The syringe market was valued at US$ 12,649.46 million in 2019 and is projected to reach US$ 26,859.34 million by 2027; it is expected to grow at a CAGR of 9.8% from 2020 to 2027.
The growth of the market is mainly attributed to factors such as growing number of chronic diseases and infectious diseases and increased adoption of injectable drugs. However, growing cases of needle-stick injuries across regions are likely to hamper the market growth during the forecast period.
Parenteral injection offers drug dosage reliability and precision, as well as rapid onset of drug action. Injectable drug delivery devices, such as conventional syringes, needle-free injectors, and auto and pen injectors, are extensively used for drug administration to treat diseases ranging from cancer to autoimmune disorders. Thus, increasing adoption of injectable drugs drives the market growth. The administration of biologics is mainly done through the injectable route. As per the article published by The Economist, in 2015, for the treatment of over 100 diseases, more than 900 biologics are under development in the US. There is growing demand for vaccines, insulin, human growth hormone, and many modern medicines to treat cancer and other chronic diseases. As per the BioPharm International, biologics currently account for ~70% of the top-10 selling drugs in the world.
Thus, rising adoption of injectable drugs demands increased use of syringes, which, in turn, is expected to boost the market growth.
Based on syringe type, the syringe market is segmented into luer lock syringes, glass syringes, luer slip syringes, and others. In 2019, the luer lock syringes segment accounted for the highest share of the market. Growth of this segment is attributed to increasing adoption of luer lock syringes due to ease of administration and increase in patient pool across the globe. However, the glass syringes segment is likely to register highest CAGR during the forecast period.
In terms of application, the syringes market is categorized into aesthetics, human health, lab/industrial, and others. The human health segment held the largest share of the market in 2019. However, the aesthetic segment is estimated to register the highest CAGR during the forecast period.
Based on distribution channel, the syringes market is segmented into sterilizable/reusable syringes and disposable syringes. The disposable syringes segment held the largest share of the market in 2019, and it is estimated to register the highest CAGR during the forecast period.
The World Health Organization, Food and Drug Administration, United States Nations Department of Economic and Social Affairs, American Society of Plastic Surgeons, U.S. Department of Health and Human Services, Arthritis Foundation, and American Diabetes Association, are some of the major primary and secondary sources referred for preparing this report.