SYRINGE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECAST (2022 - 2027)
The Syringe Market is Segmented by Usage (Sterilizable/Reusable Syringes, and Disposable Syringes), Application (Insulin Syringes, Botox, Osteoarthritis, Human Growth Hormone, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The Report Offers the Value (in USD million) for the Above-mentioned Segments.
Market Overview
The Syringe market is projected to witness a CAGR of around 10.1% during the forecast period, with a revenue of approximately USD 13,852 million in 2020 and expected to reach USD 24,920 million by 2026.
Due to COVID-19, the rise in the development of COVID-19 Vaccines has been observed, which will lead to increased demand for syringes. In January 2020, Biomedical Advanced Research and Development Authority (BARDA) estimated that between 650 million to 850 million needles and syringes would be needed to administer a vaccine in the United States alone. As a result, the demand for syringes is expected to increase, which can boost market growth.
The major factors driving the growth of the Syringe market include the growing prevalence of chronic and infectious diseases and the increase in the usage of Botox for therapeutic applications. As per the International Diabetes Federation 2019 report, the number of people living with diabetes is expected to increase from 463 million in 2019 to nearly 700 million by 2045. Most of the diagnostic and therapeutic techniques for chronic diseases require syringes, as these play a vital role during tests and drug administration, which will lead to increased demand.
Moreover, the increased adoption of injectable drugs, syringe rubber gaskets, syringe pistons technological advancements in syringes, the increase in the geriatric population, and the growing number of vaccination and immunization programs are expected to drive the volume growth over the next few years. According to World Population Prospects 2019 report (United Nations, 2019), there were about 703 million people aged 65 years or over in the world in 2019. The number of elderly is projected to double to 1.5 billion in 2050. Worldwide, the share of the population aged 65 years or over, an increase from 6% in 1990 to 9% in 2019. Moreover, by 2050, approximately 1 in 6 people globally will be over the age of 65. As the elderly population is expected to grow worldwide, the increase in chronic diseases, being high-risk factors in this population, will drive the market in the near future.
Moreover, the rise in the incidence of needle-stick injuries, a high cost associated with safety syringes, and the availability of alternate drug delivery methods are likely to hinder the growth of the syringe market globally.
Scope of the Report
The syringe is a device used by medical professionals to transfer liquids into or out of the body. It is made up of a hollow needle, which is attached to a tube and a plunger. When the plunger handle is pulled back, fluids are drawn into the tube. The fluid is forced out through the needle when the handle is pushed down.
The syringe market is segmented by usage (sterilizable/reusable syringes and disposable syringes), application (insulin syringes, botox, osteoarthritis, human growth hormone, other applications), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above-mentioned segments.
Key Market Trends
Prefilled Syringes are Expected Gain Acceptance Over the Forecast Period
Prefilled syringes are gaining acceptance in the market as drug delivery systems designed for injectable drugs. Prefilled syringes provide the advantage of precise dosing, as the syringes are already loaded with a dose worth of the drug. They are generally preferred for the parenteral administration of various drugs, and they are used mainly for the treatment of chronic diseases such as cancer, diabetes, and several other diseases.
The COVID-19 outbreak is also leading to increased demand for prefilled syringes. In November 2020, ApiJect announced the approval of a USD 590 million loan from the US International Development Finance Corporation to support building a United States-based facility with surge capacity to produce up to 3 billion single-dose prefilled plastic injectors per year, with no supply chain limitations. ApiJect's new campus will have 15 production lines to fill and finish vaccines and therapeutics for COVID-19.
Furthermore, many pharmaceutical companies are focusing on bringing in advancements in self-administration therapies. The shift from glass prefilled syringes to plastic prefilled syringes has been observed among healthcare professionals and the patient population. The plastic prefilled syringes are becoming more popular due to the introduction of advanced polymer materials, such as polypropylene and crystal-clear polymer, which are biocompatible with the other components of the syringe.
Hence, owing to the aforementioned factors and the growing geriatric population, the market studied is expected to witness rapid growth.
Asia-Pacific is Expected to Grow at Healthy Rate Over the Forecast Period
The Asia-Pacific market for syringes is expected to witness healthy growth during the forecast period. Factors, such as improving economic conditions, rise in purchasing power of the people, the growth in awareness regarding the advantages of prefilled syringes, and the presence of a large patient pool suffering from various chronic diseases are expected to drive the market in Asia-pacific region.
The market players are continuously focusing on product launches, which is driving the market growth in the region. For instance, in August 2019, Sunshine Guojian Pharmaceutical, a subsidiary of 3SBio have announced the approval of Yisaipu, a biosimilar of Enbrel (etanercept), as a pre-filled syringe to treat ankylosing spondylitis in China.
Moreover, due to the coronavirus outbreak, there is higher demand for syringes in the region. The COVID-19 pandemic has resulted in a large number of individuals admitted to hospitals. These hospital admissions are followed by various tests using blood samples and injection of various medications to subdue the symptoms due to the virus, which is expected to further fuel the market growth.
2022 03/09