The syringe market is expected to witness a robust growth owing to several factors, such as the rise in the demand for pre-filled syringes, growing prevalence of chronic diseases, such as diabetes, infectious diseases and cardiovascular diseases and the increase in the usage of Botox for therapeutic applications. Moreover, the increased adoption of injectable drugs, technological advancements in syringes, the increase in the geriatric population, growing number of vaccination and immunization programs are expected to drive the volume growth over the next few years. According to WHO estimates, around 16 billion injections are administered globally on an annual basis. On the other hand, the rise in the incidence of needle-stick injuries, a high cost associated with safety syringes, and disposable syringes are likely to hinder the growth of the syringe market globally.
Key Market Trends
Prefilled Syringes are Expected to Contribute at Good Rate Over the Forecast Period
The syringe market is segmented on the basis of usage and application. By usage, the market is further segmented into sterilizable/reusable syringes, and disposable syringes (Conventional Syringes, Safety Syringes and Prefilled Syringes)
Prefilled syringes are gaining acceptance in the market as drug delivery systems designed for injectable drugs. They are generally preferred for parenteral administration of various drugs and are used mainly for the treatment of chronic diseases, such as Cancer, Cardiovascular diseases and Diabetes, where a patient has to strictly adhere to their medication regimen. In line with this trend, many pharmaceutical companies are focusing on bringing in advancements in self-administration therapies. The latest trend gaining momentum in the market is the shift from glass prefilled syringes to plastic pre-filled syringes. The plastic prefilled syringes are becoming more popular due to the introduction of advanced polymer materials, such as polypropylene and crystal-clear polymer, which are biocompatible with the other components of the syringe. Hence, owing to the aforementioned factors, along with rising geriatric population and technological advancements in syringes, the market is expected to witness rapid growth.
Asia-Pacific is Expected to Grow at Healthy Rate Over the Forecast Period
The Asia-Pacific market for syringes is anticipated to exhibit healthy growth during the forecast period. Although the syringe market is presently in its stage of infancy in Asia-Pacific region, factors, such as improving economic conditions, rise in purchasing power of the people, the growth in awareness regarding the advantages of prefilled syringes, and the presence of a large patient pool suffering from various chronic diseases are expected to drive the market. In Asia-Pacific, Japan accounts for the major share of the market by revenue as well as volume, owing to the increased demand for self-administered treatments and high penetration of self-injection devices, growing the aging population, and increasing the prevalence of diabetes.
The syringe market is highly fragmented with the presence of a large number of local and international players. Key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. For instance, in 2019 - Fresenius Kabi launched Adenosine Injection, USP in 6 mg per 2 mL and 12 mg per 4 mL single dose in Simplist ready-to-administer prefilled syringes in the United States.
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