healthcare facilities, favorable regulatory policies for the approval of new injectables, and rapid growth in the aging population are propelling the growth of the Syringes Market in the region are propelling the growth of the Asia-Pacific Syringes Market.
Becton, Dickinson and Company (U.S.), Terumo Corporation (Japan), Medtronic plc (Ireland), Smiths Medical (U.S.), B. Braun Medical Inc. (U.S.), NIPRO Corporation (Japan), Hindustan Syringes & Medical Devices Limited (India), Gerresheimer AG (Germany), SCHOTT AG (Germany), and CODAN Medizinische Geräte GmbH & Co KG (Germany) are some of the key players operating in the Syringes Market.
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