Global Syringes & Needles Market - Focused Insights 2024-2029

The global syringes and needles market has experienced a surge in demand, driven primarily by factors such as a rising geriatric population, heightened consumer awareness, the prevalence of chronic diseases, and the burgeoning use of syringes and needles for diabetes management. Further propelling the market's growth are technological advancements, the proliferation of new product launches, robust healthcare infrastructure, intensive R&D initiatives, the presence of leading vendors, and supportive governmental policies.

In a more detailed breakdown, as of 2023, syringes command a market share of 66.89%, with predictions indicating an upward trajectory at a CAGR of 8.16%. This growth can be attributed to the escalating demand for disposable syringes fueled by aggressive immunization and vaccination drives. Additionally, adults constitute the largest patient segment, capturing a 69.25% market share in 2023 and projected to achieve 70.16% by 2029. This is largely due to the proliferation of chronic diseases among adults and the spike in diabetic cases.

The U.S., despite the burgeoning demand for specialty syringes, faces a supply void, signaling a lucrative opportunity for manufacturers if they ramp up production. The 2023 data further affirms the dominance of syringes in the global market, capturing 66.89% of the share. Disposable syringes, constituting 92.81% of this segment in 2023, are foreseen to expand, propelled by global healthcare safety norms.

The U.S. manufacturing sphere churned out approximately 663 million syringes in 2021, with projections indicating the need for an additional 850 million for efficient vaccine distribution. The increasing prevalence of diseases in the growing U.S. population necessitates a robust supply of disposable syringes, a demand further intensified during the COVID-19 pandemic.

Regionally, North America was the titan of the global needles and syringes market in 2023, holding a 30.68% share. This supremacy stems from a combination of a rise in chronic disease incidence, a mature medical device distribution network, and high end-user spending capabilities. The stringent regulations around medical waste management, typified by initiatives like Earth 911, further fortify North America's market position.

Despite North America's market prowess, the APAC region is undergoing rapid diabetic population growth, presenting ample opportunities for vendors, especially in the insulin syringes domain.

Finally, the market landscape is fiercely competitive. Pioneers like B.Braun, BD Company, Terumo, and Cardinal Health are constantly innovating, seeking strategic partnerships, and launching new products to solidify their foothold. The market's dynamism, accentuated by technological innovations and a robust product launch pipeline, promises lucrative opportunities for both existing and emerging players.

KEY HIGHLIGHTS

• The global syringes & needles market was valued at $29.85 billion in 2023 and is expected to reach $47.20 billion by 2029, growing at a CAGR of 7.93%.
• The demand for syringes & needles is on the rise due to multiple factors: an increasing geriatric population, growing consumer awareness regarding usage, high prevalence of chronic cases, and increasing adoption of syringes and needles in treating diabetes.
• In 2023, North America accounted for a significant revenue share of 30.68% and was the largest market, followed by Europe, APAC, Latin America, and then Middle-East and Africa.
• By Product type segmentation, the Syringes segment accounted for the highest share in 2023 and is projected to grow at a CAGR of more than 8% during the forecast period. Factors such as demand for prefilled syringes, the rise in the prevalence of chronic diseases, and growing awareness of usage are propelling the growth of the segment.
• In end-user segmentation, the hospitals segment is projected to grow at a significant CAGR of more than 8% during the forecast period. This dominance can be attributed to the rise in the prevalence of chronic diseases, the increasing geriatric population, and a rise in surgeries across the world.
• By Patient group, the adults segment accounted for the highest share in 2023. The dominance is due to the rise in the geriatric population, the increasing prevalence of chronic diseases, such as diabetes & infectious diseases like HIV infections, rise in the incidence of wounds, injuries, and surgeries in adults are some of the factors that drive the segment growth.
• BD, Cardinal Health, B Braun, Nipro, and Terumo Corp are some of the leading players currently dominating the global syringes & needles market. The major players focus on strategic acquisitions and collaborations with emerging players to enter the syringes & needles market and gain access to commercially launched products.