Syringes Market: High cost and unaffordability of safety syringes

Rise in incidence of needle stick injuries, increase in awareness about smart syringes, and high-end technological advancements drive the growth of the global syringes market. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery hider the growth to some extent. Nevertheless, rise in need for safety syringes in emerging countries is anticipated to usher a plethora of opportunities for the market players.

The global syringes market size was valued at $15,340 Million in 2019, and is projected to reach $32,394.74 Million by 2027, registering a CAGR of 9.6 % from 2020 to 2027.

Covid-19 scenario-

• The market has witnessed disruptions in the manufacturing of syringes during the covid-19 outbreak, which in turn resulted in the shortage of syringe supply globally.
• However, the demand for syringes is anticipated to skyrocket post covid. Also, with the regulations eased off the global syringes market is expected to recover soon.

The global syringes market is segmented into type, usage, material, end use, and region Based on product type, the market is categorized into general syringes, specialized syringes, and others. The specialized syringes segment held lion’s share in 2019, with more than two-thirds of the global syringes market share, and is expected to lead the trail by the end of 2027. Furthermore, the same segment is expected to portray the fastest CAGR of 10.0% from 2020 to 2027.

"increase in demand for injectable drug delivery devices across the globe and rise in incidence of chronic diseases act as the major driving forces for the global syringes market. Furthermore, increase in demand for technologically advanced syringes notably contribute toward the growth of the market."

Ravi Telugunta

Lead Analyst, Healthcare at Allied Market Research