September 01, 2022 18:30 ET | Source: FACT.MR FACT.MR
South Korea, Seoul, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global syringes market was valued at USD 14.2 billion in 2020, and it is expected to reach USD 37 billion by 2031, projected to witness a CAGR of 10% during the forecast period 2021-2031.
Syringe based drug administration is expected to be the most preferred treatment alternative, owing to the comparatively rapid action time over other oral drugs. Due to this perception, syringes continue to remain dominant in the healthcare industry. Moreover, the market is expected to expand 2.6x.
Surge in demand for invasive medical treatments and rise in adoption of Self-administration of drugs, medical device manufacturers are putting emphasis on providing key surgical instruments such as syringes.
Besides this, medical professionals are also focusing on the advent of all-purpose syringes that can reduce the imprint of dumping plastic syringes on a large scale.
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Moreover, growing reliance on biological drugs to offer faster outcomes has increased the sales of drug injection, which has led to higher traction to the global syringes market. Besides this, owing to their highly complexity, biologics offer syringes for administration, spurring numerous product launches in the global market.
Besides this, the COVID-19 pandemic has led to a boost in the growth of syringes market owing to its widespread application in vaccinating people at a global level. Moreover, In 2020, As per Biomedical Advanced Research and Development Authority (BARDA). 650 to 850 million syringes and needles will be required in the US. In addition to this, UNICEF had planned to buy 1 billion syringes by the end of 2021 for COVID-19 vaccination efforts in various countries.
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The global syringes market is competitive in nature. High capital investment for entering the market has offered barriers for new market players. Moreover, leading market players are focusing their efforts on developing innovative products to establish their market position in the global market.
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