DUBLIN--(BUSINESS WIRE)--The "Syringe Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The syringe market is expected to witness a robust growth owing to several factors, such as the rise in the demand for pre-filled syringes, growing prevalence of chronic diseases such as diabetes, and the increase in the usage of Botox for therapeutic applications.
Moreover, the increased adoption of injectable drugs, technological advancements in syringes, increase in geriatric population, and the growing number of vaccination and immunization programs are expected to drive the volume growth over the next few years. According to WHO estimates, around 16 billion injections are administered globally on an annual basis.
On the other hand, the rise in incidences of needle-stick injuries, high cost associated with safety syringes, and disposable syringes are likely to hinder the growth of the syringe market globally.
Key Market Trends
Prefilled Syringes are Anticipated to Dominate the Market
The syringe market is segmented on the basis of usage and application. By usage, the market is further segmented into sterilizable/reusable syringes, disposable syringes, and prefilled syringes.
Prefilled syringes are gaining acceptance in the market as drug delivery systems designed for injectable drugs. They are generally preferred for parenteral administration of various drugs and are used mainly for the treatment of chronic diseases where patients have to administer medication themselves several times a week. In line with this trend, many pharmaceutical companies are focusing on bringing in advancements in self-administration therapies.
For instance, the EpiPen auto-injector and similarly in July 2016, Bristol-Myers Squibb commercially launched the ORENCIA Clickject auto-injector. The latest trend gaining momentum in the market is the shift from glass prefilled syringes to plastic prefilled syringes. The plastic prefilled syringes are becoming more popular due to the introduction of advanced polymer materials such as polypropylene and crystal-clear polymer which are biocompatible with the other components of the syringe.
Asia-Pacific is Anticipated to Grow Rapidly
The Asia-Pacific market for syringes is anticipated to exhibit a strong growth during the forecast period. Although the syringe market is presently in a stage of infancy in APAC, factors such as improving economic conditions, rise in purchasing power of the people, the growth in awareness regarding the advantages of prefilled syringes, and the presence of a large patient pool suffering from various chronic diseases are expected to drive the market to register a double-digit CAGR.
In Asia-Pacific, Japan accounts for the major share of the market by revenue as well as volume, owing to the increased demand for self-administered treatments and high penetration of self-injection devices, the growing aging population, and the increasing prevalence of diabetes.
The syringe market is highly fragmented with the presence of a large number of local and international players. Key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions.
For instance, on April 8, 2019, Fresenius Kabi launched Adenosine Injection, USP in 6 mg per 2 mL and 12 mg per 4 mL single dose in Simplist ready-to-administer prefilled syringes in the United States. In October 2018, W. L. Gore & Associates, Inc. (a global materials science company) launched the GORE ImproJect Plunger for pre-filled syringes. In November 2018, Septodont launched the Dentapen electronic syringe for dental anesthesia.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Prevalence of Chronic Diseases
4.2.2 Increased Adoption of Injectable Drugs
4.2.3 Technological Advancements in Syringes
4.3 Market Restraints
4.3.1 Increasing Incidence of Needle-stick Injuries, Coupled with High Cost of Safety Syringes
4.3.2 Availability of Alternate Drug Delivery Methods
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Sterilizable/Reusable Syringes
5.1.2 Disposable Syringes
5.1.3 Prefilled Syringes
5.2.1 Insulin Syringes
5.2.4 Human Growth Hormone
5.2.5 Other Applications
5.3.1 North America
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East & Africa
5.3.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Becton Dickinson and Company
6.1.2 B. Braun Melsungen AG
6.1.3 Gerresheimer AG
6.1.4 Hindustan Syringes & Medical Devices Limited
6.1.5 Terumo Corporation
6.1.6 Nipro Corporation
6.1.7 Schott AG
6.1.8 Cardinal Health
6.1.9 Smiths Medical
6.1.10 Codan Medizinische Gerte GmbH & Co. KG.
6.1.11 Catalent Inc
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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