Global Syringes and Cannulas Market Envisioned to Value Over US$ 24.5 Billion by 2029 End

  • 10 Jul 2019

Global syringes and cannulas market is envisioned to value over US$ 24.5 Billion by 2029 end and register a CAGR of over 4% from 2019 to 2029.

Rising surgeries alongside a growing pool of patients are accelerating the growth of the market. Since the healthcare industry requires syringes and cannulas in bulk, multiple local manufacturers have appeared to fulfil the bulk supply with affordable rates. This has inflated the size of the market. 
The market is bifurcated on product type and end users. Product type consists of syringes and cannulas. The emergence of prefilled syringes is expected to boost the growth of the market in the coming time. Syringes are witnessed to dominate the market. The growing emphasis on disposable syringes has fueled the growth of the market. Disposable syringes prevent in spreading of infectious disease. Initiatives like WHO's initiative of use of smart syringes to promote the safe usage of syringes is expected to propel the growth of the market. Rising use of auto-disable syringes is also expected to complement the growth of the market. Also, further advancement in needleless connectors is giving an efficient replacement of cannulas. Research and Development investments are also aiming to develop the next-gen medical tool which would accelerate the growth of the market. 

Based on end users, the market is divided into hospitals, diagnostic laboratories, clinics, nursing facilities, and others. Hospitals are expected to dominate the market during the forecast period. Hospital is equipped with the latest technologies and skilled professionals The rising number of procedures alongside rising healthcare expenditure remains the key factor behind the growth. Clinics are also expected to complement the growth of the market during the forecast period. Approval of US$ 105 Million non-reimbursable funds approved by government based primary healthcare remains a key factor behind the expansion of clinics in the US.

Based on regions, North America holds the majority share of the market. The presence of prominent players alongside the rising number of surgeries remains the major factor behind the growth of the market. Asia-Pacific region is expected to dominate the market in the coming years. Growing R&D investments coupled with the rapid increase of healthcare infrastructure is driving the growth of the market in the region. Availability of the products at affordable rates is also complementing the growth of the market in the region. For instance, the National Pharmaceutical Pricing Authority (NPPA) in India estimated a mark-up of approx 64% in retail prices of syringes in FQ 2018. 

Established players of the market are Lifesciences Corporation, Medtronic Plc., Becton, Edwards Lifesciences Corporation, B.Braun Melsungen AG and others.

Global Syringes and Cannulas Market Segmentation
By Product Type

•    Syringes 
•    Cannulas

By End Users 
•    Hospitals 
•    Diagnostic Laboratories 
•    Clinics 
•    Nursing Facilities 
•    Others  

By Region: 
•    Europe  
•    North America  
•    APAC  
•    Latin America 
•    Rest of World  

Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants   

FutureWise Takeaways: 
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth  

Objectives of the Study: 
•    To provide with an exhaustive analysis on the syringes and cannulas market based on the product type, end user, and region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

 

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