Syringe and Needle Market with Potential Impact of Coronavirus (COVID19), SWOT Analysis, Risk Analysis, and Forecast
The global syringe and needle market is expected to grow at a CAGR of 5.5% and surpass its previous revenues over the forecast period of 2017–2023, as per a research report published by Market Research Future (MRFR). The syringe and needle market is growing primarily on account of a large pool of patients who augment the demand for needle and syringe. High prevalence of blood-borne diseases leads to a surge in the application of syringes and needles which fuels the market growth. The global geriatric population is increasing and contributing significantly to the market growth. This demographic is at high risk for chronic diseases, and the natural aging process weakens the body leading to increased overall medical visits.
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Increase in a number of injectable drugs approved by the FDA also propels the market for syringes and needles. However, the growth of the market might be hindered by the risk associated with re-use and sharing of needles and syringes. Reuse of needles exposes consumers to the risk of acquiring diseases such as HIV and hepatitis C which is a major setback and constrain to the market growth. Risk of needlestick injuries and availability of alternatives also hinders the growth of the market. The market growth might be threatened by the introduction of needleless alternatives to meet the demands of a minimally invasive medical procedures.
The global syringes and needle market has been segmented based on type, therapeutic application, usability, and end-user. By type, the market has been segmented into Blood Collection, Intravenous, and Catheter. By therapeutic application, the market has been segmented into General Surgery and Diagnostic. By usability, the market has been segmented into disposable and reusable. By end user, the market has been segmented into Hospitals & Clinics and Home Care.
The key markets of the global syringes and needle market include North America, Europe, Asia Pacific and the Middle East & Africa. North America accounts for the majority share of the global market owing to the prevalence of chronic diseases in the region coupled with increased R&D activities which induce the demand of the market. Additionally, the presence of a large customer base in the region also propels the market growth. Europe is the second largest market owing to increased R&D spending by pharmaceuticals and biotechnology sector in the region. Presence of a developed healthcare sector also supports the market growth in the region. Asia Pacific is expected to be the fastest growing market over the forecast period. The growth in the region would be favored by the prevalence of chronic diseases in the region which escalates the need for treatment and growing research and development in the field of life sciences in the region. The Middle East & Africa region is expected to exhibit the least growth over the forecast period due to less expenditure on healthcare and limited growth of the healthcare sector in the region.
The global syringe and needle market is highly competitive with the presence of several large and small vendors. The notable players of the syringe and needle market include B. Braun Medical Inc., Terumo Corporation, Albert David Ltd, Covidien Plc, Smiths Medical, and Connecticut Hypodermics Inc.
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