Market Overview-
The
global syringe and needle market size is expected to grow USD 14.74 billion by
2032 at a CAGR of 5.90% and surpass its previous revenues over the forecast
period of 2023–2032, as per a research report published by Market Research
Future (MRFR). The syringe and needle market is growing primarily on account of
a large pool of patients who augment the demand for needle and syringe. High
prevalence of blood-borne diseases leads to a surge in the application of
syringes and needles which fuels the market growth. The global geriatric
population is increasing and contributing significantly to the market growth.
This demographic is at high risk for chronic diseases, and the natural aging
process weakens the body leading to increased overall medical visits. Increased
demand for hypodermic needles which prevent the risk of needle-stick injuries
also aids the growth of the market. Implementation of vaccination programs for
diseases such as hepatitis, polio, rubella, tetanus, etc., also induces demand
for needles and syringes which help in market expansion. Increase in a number
of injectable drugs approved by the FDA also propels the market for syringes
and needles. However, the growth of the market might be hindered by the risk
associated with re-use and sharing of needles and syringes. Reuse of needles
exposes consumers to the risk of acquiring diseases such as HIV and hepatitis C
which is a major setback and constrain to the market growth. Risk of
needlestick injuries and availability of alternatives also hinders the growth
of the market. The market growth might be threatened by the introduction of
needleless alternatives to meet the demands of a minimally invasive medical
procedures.
Competitive Landscape
Global Syringe and Needle
Market Players include
- Braun
Medical Inc.,
- Terumo
Corporation,
- Albert
David Ltd,
- Covidien
Plc,
- Smiths
Medical, and
- Connecticut
Hypodermics Inc.
Segmentation
The
global syringes and needle
market insights has been segmented based on type, therapeutic application,
usability, and end-user. By type, the market has been segmented into Blood
Collection, Intravenous, and Catheter. By therapeutic application, the market
has been segmented into General Surgery and Diagnostic. By usability, the
market has been segmented into disposable and reusable. By end user, the market
has been segmented into Hospitals & Clinics and Home Care.
Regional Analysis
The
key markets of the global syringes and needle market include North America,
Europe, Asia Pacific and the Middle East & Africa. North America accounts
for the majority share of the global market owing to the prevalence of chronic
diseases in the region coupled with increased R&D activities which induce
the demand of the market. Additionally, the presence of a large customer base
in the region also propels the market growth. Europe is the second largest
market owing to increased R&D spending by pharmaceuticals and biotechnology
sector in the region. Presence of a developed healthcare sector also supports
the market growth in the region. Asia Pacific is expected to be the fastest
growing market over the forecast period. The growth in the region would be favored
by the prevalence of chronic diseases in the region which escalates the need
for treatment and growing research and development in the field of life
sciences in the region. The Middle East & Africa region is expected
to exhibit the least growth over the forecast period due to less expenditure on
healthcare and limited growth of the healthcare sector in the region.
Industry Updates
An
American pharmacy, Sunrise Pharmacy is reportedly accepting discarded needles
found in public spaces for a reward of 5 cents per used needle. The move is an attempt
to solve the issue of discarded drug paraphernalia.
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