New York, NY -- (SBWire) -- 04/26/2021 --Syringes and Needles Market Size – USD 18.76 billion in 2018, Market Growth - CAGR of 6.7%, Market Trends – Increase in geriatric population
The global syringes and needles market is expected to reach USD 34.12 Billion by 2027, according to a new report by Reports and Data. Syringes and Needles are used for various purposes such as drug administration for many diseases and are used by both healthcare professionals and patients themselves. They have become popularly accepted with the advancements in therapy and a supportive reimbursement structure in many nations.
According to the World Health Organization (WHO), from 2015 to 2050, the aged population across the globe will be rise from 12% to 22% of the total global population. Owing to this, the incidence of target diseases such as chronic diseases is expected to grow and, in return, will boost the demand. An increase in healthcare expenditure across the globe also supports the adoption of user-friendly technologies.
Diabetes and its complications, societal costs, and deaths have a huge and rapidly growing impact across the globe. In 2019, around 463 million adults in the age group of 20 years to 79 years were living with diabetes and by 2045, this is expected to rise to 700 million. 79% of adults with diabetes were living in low- and middle-income countries Diabetes caused 4.2 million deaths. According to the American Diabetes Association, the annual healthcare cost in the U.S. increased by 26% during the last five years due to increased diabetes incidences.
The Center for Disease Control and Prevention (CDC) reports diabetes as the seventh leading cause of death among Americans as of 2019. Diabetes is no more limited to the rich nations and is becoming most significantly in low-middle income countries. Diabetes has become one of four high priority Non-Communicable Diseases (NCDs) targeted for action by leaders across the globe.
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Leading Players Profiled in the Report Include:
Braun Melsungen AG, Terumo Corporation, Smiths Medical, Albert David Ltd., Becton, Dickinson, and Company, DeRoyal, Insulet, Connecticut Hypodermics Inc., Medtronic, and Schott AG, among others.
Further key findings from the report suggest
By product type, blood collection syringes and needles contributed to significant market share in 2018 and is likely to grow at a rate of 5.9% in the forecast period. Syringes and needles are often used for collecting blood samples. A syringe with a syringe needle is sometimes deployed to collect blood from patients with small or fragile delicate veins. Collecting blood with a syringe and needle is particularly useful when the phlebotomist needs to control the amount of applied vacuum to reduce or prevent the chance of the vein collapsing.
Reusable syringes and needle are those which can be used more than and particularly require serialization. Reusable syringes or needles, with proper care, can offer more extended service.
By end-users, hospitals contributed to the largest market share in 2018 and is likely to grow at a rate of 6.4% in the forecast period. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
The market in the Asia Pacific region is expected to grow at the fastest rate of 8.0% in the forecast period, due to the improving healthcare infrastructure, rising investments by market players, and better reimbursement scenario.
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For the purpose of this report, Reports and Data have segmented the global syringes and needles market on the basis of product type, usage, end-users, and region:
Product Type Outlook (Revenue, USD Million; 2016-2027)
Blood Collection Syringes and Needles
Bone Marrow Syringes and Needles
Ophthalmic Syringes and Needles
Catheter Syringes and Needles
Others Syringes and Needles
Usage Outlook (Revenue, USD Million; 2016-2027)
Reusable
Disposable
Distribution Channel Outlook (Revenue, USD Billion; 2016-2026)
Retail
Non-retail
End-Users Outlook (Revenue, USD Million; 2016-2027)
Hospitals
Clinics
Diagnostic Centers
Others
Regional Outlook (Revenue, USD Million; 2016-2027)
North America
U.S
Europe
U.K
France
Asia Pacific
China
India
Japan
Latin America
Brazil
MEA
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Syringes and Needles Segmentation & Impact Analysis
4.1. Syringes and Needles Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growing incidences of chronic diseases
4.2.2.2. Growing prevalence of diabetes
4.2.2.3. Rise in the demand for pre-filled syringes
4.2.2.4. Increase in geriatric population
4.2.2.5. Increased usage of injectable drugs
4.2.3. Market restraints analysis
4.2.3.1. Cost-prohibitive disposable products
4.2.3.2. Rising Incidences of needle stick injuries
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
…………….
Chapter 10. Competitive Landscape
10.1. Market Revenue Share by Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape
Chapter 11. Company Profiles
11.1. B. Braun Melsungen AG
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Technology Insights
11.1.4. Strategic Initiatives
11.2. Terumo Corporation
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Technology Insights
11.2.4. Strategic Initiatives
11.3. Smiths Medical
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Technology Insights
11.3.4. Strategic Initiatives
Continued…………..
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Syringes and Needles Market Research Report Including SWOT Analysis, PESTELE Analysis, Drivers, Restraints, Global Industry Outlook and Key Players Analysis by 2027
Growing incidences of chronic diseases is one of the significant factors influencing market growth.