Market research released this week suggests that the global syringes market will reach $32.39 billion by 2027.
Allied Market Research published a report estimating the global syringes market sat at $15.34 billion in 2019, with expectations of hitting $32.39 billion in value by 2027, with a compound annual growth rate (CAGR) of 9.6% from 2020 to 2027, according to a news release.
The analysis attributed growth to a surge in the incidence of needle-stick injuries, a rise in awareness about smart syringes and high-end technological advancements. However, hindrances could be high costs and the unaffordability of safety syringes and alternative modes of drug delivery.
A major difference-maker is the COVID-19 pandemic, which led to huge disruptions in syringe manufacturing, leading to a supply shortage around the world. Still, with lockdowns loosening and vaccines on the market, the global syringe market is expected to recover from the pandemic’s effects soon.
Specialized syringes accounted for more than two-third of the global syringe market share in 2019 and is expected to maintain its dominance in the market by 2027, driven by the use of disposable syringes and the rise in demand for injectable drugs.
North America held the major share of the market (two-fifths) in 2019 with an increased demand, the availability of well-developed healthcare infrastructure and the presence of major giants in the region.
The analysis listed Becton Dickinson (NYSE:BDX) among the frontrunners in the industry. In December, the company announced that orders have surpassed 1 billion for syringes and needles needed to deliver COVID-19 vaccines.
Other major players include B.Braun, Cardinal Health, Medline Industries, Retractable Technologies, Terumo and more.