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The market for syringes and needles is growing owing to factors such as high and rising burden of chronic diseases and infectious diseases, increased adoption of the 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. As per American Heart Association 2019 report, CVD is the leading global cause of death, accounting for more than 17.6 million deaths per year in 2016, a number that is expected to grow to more than 23.6 million by 2030. Diabetes is also expected to rise in the future. As per International Diabetes Federation 2019 report, the number of people living with diabetes is expected to increase from 463 million in 2019 to nearly 578.4 million in 2030. Syringes and needles are vital for therapies and treatments for these diseases. Increasing prevalence of these illnesses is expected to increase the demand for syringes and needles, which will boost the market growth.
Key Market Trends
Insulin Administration is expected to Register High Growth in the Forecast Period
Insulin is a hormone that your pancreas makes to allow cells to use glucose. When your body isn’t making or using insulin correctly, you can take man-made insulin to help control your blood sugar. Many types can be used to treat diabetes. Diabetes mellitus, commonly known as diabetes, is a metabolic disease that causes high blood sugar. The hormone insulin moves sugar from the blood into your cells to be stored or used for energy. Diabetes can lead to blindness, kidney failure, heart problems, neuropathic pain and amputations. The vast majority have type 2 diabetes, the kind linked to obesity and lack of exercise, and cases are spreading particularly rapidly in the developing world as people adopt more Western, urban lifestyles.
Moreover, the incidence of this disorder has increased globally over the years. Furthermore, many reports have suggested that this incidence is expected to increase in future as well. As per a 2019 report by the International Diabetes Federation (IDF), in 2019, 9.3% of the population aged between 20 and 79 years of aged had diabetes. This incidence is expected to increase to 10.2% of the global population by 2030.
Increaisng incidence of diabetes is expected to boost the market growth.
North America is Expected to Dominate the Market
The North American region is expected to dominate primarily due to the market in the United States.
As per 2019 report by the Center for Disease Control and Prevention, heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States (US). 1 person dies every 37 seconds in the US from cardiovascular disease. About 647,000 Americans die from heart disease each year, which accounts to nearly 1 in every 4 deaths in the United States. Needles and syringes are essential for CVD therapies and treatment. As a result high prevalence of the disease is expected to help the market growth.
Incidence diabetes is also high and increasing in the country. As per a 2019 report by the International Diabetes Federation, there were 31 million people in the US living with diabetes. This number is expected to increase to 34.4 million by 2030 and 36 million by 2045. Insulin pens and syringes are used for diabetes therapy. Hence increasing prevalence of diabetes suggests market growth.
These factors are expected to help the market growth in the region.
The majority of the open system syringes and needles are being manufactured by some of the major key players. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing the emergence of some small players due to the rise of awareness. This has also helped the market grow.
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