The global hypodermic syringes market is anticipated to grow at a stagnant CAGR of 3.2% over the forecast period from 2022 to 2032. The global market was valued at US$ 3.51 Billion in 2022 and is projected to reach a market revenue of US$ 4.66 Billion through 2032. The growth of the global hypodermic syringes market is anticipated to showcase promising growth prospects during the forecast period, expanding the hypodermic syringes market size.
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The term hypodermic explains its diverse application in “hypo”, which stands for beneath. Whereas on the contrary, the term “derm” stands for skin, explaining hypodermic syringes are utilized in withdrawing the fluid from the body or injecting fluid inside the body. Furthermore, as these chronic diseases are on the rise, the usage of such syringes has prospered over the past few years and is continued to bolster over the forecast period. The easing factor also fuels the demand for hypodermic syringes in the medical sector.
A recent research report on the global 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. In addition to that, various other factors that drive the traction of the hypodermic syringes market are aggressive price ranges and new schemes. This is likely to push the sales of hypodermic syringes.
Key Takeaways
- The global hypodermic syringes market is anticipated to flourish under the backdrop of the global pharmaceutical industry throughout the projection period. In addition to that, hypodermic syringes are preferred when compared to the after-filled syringes as they offer fixed dosages of the drug and ease in usability.
- Prefill ability is expected to assist in reducing the overall cost by decreasing the drug overfill. Moreover, 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.
- The prefilled hypodermic syringes eradicate the source of inefficiency within the manufacturing processes by efficiently eliminating drug overfills. Furthermore, this is considered a particularly advantageous component for numerous companies dealing with costly biopharmaceuticals. The growth of the biologics market is likely to boost the hypodermic syringes market.
- The conventional syringes were built with glass barrels and glass rods, which were estimated to be expensive to manufacture when compared to plastic-based hypodermic syringes, pushing the sales of hypodermic syringes globally.
- Healthcare workers are likely to benefit from accurate and pre-measured doses. The surging demand for hypodermic syringes is also anticipated to be fueled due to reduced dosage, medication errors along with 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.
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Competitive Landscape-
The key players within the hypodermic syringes market are focusing on mergers and collaborations that are expected to propel the sales of hypodermic syringes throughout the assessment period. Several prominent market players are working on introducing hypodermic syringes with a needle that has an integrated plunger stop to help prevent the plunger from being pulled out. These fuels the sales of hypodermic syringes.
Furthermore, new components within the manufacturing units are being produced by introducing disposable syringes & needles for national and international standards. This increases the demand for hypodermic syringes. Other regional companies have also launched their new set of hypodermic syringes which are the type of devices that have a wide range of clinical applications, increasing the demand for hypodermic syringes.
The Key Companies Profile are: Terumo Corporation, Albert David Ltd., Becton, Dickinson and Company, Nipro Corporation, Smiths Medical, Hindustan Syringes & Medical Devices Limited etc.
More Insights into the Hypodermic Syringes Market
On the basis of geographic landscape, the global hypodermic syringes market has been divided into seven key regions: North America, Latin America, East Asia, South Asia, Europe, Middle East & Africa (MEA), and Oceania.
Europe is expected to dominate the global hypodermic syringes market as it is expected to hold the maximum market share in the global hypodermic syringes market owing to the well-established healthcare industry in the region.
The healthcare sector in developing economies like India is diversifying and is expected to offer opportunities in every segment, which incorporates 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.
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Key Segments In The Hypodermic Syringes Market
By Material Type:
- Polymer Syringes
- Cyclic Olefin Polymers (COP)
- Cyclic Olefin Copolymers (COC)
- Polypropylene and Other Polymers
- Glass Syringes
By Sales Channel:
- Manufacturers
- Distributors
- Retailers
By End User:
- Hospital
- Diabetic Care Centers
- Blood Collection Centers
- Veterinary Care Centers
- Clinics
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