The global syringe and needle market is expected to grow at a CAGR of 5.5% and surpass its previous revenues over the forecast period of 2017–2023, as per a research report published by Market Research Future (MRFR). The syringe and needle market is growing primarily on account of a large pool of patients who augment the demand for needle and syringe. High prevalence of blood-borne diseases leads to a surge in the application of syringes and needles which fuels the market growth. The global geriatric population is increasing and contributing significantly to the market growth. This demographic is at high risk for chronic diseases, and the natural aging process weakens the body leading to increased overall medical visits.
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Syringe and Needle Market Key Players
The key players in the global syringe and needle market include Alcon Laboratories Incorporated (USA), Becton, Dickinson & Company (USA), B. Braun Melsungen AG (Germany), Light Medical Products Co., Ltd. (USA), Medtronic plc. (Ireland), Retractable Technologies Inc. (USA), Parker Dayton Technology Suzhou Co., Ltd. (China), Smiths Medical (USA), and Terumo Corporation (Japan).
Syringe and Needle Market Segmentation
The global syringes and needle market has been segmented based on type, therapeutic application, usability, and end-user. By type, the market has been segmented into Blood Collection, Intravenous, and Catheter. By therapeutic application, the market has been segmented into General Surgery and Diagnostic. By usability, the market has been segmented into disposable and reusable. By end user, the market has been segmented into Hospitals & Clinics and Home Care.
Syringe and Needle Market Regional Analysis
The North American syringe and needle market is the growing market in the Americas region. On a regional basis, the Americas region is segmented into North America and South America. North America is further segmented into the U.S. and Canada. North America is expected to account for the largest share of the syringe and needle market. Factors such as rising older age, increasing prevalence of chronic diseases, increasing spending for syringe and needle research and development and technological advancements, and presence of key pharmaceutical companies are driving the growth of the syringe and needle market. Additionally, the presence of a large customer base in this region is likely to propel the growth of the syringe and needle market in North America. For instance, NIH received USD 1 Billion, in 2015 for life science and health-related research and development programs. According to the Centers for Disease Control and Prevention (CDC), around 30.3 million Americans were affected with diabetes as of 2015.
Europe is the second largest market and holds a noticeable share in the global syringe and needle market due to various government legislative reforms providing regulatory guidelines to manufacturing companies. The European market is expected to grow during the forecast period owing to the growing research and development, need for advanced treatments along with growing need for better healthcare infrastructure. For instance, the European Commission stated that the R&D spending by the pharmaceuticals and biotechnology sectors grew by 8.7% in 2014.
Asia Pacific is expected to be the fastest growing market. Increasing awareness regarding health among the population, rising standard of living, and growing prevalence of chronic diseases are driving the growth of the market. China is the fastest growing region owing to its large geriatric population. Rising awareness about the health and availability of new treatment methods and the presence of supportive regulatory guidelines drive the market in this region.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, low government support, and limited access and affordability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the rising healthcare expenditure. The overall growth of the healthcare sector also drives the market.
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Table Of Content
1. Report Prologue
2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
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