World News: 10:49 GMT Wednesday 11th September 2019. [Fior Markets via Globe Newswire via SPi World News]
New Jersey, NJ, Sept. 11, 2019 (GLOBE NEWSWIRE) -- The growing use of disposable syringes, ongoing research on biodegradable microneedles and the emergence of digital path labs in hospitals are driving the growth of the market. The is expected to grow from USD 1.60 Billion in 2017 to USD 2.23 Billion by 2025, at a CAGR of 4.23% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Syringes and cannulas are the principal medical instruments used in the healthcare facilities for applications ranging from normal drug injections to complex surgeries. A rising number of patients and number of surgeries are driving the demand for syringes and cannulas extensively. Further, the increasing prevalence of chronic diseases such as diabetes and HIV epidemic has fuelled the consumption of syringes and cannulas.
The factors such as rising incidence of chronic diseases such as diabetes, kidney failure, etc. as well as increasing preference for minimally invasive surgeries are driving the global syringes and cannulas market. The threat of infection from the reused syringes and concerns related to improper disposal of syringes and cannulas are expected to present a major roadblock for the growth of the market.
Key players in the global syringes and cannulas market are Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen, Medtronic PLC, Smith & Nephew, Terumo Medical Corporation, Conmed Corporation, Boston Scientific Corporation, Novo Nordisk AS, Ypsomed Holding AG, Johnson & Johnson, Artsana S.p.A., HTL-STREFA, UltiMed Inc., Allison Medical Inc., Edwards Lifesciences Corporation, Erumo Corporation, Medtronic Plc, Gerresheimer, and among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
Product segment is divided into syringes and cannulas. Syringes segment are fragmented into disposable and reusable syringes. Cannulas are categorized into arthroscopy cannula, cardiac cannula, dermatology cannula, nasal cannula, vascular cannula, and other cannulas. Factors such as increasing preference for minimally invasive surgery, rapid drug delivery, and growing focus on the utilization of disposable syringes to prevent the spread of infectious disease, led syringes segment to dominate the global syringes and cannulas market with USD 1.03 billion revenue in 2017.
End-user is segmented into hospitals, diagnostics laboratories, clinics, nursing facilities, and others. Hospitals segment emerged as the leading segment in the global syringes and cannulas market with USD 0.78 billion revenue in 2017. This increased growth can be attributed to the growing access to the affordable first-aid medical the developing countries. Due to increasing government expenditure on strengthening the primary healthcare clinics in the developing economies around the world, the clinics’ segment is projected to grow at an accelerated CAGR of 6.73% over the forecast period.
North America region emerged as the largest market for the syringes and cannulas with 38.53% share of market revenue in 2017. Based on factors such as the presence of large geriatric population, increased incidence of chronic diseases such as diabetes as well as well-developed healthcare and medical industry, North America region led the global syringes and cannulas market in 2017. Asia Pacific region is anticipated to grow at the highest CAGR of 6.43% over the forecast period. Asia Pacific is home to the largest population on the earth. Huge government investment in the region toimprove the healthcare standards as well as the rapid growth of pharmaceutical and healthcare industry in the region is projected to drive the demand for the syringes and cannulas within the Asia Pacific region.
The Global Syringes and Cannulas Market is analysed on the basis of value (USD Billion), volume (Million Units), consumption (Million Units), imports (Million Units) and exports (Million Units).All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
The report can be customized as per client requirements. For further queries, you can contact us on or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.
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Globe Newswire: 10:49 GMT Wednesday 11th September 2019
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