Increased prevalence of chronic diseases, increased healthcare spending, growing lifestyle-related disorders, and other critical factors are driving factor of Single-Use Syringe, it is forecasted that the market will show a CAGR of 8 to 9% in the forecast period 2021-2031. Historically, the market saw a steady growth in the analytic period 2016-2020, with 2020 creating record high sales, and is projected to show optimistic growth outlook in the long run.
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What is Driving Demand for Single-Use Syringe?
According to WHO estimates, around 16 billion injections are given worldwide each year. Other important reasons driving market growth include the need for reuse prevention syringes that must be thrown after one use to prevent the transmission of infectious diseases and cross contamination among patients.
The rising number of patients visiting hospitals and clinics, as well as the necessity to collect blood samples for various tests, are likely to fuel demand for reuse prevention syringes in hospitals, clinics, and pathological laboratories.
Single-Use Syringe Market Showing No Signs of Depreciation
Each and every individual has witnessed one or the other kind of disease and has experienced at least one injection for that. This very fact depicts extent to which syringes are made into use. Moreover, each day lakhs of individuals are being vaccinated in the entire world, which requires syringes to be shipped in bulks. UNICEF in 2020 begun a campaign to stockpile one billion single-use syringes by 2021.
The shelf life of injection equipment such as syringes and safety boxes is five years. Because these components are big and must be shipped by sea freight, lead times for such equipment are also significant. Vaccines are generally shipped by air freight since they are heat sensitive. In addition to saving time, purchasing syringes and safety boxes ahead of time relieves market pressure and prevents any early demand spikes when vaccines become available.
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North America Market Demand Potential
Growing prevalence of diabetes and other chronic diseases makes the U.S. and Canada the largest market. Not just in human but for the care of animals like dogs, cats, etc. which pet to them create another market opportunity.
With the U.S. alone having more than 69.9 Million pets which is, not to surprise, the highest population in the world making the country highest consumer of syringes. The animal welfare associations which look after the stray animals and the wildlife sanctuaries also account for a behemoth market share in the U.S. as well as in Canada.
Asia Market Growth Outlook
In Asia, countries such as China and India are anticipated to account for significant shares in the market, as these countries have prominent manufacturers of medical equipment and thus, offer lucrative opportunities for the development of the sales for the syringes in the market during the forecast period.
With manufacturers like Nipro, Hindustan Syringes & Medical Devices and Terumo producing billions of syringes each year makes the market one of the largest producer as well as consumer of single-use syringes.
With the advent of the pledge taken by India in 2018 to replace the currently prevalent disposable injections with reuse prevention syringes by 2020 made India a dominating market for single use prevention syringe.
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Who are the Key Manufacturers and Suppliers of Single-Use Syringe?
Some of the leading manufacturers and suppliers of Single-Use Syringe are
There's no hint of an imminent syringe shortage, thanks to current inventories and orders on the books. On one important piece of immunization equipment, the syringe, governments and producers appear to be ahead of the curve.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
