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Syringes are sterile medical devices used for the administration of medications or injections and sample collection from patients. They are used to inject medications such as vaccines, insulins, and other injectable drugs into the body. Syringes are essential for accurate dosing and administration of drugs. The growing prevalence of chronic diseases such as diabetes, cancer, and other autoimmune diseases has triggered an increased demand for syringes. Insulin-dependent diabetes requires daily insulin injections through syringes for glucose control and management.
The global Syringe Market is estimated to be valued at US$ 14,839.3 million in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Pre-filled syringes are emerging as a popular syringe format in the market. Pre-filled syringes minimize dosing errors by having fixed medication volumes and eliminate the multiple step process of filling the syringe. This reduces dosage related errors and enhances patient compliance. The pre-filled syringes segment is projected to register significant growth during the forecast period owing to their convenience and efficacy. Companies are focusing on developing innovative devices for self-administered injections using pre-filled syringes to improve patient care. For instance, in 2021, BD and Highmark Health partnered to develop connected pre-filled syringes for diabetes patients to better manage their condition.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital costs for R&D and manufacturing operations. However, there are low switching costs for buyers.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes and undifferentiated products. Buyers can easily switch between brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials. However, suppliers of patented products have higher bargaining power.
Threat of new substitutes: The threat of substitutes is moderate as alternate delivery methods like jet injectors and innovative products are being developed.
Competitive rivalry: The competitive rivalry is high among players like Becton, Dickinson and Company, B. Braun Melsungen AG, and Terumo Corporation. Companies compete on quality, price, and service.
Key Takeaways
The global syringe market is expected to witness high growth. The rising prevalence of chronic diseases and growth in demand for vaccines are major growth drivers. The global Syringe Market is estimated to be valued at US$ 14,839.3 million in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030.
Regionally, North America dominates the market currently due to higher healthcare spending and rising demand for parenteral drug delivery. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare infrastructure and expenditure.
Key players operating in the syringe market are Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, Medtronic, Smiths Medical, Nipro Medical Corporation, and Retractable Technologies Inc. Companies are focusing on new product launches to strengthen their market position. For instance, in 2021, Terumo Corporation launched two new 3mL and 1mL syringes to enhance parenteral drug administration.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
