Syringes Market Highlighting Regional Revenue Share Dominance During 2017 to 2022
Going forward, a majority of medical procedures in the global healthcare industry will be performed through invasive techniques. The demand for syringes will continue to prevail in the years to come, urging syringe manufacturers remain optimistic. Pivotal importance of syringes as a product in the surgicals industries is expected to remain intact. Fact.MR projects that in 2017, more than US$ 11.3 Bn will be spend by patients, hospitals and other end-users for buying syringes.
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In addition to this, rising demand for multifunctional syringes will also shape the dynamics of global syringes market in the future. By the end of 2022, the global market for syringes will have expanded at a robust CAGR of 7.8%, recording an estimated revenues of US$ 16.5 Bn. Following insights are excerpted from this report, which offers key projections on the growth of global syringes market during 2017-2022.
Higher Surgical Preference to Specialized Syringes
Easy usability of standard syringes have made them a household commodity as consumers are attaining proper training, and administrating common vaccines by themselves. Meanwhile, medical organizations are prompting surgeons & medical practitioners towards higher adoption of specialized syringes. Unlike standard syringes, their specialized counterparts are successfully lowering healthcare costs by performing multiple injection functions at the cost of a single syringe. While their influence in cutting the medical bills of patients is marginal, specialized syringes are certainly drawing more adoption for their effectiveness.
In 2017 and beyond, more than 30% of global syringes market will procure its value through global sales of specialized syringes. The report, however, doesn’t understate the dominance of general syringes in the global market. With the largest revenue share, general syringes are expected to contribute more than US$ 3.5 Bn revenues to the global market by the end of 2022.
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Disposable Plastic Syringes to Gain Traction
Key findings from the report also reveal that more than 99% of the global syringe sales will be accounted by plastic as raw material. Polymer syringes will continue to gain surplus demand, compared to glass syringes, indicating a clear-cut preference for surgical instrument manufacturers. The report also projects a significant rise in demand for disposable syringes. According to the report, more than 80% revenues procured in the global market will come from sales of disposable syringes. Higher health risks of reusing syringes is also attesting this projection, inferring a relatively sluggish growth in global sales of reusable syringes during the forecast period.
The report also projects that hospitals will be observed as the largest end-users of syringes. While hospitals will certainly dominate over diagnostic centers, considering their treatment capacities, the report expects that over 66% of revenues amassed in the global syringe market will be accounted by hospitals. The report also projects that blood collection centers will contribute to more than US$ 1.8 Bn revenues by the end of the forecast period. Diabetic care centers are also expected to remain an attractive segment in terms of end-use. By the end of 2022, close to US$ 800 Mn worth of syringes will be sold through diabetic care centers in the world.
The report has also profiled leading players in the global market for syringes, which include companies such as B. Braun Melsungen AG, Becton, Dickinson and Company, Gerresheimer AG, Terumo Corporation, Hindustan Syringes & Medical Devices Limited, Nipro Corporation, Medtronic PLC, Schott AG, Codan Medizinische Geräte GmbH & Co Kg, and Schott AG.