Market Size of Global Syringes and Needles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Syringes & Needles Market Analysis
The Syringes and Needles Market is expected to register a CAGR of 6.8% over the forecast period (2022-2027).
The healthcare system had witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to reduce the risk of viral transmission as most chronic therapies were regarded as non-urgent. However, with the advent of the COVID-19 infection, large-scale vaccinations were performed all over the world, which majorly benefitted the syringes and needles market. According to the World Health Organization, as of September 10, 2022, over 12,589,972,108 vaccine doses have been administered. The large vaccination drive significantly aided in the growth of the studied market.
The market for syringes and needles is growing owing to factors such as the high and rising burden of chronic diseases and infectious diseases, increased adoption of injectable drugs, and technological advancements in syringes by medical device companies.
There is a global burden due to the increasing prevalence of chronic illnesses like cancer, cardiovascular diseases, and diabetes. Cancer is a major disease affecting the global population. According to the GLOBOCAN 2020 report, the total number of people in the world affected by cancer in 2020 accounts for around 19,292,789 cases. The number is estimated to rise to 28,887,940 cases by 2040. The rising number of cancer cases creates a demand for syringes and needles for drug delivery, which is expected to significantly add to the growth of the studied market over the forecast period.
The innovative product launches by the market players are expected to add to the growth of the studied market. For instance, in April 2021, West Pharmaceutical Services, Inc. signed a partnership with Venus Remedies Ltd. to adopt the NovaGuard SA Pro safety system, a single-use accessory for prefilled ISO standard 1mL long staked-needle syringes. Such activities are likely to boost the growth of the syringes and needles market over the forecast period,
However, the increasing number of needle stick injuries and risk of cross-contamination, and the growing number of alternative drug delivery technologies are expected to slow down the growth of the market during the forecast period.
