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The global syringes market is witnessing growth due to the high replacement rates of syringes and high incidences of chronic diseases, such as cancer, cardiovascular diseases, and diabetes. The increased healthcare provider’s compliance for syringes, growing government involvement regarding the safe usage of syringes, and advancements in the development of prefilled syringes is creating ample opportunities for the growth of the global syringes market. The advanced research and development activities and new product developments by the major market players are supporting the demand for better, safe and cost effective syringes, thus fuelling the growth of the global syringes market.
The increasing usage of prefilled syringes is a trend witnessed in the global syringes market. Syringes refer to medical devices, which are used to inject drug solutions into the body or remove the fluid from the body. A syringe consists of a needle and is made up of metal, glass, hard rubber tube or plastic. Syringes are extensively used for the administration of injectable drugs in various medical conditions, such as cardiovascular diseases, cancer and diabetes. According to the WHO, 17.5 million people died from cardiovascular diseases in 2012, thus representing 31% of all deaths globally. The organization also reported 14 million new cancer cases across the globe in 2012. Similarly, according to the International Diabetes Federation, approximately 387 million people were having diabetes in 2014, and the number is expected to increase up to 592 million by 2035.
Some of the factors driving the growth of the global syringes market are increasing healthcare expenditure, growing lifestyle related diseases, improving healthcare infrastructure and increasing prevalence of chronic diseases. In addition, the increasing geriatric population, high investment for the development of vaccines and increase in the development of injectable biosimilar and biologic formulations are fueling the growth of the global syringes market. However, the injuries associated with usage of syringes, high cost of prefilled syringes, and availability of alternatives drug delivery methods are some of the factors, restraining the growth of the global syringes market.
Geographically, North America leads the global syringes market, due to technological advancements for the development of syringes, high healthcare expenditure, large proportion of geriatric population, and high prevalence of chronic diseases. In addition, the growing awareness regarding the usage of safety syringes and high replacement rates of syringes are fueling the growth of the syringes market in North America. Asia-Pacific is the fastest growing region in the global syringes market, which is driven by improving healthcare infrastructure, growing healthcare expenditure, and high prevalence of chronic diseases. Moreover, the Asia-Pacific syringes market is growing rapidly, due to increasing awareness about the usage of safety syringes among patients and healthcare providers, and growing development of vaccines and injectable biosimilars in emerging economies, such as India and China.
The key players operating in the global syringes market are B. Braun Melsungen AG, Becton, Dickinson & Company, Abbott, Medtronic PLC, Revolutions Medical Inc., Smiths Medical, Hindustan Syringes & Medical Devices Limited, Retractable Technologies Inc., Terumo Medical Corporation (a subsidiary of Terumo Corporation), Baxter, Gerresheimer, Unilife Corporation, and Axel Bio Corporation.