Market Trends of Global Syringes and Needles Industry
This section covers the major market trends shaping the Syringes & Needles Market according to our research experts:
Insulin Administration Segment is Expected to Register High Growth Over the Forecast Period
Insulin is a hormone that the pancreas makes to allow cells to use glucose. When the body isn't making or using insulin correctly, the affected individual can take man-made insulin to help control their blood sugar. Many types can be used to treat diabetes. Diabetes mellitus, commonly known as diabetes, is a metabolic disease that causes high blood sugar. The hormone insulin moves sugar from the blood into your cells to be stored or used for energy. Diabetes can lead to blindness, kidney failure, heart problems, neuropathic pain, and amputations. The vast majority have type 2 diabetes, the kind linked to obesity and lack of exercise, and cases are spreading particularly rapidly in the developing world as people adopt more Western, urban lifestyles.
Moreover, the incidence of this disorder has increased globally over the years. Furthermore, many reports have suggested that this incidence is expected to increase in the future as well. Also, according to the International Diabetes Federation Diabetes Atlas Tenth edition 2021, in 2021, around 74.19 million adults in India were found to have diabetes; with the numbers projected to grow to 92.97 million by 2030 and 124.87 million by 2045. The diabetic population requires insulin for controlling the blood sugar levels, which is usually administered with the help of a syringe. Hence, the increasing prevalence of diabetes is likely to boost the growth of the syringes and needles market.
The recent product launches by the key market players are likely to add to the segment's growth. In May 2022, Roche diabetes care launched ACCU-FINE pen needles for painless insulin delivery. The product helps in easier insulin delivery thereby leading to better diabetes management for people with diabetes. Such activities are expected to add to the growth of the studied market over the forecast period.
Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North American region is expected to dominate primarily due to the market in the United States. The major factors driving the growth of the syringes and needles market in the North American region include the rising prevalence of cardiac disorders, the increasing incidence of diabetes, and a large number of innovative product approvals in the region.
As per the July 2022 report by the Center for Disease Control and Prevention, around 805,000 people in the United States were affected by heart attacks every year. Coronary Artery Disease was the most common type of heart disease, affecting over 20.1 million adults over the age of 20 years in the nation. Needles and syringes are essential for CVD therapies and treatment. As a result, the high prevalence of the disease is expected to help the market growth.
The incidence of diabetes is also high and increasing in the country. As per a 2021 report by the International Diabetes Federation, there were around 32 million people in the United States living with diabetes in the year 2021. This number is expected to increase to 34.8 million by 2030 and 36.3 million by 2045. Insulin pens and syringes are used for diabetes therapy. Hence increasing prevalence of diabetes suggests market growth.
The recent product approvals in the region are aiding the growth of the studied market. For instance, in February 2022, Takeda received the United States Food and Drug Administration approval for the TAKHZYRO (lanadelumab-flyo) injection single-dose prefilled syringe (PFS) to prevent attacks of hereditary angioedema (HAE). These factors are expected to help the market growth in the region.
Thus owing to the rising prevalence of chronic diseases in the nation, along with the product innovations, the studied market is expected to grow significantly over the forecast period.
