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
·
B. 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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