New York, NY -- (SBWire) -- 12/19/2018 --A syringe is a medical device used for injecting fluids into the body, or to withdraw fluid from the body. A typical medical syringe has a needle attached to a hollow cylinder, which is fitted with a sliding plunger. By pushing the plunger in downward movement, the fluids are injected in a body, and retracting the plunger in upward direction extracts fluids from the body.
Invasive nature of medical procedures might frighten patients at first, but injecting medications turns out to be the healthier option over tropical application or oral intake. Supporting this notion, syringes continue to be a key product in the healthcare industry, offering optimum drug administration with minimal discomfort. Concurring to such particulars, the Fact.MR report on global syringe market predicts that the global demand for syringes will continue to surge in the years to come.
According to the report, more than US$ 11 Bn worth of syringes will be sold in the world by the end of 2017. With increasing advancements in drug administration techniques, surgical industries will witness the emergence of new, multifunctional syringes, which will incidentally have a promising influence on the growth of global syringes market. Through 2022, the global market for syringes will have soared at 7.8% CAGR, procuring revenues worth more than US$ 16.5 Bn.
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Higher Surgical Preference to Specialized Syringes
Easy usability of standard syringes have made them a household commodity as consumers are attaining proper training, and administrating common vaccines by themselves. Meanwhile, medical organizations are prompting surgeons & medical practitioners towards higher adoption of specialized syringes. Unlike standard syringes, their specialized counterparts are successfully lowering healthcare costs by performing multiple injection functions at the cost of a single syringe. While their influence in cutting the medical bills of patients is marginal, specialized syringes are certainly drawing more adoption for their effectiveness.
In 2017 and beyond, more than 30% of global syringes market will procure its value through global sales of specialized syringes. The report, however, doesn't understate the dominance of general syringes in the global market. With the largest revenue share, general syringes are expected to contribute more than US$ 3.5 Bn revenues to the global market by the end of 2022.
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Disposable Plastic Syringes to Gain Traction
Key findings from the report also reveal that more than 99% of the global syringe sales will be accounted by plastic as raw material. Polymer syringes will continue to gain surplus demand, compared to glass syringes, indicating a clear-cut preference for surgical instrument manufacturers. The report also projects a significant rise in demand for disposable syringes. According to the report, more than 80% revenues procured in the global market will come from sales of disposable syringes. Higher health risks of reusing syringes is also attesting this projection, inferring a relatively sluggish growth in global sales of reusable syringes during the forecast period.
The report also projects that hospitals will be observed as the largest end-users of syringes. While hospitals will certainly dominate over diagnostic centers, considering their treatment capacities, the report expects that over 66% of revenues amassed in the global syringe market will be accounted by hospitals. The report also projects that blood collection centers will contribute to more than US$ 1.8 Bn revenues by the end of the forecast period. Diabetic care centers are also expected to remain an attractive segment in terms of end-use. By the end of 2022, close to US$ 800 Mn worth of syringes will be sold through diabetic care centers in the world.
Competition Tracking
The report has also profiled leading players in the global market for syringes, which include companies such as B. Braun Melsungen AG, Becton, Dickinson and Company, Gerresheimer AG, Terumo Corporation, Hindustan Syringes & Medical Devices Limited, Nipro Corporation, Medtronic PLC, Schott AG, Codan Medizinische Geräte GmbH & Co Kg, and Schott AG.
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Global Syringe Sales Totaled US $11 Bn in 2017
Syringes Market Forecast, Trend Analysis & Competition Tracking: Global Market insights 2017 to 2022