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| Syringe Market |
The global Syringe Market is estimated to be valued at US$ 17308.56 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Syringes are medical devices used for feeding, administering injections, and
extracting bodily fluids such as for blood tests. They allow accurate and
precise administration of medications and facilitate easy administration of
medications when someone is unable to swallow pills. Syringes are available in a
variety of sizes with different needle gauges depending on usage.
Market key trends:
One of the key trends in the syringe market is the increasing adoption of
pre-filled syringes. Pre-filled syringes provide various advantages compared to
conventional vials and ampoules such as accurate dosing, reduction in
medication wastage, easy portability, and convenience of administration. They
are less prone to dosing errors compared to vials and ampoules. The
pre-fillable syringe segment is expected to witness lucrative growth owing to
the wide applications in parenteral vaccination and monoclonal antibody
production. Various pharmaceutical manufacturers are focusing on pre-filled
syringe launches to facilitate easy administration of medications.
Segment Analysis
The global syringe market is segmented based on product, usability, and end
user. Based on product, the market is segmented into general syringes,
specialized syringes, safety syringes, and prefilled syringes. The prefilled
syringes segment dominates the market due to increasing demand for convenience,
growing preference for self-administration of drugs such as insulin, and rising
adoption of biologics and injectable drug delivery.
Key Takeaways
The global Syringe
Market Growth is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period,
due to increasing demand for injectable drug delivery and growing prevalence of
chronic diseases.
Regional analysis
Asia Pacific is expected to grow at the fastest rate over the forecast period
due to rising healthcare expenditures in emerging economies like China and
India, increasing incidence of chronic diseases and rapid expansion of
healthcare infrastructure.
Key players
Key players operating in the syringe market are Catalent Inc., Smiths Medical
Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation,
Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Cand
Hindustan Syringes & Medical Devices Limited, among others. The market is
highly competitive with the presence of local as well as global players.
Industry participants are focusing on expanding their product portfolio and
geographical presence through mergers and acquisitions to strengthen their
market position.
Read More,
https://www.insightprobing.com/syringe-market-trends-size-and-share-analysis-2/
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