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 a crucial component of the healthcare industry,
facilitating precise medication administration and fluid extraction across
various medical settings. Within this market, a notable segment gaining
traction is insulin pen needles. As the prevalence of diabetes continues to rise
globally, the demand for efficient insulin delivery systems has intensified.
Insulin pen needles offer a convenient and less invasive method for diabetic
patients to administer insulin compared to traditional syringes. This has led
to a surge in the production and adoption of insulin pen needles by both
healthcare providers and patients, driving growth in the syringe and needle
market.
The
emergence of insulin pen needles within
the syringe and needle market is also influenced by advancements in technology
and manufacturing processes. Manufacturers are continuously innovating to
improve the design, functionality, and safety features of insulin pen needles,
enhancing user experience and ensuring precise insulin dosage delivery.
Additionally, the growing emphasis on patient comfort and adherence to
treatment regimens has propelled the development of insulin pen needles with
finer gauges and shorter lengths, minimizing pain and discomfort during
injections. With these advancements and the increasing prevalence of diabetes
worldwide, the insulin pen needle segment is expected to sustain its growth
trajectory, contributing significantly to the overall expansion of the syringe
and needle market.
Segmentation
The
global syringes and needle market 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.
Competitive Landscape
Global Syringe and Needle
Companies include
- Braun
Medical Inc.,
- Terumo
Corporation,
- Albert
David Ltd,
- Covidien
Plc,
- Smiths
Medical, and
- Connecticut
Hypodermics Inc.
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.
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