The global syringe market Growth is Accelerated by Rising Prevalence of Chronic Diseases


 Syringes are medical devices that are used to inject substances into the body and body cavities. They help deliver medications for immunization, supplementation and curative purposes. The rising prevalence of chronic diseases such as diabetes, cancer and cardiovascular diseases has increased the demand for syringes as they are used to deliver curative as well as preventive medications. The global Syringe Market is estimated to be valued at US$ 14,839.3 Mn 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:
One of the key trends driving the growth of the Syringe Market is the rising prevalence of chronic diseases. Chronic diseases require long term medication management which necessitates frequent use of syringes. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of the global deaths in 2001 and are projected to account for 73% of all deaths worldwide by 2030. Additionally, chronic diseases reduce productivity as people spend more time seeking treatment and recovering from illnesses. The economic costs of chronic diseases amounts to US$ 47 trillion globally each year. The growth in chronic disease burden is expected to significantly impact the demand for syringes, as they are integral to delivering medications and therapeutics for treatment and management of chronic conditions.
Segment Analysis

The global syringe market is segmented into type, usage, material, application and end-user. Based on type, the market is segmented into conventional syringes and safety syringes. Safety syringes is expected to witness highest growth in the forecast period as they help prevent accidental needle-stick injuries and reuse of syringes which further minimizes the risk of transmissible diseases.

Key Takeaways
The global syringe market is expected to witness high growth. The increasing prevalence of chronic diseases and rising healthcare expenditure are key factors driving market growth. The syringe market size for 2023 is US$ 14,839.3 Mn and is forecast to reach US$ 26,163.8 Mn by 2030, growing at a CAGR of 8.0% in the forecast period.

Regional analysis
Asia Pacific region is expected to witness fastest growth in the syringe market during the forecast period. Rising geriatric population, increasing healthcare expenditure and growing penetration of health insurance are some factors contributing to market growth in the region. Countries like India, China and Japan are expected to offer huge growth opportunities.

Key players
Key players operating in the syringe market include Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Codan Medizinische Geräte GmbH & Co. KG, and Hindustan Syringes & Medical Devices Limited, among others. Major players are focusing on new product launches, expansions and partnerships to strengthen their market position. For instance, in 2022, Becton, Dickinson and Company expanded its prefillable syringe manufacturing facility in India to meet the growing demand.

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