SYRINGE MARKET ANALYSIS

Syringe Market Size and Trends

The syringe market is estimated to be valued at USD 21.98 Bn in 2024 and is expected to reach USD 41.06 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.

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The syringe market is expected to witness significant growth over the forecast period. The growth of the market is anticipated to be driven by the rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases. Additionally, increasing cases of needle stick injuries are compelling key players to focus on developing advanced safety syringes with retractable and retractable needles, which is further expected to provide lucrative opportunities for the market players. The growing demand for prefilled syringes for home healthcare and advantage of administering accurate dosage is also projected to support the revenue generation in coming years. However, alternative modes of drug delivery and focus towards medical waste disposal are likely to hinder the market progression during the analysis timeframe.

Rise in Prevalence of Chronic Diseases

The prevalence of chronic diseases across the world has been on a steady rise over the past few decades. Chronic diseases, such as diabetes, cardiovascular diseases, cancer, etc. have assumed epidemic proportions globally. According to World Health Organization, chronic non-communicable diseases account for over 70% of all deaths worldwide. The rising burden of chronic illnesses can majorly be attributed to changing lifestyle habits such as lack of physical activity, stress, unhealthy diets rich in fat, sugar and processed foods. Increasing prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and others increases the demand for syringe and needles for diagnosis and treatment of diseases, which is expected to drive the growth of the global syringe market over the forecast period. For instance, an article published by John Wiley & Sons, Inc., a U.S.-based multinational publishing company, on January 12, 2023, stated that 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the U.S. in 2023. With more people being diagnosed with chronic diseases each year, the volumes of syringe utilization is expected to scale up enormously which will drive the global syringe market growth during the forecast period.

Market players are focusing on launching technologically advanced syringes to offer customers an easy and safe administration of drugs, which is expected to fuel the global syringe market growth over the forecast period. For instance, on January 10, 2023, Sharps Technology, Inc., an innovative medical device and drug delivery company, announced the advancement of the company's specialized prefillable syringe system product line, which will be manufactured in collaboration with Nephron Pharmaceuticals, which manufactures generic respiratory medication products, at the Inject EZ facility in West Columbia, South Carolina, U.S. Sharps' specialized product pipeline and market strategy will include a wide range of sizes, silicon-free systems that address contamination issues in the broader healthcare market, dual chamber systems that improve drug shelf life while reducing unnecessary packaging, and customized solutions for systems serving the growing autoinjector segment. In September 2022, BD (Becton, Dickinson and Company), a leading global medical technology company, introduced a next-generation glass prefillable syringe (PFS) that sets a new standard in performance for vaccine PFS with new and tightened specifications for processability, cosmetics, contamination, and integrity. The new BD Effivax Glass Prefillable Syringe has been designed in collaboration with leading pharmaceutical companies to meet the complex and evolving needs of vaccine manufacturing.