AMPOULES AND SYRINGES MARKET ANALYSIS

Market Challenges And Opportunities

Drivers:

Growth in the geriatric population with various chronic diseases coupled with the improving medical facility is prime factors fueling the market growth of ampoules & syringes. According to the Coherent Market Insights analysis, the population size is also projected to increase in number by 56% between 2015 and 2030. By 2050 the geriatric population will nearly double in size and likely reach 2.1 billion.

Improvement in the injectable drug delivery devices is expected to propel the market growth of the ampoules & syringes. Manufacturers are introducing user-friendly injectable which can be used at home or near the patients. This enhances the patient experience, in turn, raising the demand for self-administrable devices. This factor is expected to augment the market growth of the ampoules & syringes over the forecast period. 

Market Opportunities

Growth in the pharmaceutical industry due to the rising production of pharmaceutical products is expected to provide potential growth opportunities to the market of the ampoules & syringes. According to the IQVIA Institute for Human Data Science, the global market for pharmaceuticals reached $1.2 trillion in 2018, up to $100 billion from 2017. Hence, growth in the pharmaceutical industry will favor the market growth in the near future.

Rising spending on the health care industry especially in the North America region is projected to foster the market growth of the ampoules & syringes. According to the U.S. Centers for Medicare & Medicaid Services, the U.S. health care spending grew 4.6 percent in 2018, reaching $3.6 trillion or $11,172 per person. Moreover, health spending accounted for 17.7 percent as a share of the nation's Gross Domestic Product.

Market Restraints

High cost associated with temperature-controlled packaging for temperature-sensitive drugs is expected to hinder the market growth of the ampoules & syringes. In order to maintain specified temperature and conditions of the drug companies required maintenance of various machinery associated with the process which increases the overall cost of the process. This is expected to hamper the market growth.

Increasing cases of needle stick injuries is another major factor expected to restrict the use of syringes which in turn is projected to hinder the market growth of the ampoules & syringes in the near future.

• Increasing instances of needle stick