North America holds the largest share of the global Syringes Market, followed by Europe
Northrook, IL -- (SBWIRE) -- 11/18/2019 -- High prevalence of chronic diseases across the globe, rising geriatric population, increasing adoption of safety syringes, technological advancements, and increasing demand for vaccines are supporting the market growth of syringes. However, the high cost of safety syringes and increasing incidence of needle stick injuries are the major challenges in the Market.
What the Market Looks Like?
Predicted to grow at a CAGR of 8.7% during the forecast period, the global Syringes Market is estimated to reach USD 15.99 billion.
On the basis of usability, the global market of syringes is segmented into two broad categories, namely, sterilizable/reusable syringes and disposable syringes. The disposable Syringes Market is estimated to command the larger share of the global Syringes Market in 2016. The large share of this segment can be attributed to the increasing use of injectables as a mode of drug delivery, growing aging population, high infection risks associated with reusable syringes, and increasing inclination towards self-administration.
On the basis of type, the global market of syringes is segmented into general syringes and specialized syringes. The general syringes segment holds a larger share in the market. The global specialized syringes segment is expected to grow at the higher rate from 2016 to 2021. Specialized syringes allow for the accurate delivery of drugs by overfilling or under filling, which is a key reason for its growing adoption among users. In addition, other factors such as the increasing use of injectables as a mode of drug delivery and increasing inclination towards self-administration are driving the growth of the specialized Syringes Market across the globe.
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What Drives the Syringes Market?
The growth of the global market for Syringes is primarily influenced by the following factors:
- High Prevalence of Chronic Diseases
- Growing Geriatric Population
- Technological Advancements
- Increasing Demand for Vaccines
- Rising Focus of Industry Players on Product Lifecycle Management
Geographical growth scenario of Syringes Market:
As of 2016, North America holds the largest share of the global market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR of 9.3% from 2016 to 2021. A number of factors such as increasing technological advancement, rising focus of global players on the region, growing number of healthcare facilities, favorable regulatory policies for the approval of new injectables, and rapid growth in the aging population are propelling the growth of the market in the region are propelling the growth of the Asia-Pacific Syringes Market.
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Leading Syringes Market players and strategies adopted:
Becton, Dickinson and Company (U.S.), Terumo Corporation (Japan), Medtronic plc (Ireland), Smiths Medical (U.S.), B. Braun Medical Inc. (U.S.), NIPRO Corporation (Japan), Hindustan Syringes & Medical Devices Limited (India), Gerresheimer AG (Germany), SCHOTT AG (Germany), and CODAN Medizinische Geräte GmbH & Co KG (Germany) are some of the key players operating in the Syringes Market.
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