Syringes and Needles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Syringes and Needles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Syringes and Needles Market is expected to register a CAGR of 6.8% over the forecast period (2022-2027).

The healthcare system had witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to ​reduce the risk of viral transmission as most chronic therapies were regarded as non-urgent. However, with the advent of the COVID-19 infection, large-scale vaccinations were performed all over the world, which majorly benefitted the syringes and needles market. According to the World Health Organization, as of September 10, 2022, over 12,589,972,108 vaccine doses have been administered. The large vaccination drive significantly aided in the growth of the studied market.

The market for syringes and needles is growing owing to factors such as the high and rising burden of chronic diseases and infectious diseases, increased adoption of injectable drugs, and technological advancements in syringes by medical device companies.

There is a global burden due to the increasing prevalence of chronic illnesses like cancer, cardiovascular diseases, and diabetes. Cancer is a major disease affecting the global population. According to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer in 2020 accounts for around 19,292,789 cases. The number is estimated to rise to 28,887,940 cases by 2040. ​ The rising number of cancer cases creates a demand for syringes and needles for drug delivery, which is expected to significantly add to the growth of the studied market over the forecast period.

The innovative product launches by the market players are expected to add to the growth of the studied market. For instance, in April 2021, West Pharmaceutical Services, Inc. signed a partnership with Venus Remedies Ltd. to adopt the NovaGuard SA Pro safety system, a single-use accessory for prefilled ISO standard 1mL long staked-needle syringes. Such activities are likely to boost the growth of the syringes and needles market over the forecast period,

However, the increasing number of needle stick injuries and risk of cross-contamination, and the growing number of alternative drug delivery technologies are expected to slow down the growth of the market during the forecast period.

Key Market TrendsInsulin Administration Segment is Expected to Register High Growth Over the Forecast Period

Insulin is a hormone that the pancreas makes to allow cells to use glucose. When the body isn't making or using insulin correctly, the affected individual can take man-made insulin to help control their blood sugar. Many types can be used to treat diabetes. Diabetes mellitus, commonly known as diabetes, is a metabolic disease that causes high blood sugar. The hormone insulin moves sugar from the blood into your cells to be stored or used for energy. Diabetes can lead to blindness, kidney failure, heart problems, neuropathic pain, and amputations. The vast majority have type 2 diabetes, the kind linked to obesity and lack of exercise, and cases are spreading particularly rapidly in the developing world as people adopt more Western, urban lifestyles.

Moreover, the incidence of this disorder has increased globally over the years. Furthermore, many reports have suggested that this incidence is expected to increase in the future as well. Also, according to the International Diabetes Federation Diabetes Atlas Tenth edition 2021, in 2021, around 74.19 million adults in India were found to have diabetes; with the numbers projected to grow to 92.97 million by 2030 and 124.87 million by 2045. The diabetic population requires insulin for controlling the blood sugar levels, which is usually administered with the help of a syringe. Hence, the increasing prevalence of diabetes is likely to boost the growth of the syringes and needles market.

The recent product launches by the key market players are likely to add to the segment's growth. In May 2022, Roche diabetes care launched ACCU-FINE pen needles for painless insulin delivery. The product helps in easier insulin delivery thereby leading to better diabetes management for people with diabetes. Such activities are expected to add to the growth of the studied market over the forecast period.

Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.

North America is Expected to Dominate the Market Over the Forecast Period

The North American region is expected to dominate primarily due to the market in the United States. The major factors driving the growth of the syringes and needles market in the North American region include the rising prevalence of cardiac disorders, the increasing incidence of diabetes, and a large number of innovative product approvals in the region.

As per the July 2022 report by the Center for Disease Control and Prevention, around 805,000 people in the United States were affected by heart attacks every year. Coronary Artery Disease was the most common type of heart disease, affecting over 20.1 million adults over the age of 20 years in the nation. Needles and syringes are essential for CVD therapies and treatment. As a result, the high prevalence of the disease is expected to help the market growth.

The incidence of diabetes is also high and increasing in the country. As per a 2021 report by the International Diabetes Federation, there were around 32 million people in the United States living with diabetes in the year 2021. This number is expected to increase to 34.8 million by 2030 and 36.3 million by 2045. Insulin pens and syringes are used for diabetes therapy. Hence increasing prevalence of diabetes suggests market growth.

The recent product approvals in the region are aiding the growth of the studied market. For instance, in February 2022, Takeda received the United States Food and Drug Administration approval for the TAKHZYRO (lanadelumab-flyo) injection single-dose prefilled syringe (PFS) to prevent attacks of hereditary angioedema (HAE). These factors are expected to help the market growth in the region.

Thus owing to the rising prevalence of chronic diseases in the nation, along with the product innovations, the studied market is expected to grow significantly over the forecast period.

Competitive Landscape

The majority of the open system syringes and needles are being manufactured by some of the major key players. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-Pacific is witnessing the emergence of some small players due to the rise of awareness. This has also helped the market grow. The syringes and needles market is fragmented and competitive. The major key players such as B. Braun Melsungen AG, Terumo Medical Corporation, Smiths Medical, Inc, Becton, Dickinson and Company, and Cardinal Health, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.