Syringe Market Size

Syringes Market Analysis

The Syringe Market size is estimated at USD 18.37 billion in 2024, and is expected to reach USD 27.85 billion by 2029, growing at a CAGR of 8.68% during the forecast period (2024-2029).

COVID-19 had a significant impact on the syringe market owing to the rise in the development of vaccines, which led to an increased demand for syringes. Since the outbreak of the pandemic had disrupted the whole healthcare system, the industry faced a shortage of syringes that meet the requirements for the large patient pool. For instance, as per the UN report published in November 2021, based on a scenario in which approximately seven billion people require two doses of coronavirus vaccine over the vaccination period, the UN health agency predicted that a shortage of at least one billion syringes could occur if manufacturing does not improve. However, now that the pandemic's restrictions have been lifted and the spread has been reduced, the market is moving at a slow pace as many companies reduced production of syringes as the vaccination drives reduced. For instance, in October 2022, Hindustan Syringes & Medical Devices (HMD), a manufacturer of disposable syringes and auto-disposable syringes, reduced production of syringes from over 40 lakh per day of AD syringes to 5-6 lakh daily as the government either suspended or rescheduled its orders due to decreased demand for vaccination.

Furthermore, the major factors driving the growth of the syringe market include the growing prevalence of chronic and infectious diseases. As per the International Diabetes Federation 2021 report, the number of people living with diabetes was around 537 million (20-79 years) in the year 2021. Additionally, the number of people living with diabetes is expected to increase from 643 million in 2030 to nearly 783 million by 2045 globally. Most of the diagnostic and therapeutic techniques for chronic diseases require syringes, as these play a vital role during tests and drug administration, and thus the growing burden of diseases is expected to drive the growth of the market.

Moreover, the increased adoption of injectable drugs, technological advancements in syringes, and the growing number of vaccination and immunization programs are expected to drive the volume growth over the next few years. For instance, in January 2022, Nephron Pharmaceuticals Corporation launched the cyclic olefin copolymer syringe (COC). It has a glass-like appearance but is break-resistant and lightweight. COC syringes are suitable for a variety of medications, including highly viscous drugs, and provide an extended product shelf-life. The disconnected plunger allows for easier storage. Also, the expansion of facilities for the production of syringes is anticipated to contribute to the growth of the market. For instance, in June 2022, WuXi Biologics launched the GMP operation of its new drug product facility, DP5, which is located in Wuxi, China. It is a manufacturing facility for the production of vials and pre-filled syringes.

Hence, owing to the rise in chronic diseases, the increase in the adoption of injectable drugs, and technological advances in syringes, the syringe market is expected to witness rapid growth over the forecast period. However, the rise in the incidence of needle-stick injuries, the high cost associated with safe syringes, and the availability of alternate drug delivery methods are likely to hinder the growth of the syringe market globally.