Syringes And Needles Market Size, Share, Industry Trends and Forecast to 2030

Syringes And Needles Market Size & CAGR in 2021

The global syringes and needles market had a market size of USD 12.89 billion in 2021, with a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The market is expected to reach USD 20.07 billion by 2028.

COVID-19 Impact on the Syringes And Needles Market

The COVID-19 pandemic had a significant impact on the syringes and needles market. The increased demand for vaccination drives worldwide to combat the spread of the virus led to a surge in the need for syringes and needles. This surged demand resulted in supply chain disruptions and shortages, causing challenges in meeting the market demand.

Syringes And Needles Dynamics

The syringes and needles market is driven by factors such as the increasing prevalence of chronic diseases, the growing demand for vaccines, technological advancements in syringes and needles, and the rising geriatric population. On the other hand, factors such as the high cost of safety syringes and needles and concerns regarding needle disposal and safety regulations are some of the challenges faced by the market.

Segments and Related Analysis

The syringes and needles market can be segmented based on product type, application, end-user, and region. The product type segment includes general syringes and needles, specialized syringes and needles, safety syringes and needles, and others. The application segment consists of vaccination, drug delivery, blood sampling, and others. The end-user segment includes hospitals, clinics, ambulatory surgical centers, and others.

By Region Analysis

The syringes and needles market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the market in 2021 due to the high prevalence of chronic diseases and the presence of key market players in the region. The Asia Pacific region is expected to witness the highest growth rate during the forecast period due to the increasing healthcare investments and growing awareness about needle safety.

Key Market Players and Competitive Landscape

Key players in the syringes and needles market include Becton, Dickinson and Company, Terumo Corporation, B. Braun Melsungen AG, Smiths Medical, and Nipro Corporation, among others. These players focus on strategies such as mergers, acquisitions, partnerships, and product launches to strengthen their market position and expand their product portfolio.

Recent Happenings in the Syringes And Needles Market

- In September 2021, Becton, Dickinson and Company announced the launch of a new range of safety syringes and needles with enhanced safety features.
- In November 2021, Terumo Corporation introduced a novel needle technology that reduces the pain and discomfort associated with injections.
- In February 2022, Smiths Medical collaborated with a leading healthcare provider to develop a new line of specialty syringes for specific medical procedures.