The global syringes market size is expected to reach USD 25.7 billion by 2026, expanding at a CAGR of 8.5%, according to a new report by Radiant Insights, Inc. The rising prevalence of chronic diseases, increasing number of surgical procedures, growing adoption of injectable drugs, favorable initiatives taken by government organizations, and increasing geriatric population across the globe are the key driving factors for the market.
Chronic inflammatory diseases such as Crohn's disease and rheumatoid arthritis can be treated through self-administration of drugs. For instance, as per the U.S. Department of Health and Human Services, in 2015, approximately 3.0 million people were diagnosed with either Crohn's disease or ulcerative colitis, which was a huge increase from 2.0 million people in 1999. In addition, as per the Arthritis Foundation, arthritis is the major cause of disability in the U.S. It also reported that in 2019, approximately 54.0 million adults have been diagnosed with arthritis by the doctors, which is anticipated to increase to more than 78.0 million by 2040.
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North America accounted for highest syringes market share in 2018 attributed to advent of technologically advanced medical devices and growing prevalence of chronic diseases. In addition, presence of major players in the region contributed to regional growth. Prominent players operating the region include Thomas Scientific; Smiths Medical; BD; Cardinal Health; McKesson Medical-Surgical Inc.; and B. Braun Melsungen AG.
Moreover, key companies such as BD and Smiths Medical, are launching products specifically for chronic disease treatment to strengthen their foothold in the industry. For instance, BD offers Hypak SCF PRTC glass pre-fillable syringe, used in the treatment of chronic diseases. Such factors are anticipated to boost the industry growth over the forecast period.
Further key findings from the report suggest:
• By product, the general segment held the largest market share in 2018 as they are commonly used for various conditions such as tetanus and vaccination
• Disposable needles held the largest market share in 2018 and are anticipated to witness the fastest growth over the forecast period as they reduce the risk of contamination, significantly
• The hospital segment held the largest market share owing to the increasing number of chronic disease patients and rising number of surgeries
• The Asia Pacific market is expected to witness the fastest growth over the forecast period owing to the rising demand for vaccines and immunization in this region
• Prominent players in the syringes market are BD; Smiths Medical; B. Braun Melsungen AG; NIPRO Medical Corporation; Hindustan Syringes and Medical Devices Ltd.; Gerresheimer AG; SCHOTT AG; CODAN Medizinische Gerate GmbH and Co KG; McKesson Medical-Surgical Inc.; and Cardinal Health. The key players are adopting various strategies such as product launch, partnership, and merger and acquisition to strengthen their foothold in the market.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Market Segmentation and Scope
1.1.1 Estimates and forecast timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased database:
1.3.2 Radiant Insights internal database
1.3.3 Secondary sources
1.3.4 Primary research
1.3.5 Details of primary research
1.4 Information or Data Analysis
1.4.1 Data analysis models
1.5 Market Product & Validation
1.6 List of Secondary Sources
1.7 Objectives
1.7.1 Objective 1: Understanding market dynamics in the given countries.
1.7.2 Objective 2: Understanding market estimates and forecasts
1.7.3 Objective 3: Understanding attributes to provide elaborate details on the market structure & strategic undertakings & their impact.
1.7.4 Objective 4: Understanding key Product, type, and application scopes to conclude on the market size.
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
Chapter 3 Syringes Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent market outlook
3.1.2 Ancillary market outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Increasing incidence of chronic diseases
3.3.1.2 Rising number of surgical procedures
3.3.1.3 Increasing prevalence of diabetes
3.3.1.4 Growing demand for vaccination and immunization
3.3.1.5 Technological advancement
3.3.2 Market restraint analysis
3.3.2.1 Rising number of needlestick injuries and infections
3.3.2.2 High cost smart and pre-filled syringes
3.4 Syringes Market: Analysis Tools
3.4.1 Industry analysis - Porter's
3.4.2 PESTLE analysis
Chapter 4 Syringes Market: Segment Analysis, By Product, 2015 - 2026 (USD Million)
4.1 Definition and Scope
4.2 Product Market Share Analysis, 2018 & 2026
4.3 Segment Dashboard
4.4 Syringes Market, by Product, 2015 to 2026
Continued…
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