Syringe Market - Forecasts from 2023 to 2028

The global syringe market is estimated to reach a value of US$9.908 billion in 2028 at a CAGR of 3.50% from 2023 - 2028.

The rise in the geriatric population is one of the major factors anticipated to propel the growth of the global syringe industry during the forecast period. As many people acquire diseases as they age, the increasing elderly population has a direct positive impact on the rising demand for syringes. According to data from the World Bank, there will be 1.25 billion individuals aged 65 and older by 2050, an increase of about 757 million from 2020.

Rising prevalence of chronic diseases

The rising prevalence of chronic diseases worldwide is another major factor that is expected to lead to the rising demand for syringes during the forecasted period. For instance, the number of persons with diabetes worldwide was predicted to reach 537 million in 2021, 643 million in 2030, and 783 million in 2045. Additionally, it is anticipated that 541 million individuals will have reduced glucose tolerance by 2021. Moreover, an increasing number of immunization programs being conducted around the world, coupled with increased awareness among people for the need for immunization to tackle various diseases, is anticipated to bolster the growth of the global syringe market during the forecast period.

Death rate by non-communicable diseases

Owing to the lack of physical activities in the modern lifestyle, a number of people suffer from various kinds of chronic diseases like cardiovascular diseases, rheumatoid arthritis, and diabetes, among many others. According to theWorld Health Organization (WHO), the majority of NCDs, or 17.9 million fatalities each year, are caused by cardiovascular illnesses, followed by malignancies (9.3 million), chronic respiratory conditions (4.1 million), and diabetes (2.0 million, including deaths from renal disease brought on by diabetes). This is expected to have a positive impact on the global syringe market growth and is anticipated to supplement the rise in the use of syringes.

Chronic diseases in Americans

The Centers for Disease Control and Prevention states that nearly six in ten adults in the United States have a chronic disease while four in ten adults have two or more chronic diseases. Furthermore, according to the International Diabetes Federation, the number of people with diabetes is projected to grow from 537 million in 2021 to 634 million in 2030. This is leading to an increased number of people who need regular insulin injections. The increasing trend for diabetics around the world and the increased launch of market products by the major players is projected to continue in the coming years and is anticipated to boost the demand for syringes during the assessment period.

It is projected that the syringe market in the United States will grow steadily.

The growth of syringes in the United States can be attributed to the rising prevalence of chronic diseases like diabetes and cancer in the country. Diabetes is increasing at a significant rate in the United States. According to the Centers for Disease Control and Prevention in 2022, 37.3 million people or 11.3% of the US population were suffering from diabetes, out of which 28.7 million people had been diagnosed with diabetes and 8.5 million people suffered from undiagnosed diabetes. 96 million people aged 18 years or older have become prediabetes in the United States. Hence, the prevalence of such diseases is increasing in the States which in turn is propelling the syringe market growth.

Number of transplants in the United States

According to the United Network for Organ Sharing, the total number of transplants in the United States were 42,887 a 3.7% increase over 2021, and the highest transplants happened for kidney. The kidney transplant statistics for 2022 were 25,498 in the States which is an increase of 3.4% over the previous year, followed by liver, heart, and lung transplants with 9,528, 4,111, and 2,692 transplants respectively. Therefore, with an increase in diseases and an increase in ways to treat them growing in the country, this will help in further expanding the global syringe market in the United States.

Market Key Developments

• In October 2022,a ready-to-fill polymer syringe with a greater volume for difficult biotech medications was introduced by Terumo Pharmaceutical Solutions (TPS), a part of Terumo Corporation and maker of primary container, injection, and infusion treatment devices. Specifically created for the biotech sector, the PLAJEX 2.25 mL with Tapered Needle is appropriate for difficult drug applications, such as high-viscosity biotech drugs.
• In January 2022,Nephron Pharmaceuticals Corporation, a company based in West Columbia, United States, launched the Cyclic Olefin Copolymer syringe (COC). These COC syringes have a glass-like appearance, but they are break-resistant and lightweight.

Segmentation:

By Type

• Insulin Syringe
• Conventional Syringe
• Eccentric Tip Syringe
• Catheter Tip Syringe
• Luer Lock Syringe

By Material

• Glass
• Plastic
• Stainless Steel

By Syringe Size

• Smaller Volume Syringe
• Larger Volume Syringe

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others