Mar 19, 2021
Demand High for Syringes and Cannulas Made from Plastic Material: Fact.MR Study
by Team Fact.MR
Around 2 million people get infected with diseases such as HIV and hepatitis each year due to reusable syringes. Disposable syringes prevent the plunger being pulled back after an injection so that it cannot be used again. Thus, use of disposable syringes is gaining wide popularity in hospitals in every part of the world. Expected advantages are ensuring sterility and preventing the spread of infections from patient to patient. Parallel to this, there is also the need to improve disposal facilities at hospital. Across regions, demand for plastic-made syringes and cannulas is high, with a market share of close to 95%.
The COVID-19 pandemic has affected the market quiet significantly. The pandemic has surged demand for syringes, which, in turn, has resulted in shortage of syringes. Currently, with the introduction of vaccines for COVID-19, demand for syringes has surged at an unprecedented rate. Many countries are focusing on carrying out vaccination drives, which is leading to the shortage of syringes. For instance, there is growing fear in Japan that millions of doses of the Pfizer vaccine purchased by the government could get wasted due to shortage of special syringes that maximize the number of shots from each vial. Thus, the pandemic is putting great pressure on manufacturers to ramp up the production of syringes.
As per revised estimates by Fact.MR, the global syringes and cannulas market is estimated to exhibit a CAGR of around 4% over the forecast period (2020-2030).
Key Takeaways from Market Study
- By product, syringes dominate with a market share of more than 90%, and will further observe a rise in market share during the forecast period.
- Plastics will dominate the market contributing maximum revenue share.
- Hospitals will account for bulk of the demand through 2030, with more than 35% of market share.
- North America holds the highest market share due to initiatives taken up through various exchange programs that spread awareness and distribute clean needles and syringes.
- The market for syringes and cannulas is projected to progress at a healthy CAGR of more than 6% in China and India.
“The outbreak of COVID-19 and introduction of vaccines into the market are surging demand for syringes and cannulas,” says a Fact.MR analyst.
Manufacturers Aiming to Strengthen their Position through Acquisitions
Leading manufacturers of medical supplies are focusing on acquisitions and collaborations in order to upsurge their product portfolios and expand their regional presence. This will provide improved patient care while optimizing clinical and economic outcomes.
- For instance, in January 2019, Cardinal Health announced the acquisition of Mirixa Corporation, a leading organization developing solutions for medication therapy management.
- In August 2020, B. Braun Medical Inc. and Kerma Medical Product, Inc. announced a collaboration to develop and improve healthcare products and services.
Looking for More Information?
The research study on the syringes and cannulas market by Fact.MR incorporates an unbiased assessment of key demand-driving factors and trends, which have shaped the landscape over 2015–2019, and includes detailed assessment of key parameters that are anticipated to exert influence during 2020–2030. Market statistics have been presented based on product (syringes and cannulas), material (plastics, metals, elastomers, and glass), and end user (hospitals, ambulatory surgical centers, cancer research centers, nursing facilities, diagnostic laboratories, and homecare settings), across seven major regions of the world - North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa.
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare
E-mail: [email protected]