Portland, OR, Feb. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Syringes Market was pegged at $15.34 billion in 2019, and is anticipated to reach $32.39 billion by 2027, manifesting a CAGR of 9.6% from 2020 to 2027. The report provides a detailed analysis of changing market trends, key investment pockets, major segments, product performance, and competitive scenario.
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Rise in incidence of needle stick injuries, increase in awareness about smart syringes, and high-end technological advancements drive the growth of the global syringes market. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery hider the growth to some extent. Nevertheless, rise in need for safety syringes in emerging countries is anticipated to usher a plethora of opportunities for the market players.
Covid-19 scenario-
- The market has witnessed disruptions in the manufacturing of syringes during the covid-19 outbreak, which in turn resulted in the shortage of syringe supply globally.
- However, the demand for syringes is anticipated to skyrocket post covid. Also, with the regulations eased off the global syringes market is expected to recover soon.
The global syringes market is segmented into type, usage, material, end use, and region Based on product type, the market is categorized into general syringes, specialized syringes, and others. The specialized syringes segment held lion’s share in 2019, with more than two-thirds of the global syringes market share, and is expected to lead the trail by the end of 2027. Furthermore, the same segment is expected to portray the fastest CAGR of 10.0% from 2020 to 2027.
Based on usage, the market is bifurcated into reusable and disposable syringes. The disposable syringes segment accounted for 90% of the global syringes market revenue in 2019, and is expected to maintain its dominance by 2027. Moreover, the same segment is also expected to register the fastest CAGR of 9.8% throughout the forecast period.
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Based on geography, the global market is studied across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. The market across North America held the major market share in 2019, with more than two-fifths of the global market. At the same time, the market across Asia-Pacific is expected to manifest the fastest CAGR of 10.8% from 2020 to 2027.
The key market players in the industry include Nipro Corporation (Nipro Medical Corporation), Retractable Technologies, Inc, Smith’s Group Plc, Terumo Corporation (Terumo Medical Corporation), B. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health Inc, Gerresheimer AG, Hindustan Syringes and Medical Devices Ltd., and Medline Industries, Inc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.