The hypodermic syringes market is expected to continue its stronghold as the market flourishes at an average CAGR of 3.2%. In contrast, the market is valued at USD 3.51 Billion in 2022 and is projected to reach market revenue of USD 4.66 Billion through 2032.
The market is anticipated to show promising growth prospects during the forecast period, expanding the hypodermic syringes market size.
| Attributes | Details |
|---|---|
| CAGR (2022 to 2032) | 3.2% |
| Value (2022) | USD 3.51 Billion |
| Value (2032) | USD 4.66 Billion |
The term hypodermic explains its application in “hypo,” which stands for beneath. In contrast, “derm” stands for skin, explaining hypodermic syringes to be used in withdrawing the fluid from the body or injecting fluid into the body.
As these chronic diseases keep rising, the use of these syringes has been booming. The easing factor also fuels the demand for hypodermic syringes in the medical sector.
A research report on the hypodermic syringes market explains that the leading government initiatives and dosing errors associated with syringes have pushed the sales of hypodermic syringes in healthcare markets.
Other factors that drive the traction of the hypodermic syringes market are aggressive price ranges and new schemes. This pushes the sales of hypodermic syringes.
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The global hypodermic syringes market is expected to flourish under the backdrop of the global pharmaceutical industry during the forecast period. Hypodermic syringes are preferred over after-filled syringes as they offer fixed dosages of the drug and ease in usability.
Prefill ability helps in reducing the overall cost by reducing the drug overfill. Single-dose vials or multi-dose vials have a drug overfill of almost 20-25% so that the administrator has enough to fill the correct dose and to compensate for human errors, flourishing the demand for hypodermic syringes.
However, prefilled hypodermic syringes eradicate the source of inefficiency in the manufacturing process by eliminating drug overfills. This is particularly advantageous for companies dealing with costly biopharmaceuticals. The growth of the biologics market is likely to boost the hypodermic syringes market.
The conventional syringes were made of glass barrels and glass rods, which were comparatively expensive to manufacture when compared to plastic-based hypodermic syringes, pushing the sales of hypodermic syringes globally.
Healthcare workers benefit from accurate and pre-measured doses. Demand for hypodermic syringes is also fueled by reduced dosing, medication errors, and decreased microbial contamination risk.
Along with this, an increasing trend of people getting vaccinated outside hospitals such as in schools, community centers, pharmacies, and airport booths is likely to contribute to the growth of the hypodermic syringes market.
Geographically, the global hypodermic syringes market has been divided into seven key regions: North America, Latin America, East Asia, South Asia, Europe, the Middle East & Africa (MEA), and Oceania.
Europe is expected to hold maximum market share in the global hypodermic syringes market owing to the well-established healthcare industry in the region.
The healthcare sector in India is diversified and offers enormous opportunities in every segment, which includes payers, providers, and medical technology. Increasing competition pushing businesses to explore and adapt according to the latest trends and dynamics is expected to impact the hypodermic syringes market in the country positively.
The key players in the hypodermic syringes market are focusing on mergers and collaborations that are fueling the sales of Hypodermic syringes including Terumo Corporation, Albert David Ltd., Becton, Dickinson and Company, Nipro Corporation, Smiths Medical, Hindustan Syringes & Medical Devices Limited etc.
Recent Market Development:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.2% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 to 2021 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD Million, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis, |
| Segments covered | Material type, Sales Channel, End-user, Region |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia and New Zealand |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa |
| Key companies profiled | Terumo Corporation; Albert David Ltd.; Becton; Dickinson and Company; Nipro Corporation; Smiths Medical; Hindustan Syringes & Medical Devices Limited etc. |
| Customization scope | Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
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The hypodermic syringes market is set to thrive at a CAGR of 3.2% through 2032.
Europe holds the biggest revenue in the hypodermic syringes market, the region’s growth owing to its application in healthcare as it eases out the diagnostic and clinical procedures coupled with the spread of covid-19. This leads to the high demand for hypodermic syringes in developed countries like Spain and France.
Demand for hypodermic syringes market size has expanded owing to their use as sustainable tool for withdrawing the fluids as well as injecting the fluid beneath the human skin.
| Market Valuation for 2023 | USD 3.6 billion |
|---|---|
| Market Valuation for 2033 | USD 6.1 billion |
| Market CAGR from 2023 to 2033 | 5.3% |
| Market Size 2023 | USD 22,487 million |
|---|---|
| Market Size 2033 | USD 54,219.8 million |
| Market Value CAGR (2023 to 2033) | 9.2% |
| Estimated Size (2021) | USD 293.2 million |
|---|---|
| Projected Size (2031) | USD 547.9 million |
| Value-based CAGR (2021 to 2031) | 6.5% |
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Hypodermic Syringes Market
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