Preference for Injectable Drugs Spurring Demand for Retractable Syringes Market – Fact.MR Analysis
Fact MR’s latest report estimates that 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. In the long-run, prospects appear even brighter, registering a CAGR of 10% to reach approximately US$ 37 Bn by 2031.
In the historical period, ranging 2016-2020, global demand for syringes experienced significant expansion, registering a CAGR of over 5%. The market closed in at US$ 14.2 Bn by 2020-end. Demand especially spiked massively amidst the COVID-19 pandemic. Intensifying vaccination drives across all continents has prompted healthcare providers to procure more syringes to inoculate their population.
Going forward, a majority of medical procedures in the global healthcare industry will be performed through invasive techniques. Hence, 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 surgical industries is expected to remain intact.
Key Takeaways from Market Study
- Over 4 out of 5 syringes sold in the global market will be disposable through 2031
- Hospitals to generate 66% of global syringes market demand through 2031
- Demand for reusable syringes to soar at over 6% CAGR during the forecast period
- Sales of specialized syringes to account for 3/10th of the global market revenue
- Asia to emerge a significant market, bringing in US$ 5.7 Bn by 2022-end.
- U.S accounted for over US$ 2.5 Bn in revenue from syringes sales across 2020
- 99.4% of the global syringes market revenues will be arising from sales of polymer syringes
“Mushrooming demand for administering quick and effective treatment for a multitude of chronic ailments is spurring adoption of injection-based therapies, providing immense traction to sales of syringes in coming years,” comments the Fact.MR analyst.
How is Preference for Injectable Drugs Spurring Syringes Adoption?
As the global incidence of various chronic and infectious ailments surge, patients are increasingly seeking treatment approaches which are swift acting and inflict minimum trauma while undergoing the entire process. Consequently, demand for injectable drugs is surging manifold.
Growing reliance on biologic drugs to facilitate faster outcomes has heightened the sales of drug injections, which has ultimately provided major traction to the global market for syringes. Owing to their highly complex nature, biologics require longer syringes for administration, spurring numerous product launches in the global market.
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