Syringe and needle Market expected to rise with 5.5% CAGR between 2017 and 2023

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Syringe and needle Market Research Report

Syringes and needles are sterile devices that are used to inject solutions into the body. Market Research Future (MRFR) has published a research report about the global syringe and needle market that anticipates increase for this market with 5.5% CAGR (Compound Annual Growth Rate) between 2017 and 2023.

The key factors enhancing the growth of global syringe and needle market include growing government funding to support clinical trials, growing prevalence of chronic ailments, increasing adoption & demand for safety syringes and needles over conventional reusable syringes and needles, increasing older population, increasing partnerships between biopharma companies and CROs, and investments in the research and development (R&D) that are resulting from these partnerships. However, the factors that can hamper the market growth include high risks of infections associated with the administration of drugs by syringes and needles.

The global syringe and needle market has been segmented on the basis of end-user, therapeutic application, type, usability, and lastly region. Based on end users, this market has been segmented into diagnostic centers, home care, hospitals & clinics, and others. On the basis of therapeutic application, the market has been segmented into cardiovascular, dental, diagnostic, general surgery, neurology, ophthalmology, orthopedics, respiratory, urology, and others.

By types, the market has been segmented into AV fistula needles, blood collection needles, biopsy needles, bone marrow needles, catheter needles, dental needles, epidural needles, fine aspirating needles, intravenous needles, ophthalmic needles, pen needles, spinal anesthesia needles, and suture needles. The usability-based segmentation of global syringe and needle market covers disposable and reusable. Disposable syringes and needles can be used just once and have to be disposed of after the use. Whereas, reusable syringes and needles can be used many times.

The regional segmentation of the global syringe and needle market segments the global market into regional markets namely The Americas (North America and South America), Europe, Asia Pacific, and the Middle East & Africa (MEA). In the Americas, North America is a bigger market than South America due to advanced technology and medical facilities. North America market growth is due to factors including increased prevalence of chronic diseases, increasing spending for syringe and needle R&D, the presence of key pharmaceutical companies in this region, rising older age, and technological advancements. The most important country-specific markets in this region are the United States of America (USA) and Canada.

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Europe is the second largest regional market. It holds a remarkable share in the global syringe and needle market due to various government legislative reforms whose purpose is to provide regulatory guidelines to manufacturing companies. During the forecast period, the European market is expected to grow due to the growing need for better healthcare infrastructure, growing R&D, and the need for advanced treatments. Due to reasons same as The Americas, Western Europe is a bigger market than Eastern Europe. Most of the strongest economies in this region are in Western Europe. The cream of market revenue in European market includes France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Western Europe.

During the forecast period, Asia Pacific is expected to emerge as the fastest growing market. In this region, the market is growing due to the availability of new treatment methods, growing prevalence of chronic ailments, increasing awareness regarding health among the population, and rising standard of living along with the disposable income. China is the fastest growing region due to its large geriatric population. Other important country-specific markets in this region are Australia, India, Japan, and South Korea, followed by the rest of Asia Pacific.

The MEA region is expected to witness the least growth in the market during the forecast period. This is because of major factors such as lack of awareness, limited access and affordability of treatment facilities, and low government support due to healthcare not considered a priority. In the Middle East, the United Arab Emirates (UAE) is the largest market owing to the rising healthcare expenditure. The overall growth of the healthcare sector is also slowly driving this market. Other key country-specific markets in this region are Kuwait, Oman, Qatar, and Saudi Arabia, followed by the rest of the MEA region.

Key Players

The key players in the global syringe and needle market include Alcon Laboratories Incorporated (USA), Becton, Dickinson & Company (USA), B. Braun Melsungen AG (Germany), Light Medical Products Co., Ltd. (USA), Medtronic plc. (Ireland), Retractable Technologies Inc. (USA), Parker Dayton Technology Suzhou Co., Ltd. (China), Smiths Medical (USA), and Terumo Corporation (Japan).