The growing prevalence of diabetes is one of the significant factors influencing the market growth.
The global insulin syringes market is expected to reach USD 6.89 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the demand for insulin syringes to delivering insulin to diabetic patients.
Increasing health expenses is a major factor driving the market demand. In 2017, health spending in the U.S. rose by around 4.0% to USD 3.50 trillion. The growing prevalence of diabetes in the U.S. results in an increased health care spending on the diabetic treatment. According to a study published in 2016, it has been found that spending on diabetes rose from USD 37.00 billion in the year 1996 to USD 101.00 billion in the year 2013.
Rise in the geriatric population is one of the significant factors influencing the market growth. It has been estimated that by 2050 approximately 16% of the global population will be aged more than 65 years, which expected to increase fivefold since 1950. Forecasts from the World Health Organization (WHO), United Nations (UN), and the EU commission all indicate aging as a significant challenge for society, which demands concentrated efforts to meet the requirements of the elderly. Owing to this, the incidence of target diseases such as chronic diseases is expected to grow and, in return, will boom the demand.
The Center for Disease Control and Prevention (CDC) reports diabetes as the seventh leading cause of death among Americans as of 2019. Diabetes is no more limited to the rich nations and is becoming most significantly in low-middle income countries. Diabetes has become one of four high priority Non-Communicable Diseases (NCDs) targeted for action by leaders across the globe.
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Key participants include
Becton, Dickinson, and Company, Abbot Laboratories, Novo Nordisk, B. Braun Melsungen AG, Medtronic PLC, Ypsomed AG, Medline Industries Inc., Sanofi, Cardinal Health Inc., and Nipro Medical Corporation, among others.
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2027.
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
Further key findings from the report suggest
By product type, 3/10 cc syringes held a substantial share of the market in 2018.
By usage, disposable syringes are projected to grow at a rate of 7.7% in the forecast period. The key benefit of using disposable syringes is that no infection may be transmitted as the injection is disposed-off instantly after use.
By end-user, hospitals and clinics contributed to the largest market share in 2018 and is expected to witness a growth rate of 7.6% in the period 2019-2027. The factors including well-resourced operating & diagnostic rooms, higher purchasing power, existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share.
The market in the Asia Pacific region is expected to grow at the fastest rate of 9.5% in the forecast period, due to the improving healthcare infrastructure, rising investments by market players, and better reimbursement scenario.
In September 2019, Novo Nordisk, a leading market player, announced its agreement with Medtronic to offer integrated digital solutions for people with diabetes. Novo Nordisk is preparing to launch a disposable, prefilled injection solution along with other drug delivery devices.
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For the purpose of this report, Reports and Data have segmented the global insulin syringes market on the basis of product type, usage, end-user, and region:
Product Type Outlook (Revenue, USD Million; 2016-2027)
Usage Outlook (Revenue, USD Million; 2016-2027)
End User Outlook (Revenue, USD Million; 2016-2027)
Regional Outlook (Revenue, USD Million; 2016-2027)
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