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The growing prevalence of diabetes is one of the significant factors influencing the market growth.
NEW YORK, NY, UNITED STATES, November 22, 2021 /EINPresswire.com/ — 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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The report is formulated through exhaustive primary and secondary research which is verified and validated by industry experts, research analysts, and professionals. The report aims to help readers and users improve their business performances by providing insightful data about business sphere such as recent technological development, product advancements, and adoption of strategic business steps. The report also offers extensive analysis of the competitive landscape along with business overviews, expansion plans, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product and brand promotions, government and corporate deals, and partnerships among others.
Top Companies in the Market 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 focus on development of vaccines to combat COVID-19 pandemic and focus on preventive medicine to mitigate future epidemics and pandemics, rising number of product approvals for drugs and therapeutics, and rapid digital transformation in the pharmaceutical and healthcare industry are some key factors expected to drive revenue growth over the forecast period. With the social distancing norms in place and growing focus on telemedicine, digital technologies were adopted at an accelerated rate allowing healthcare professionals to efficiently manage health of the patients. One of the most crucial drivers of the pharma & healthcare industry is the rapid integration of artificial intelligence in key areas such as R&D, patient care, commercialization, and drug discovery and development. It has also led to a reduction in healthcare expenditure and improved efficiency of the systems which is expected to further contribute to revenue growth of the market going ahead.
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Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered. The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Insulin Syringes market.
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)
• 3/10 cc Syringe
• 1/2 cc Syringe
• 1 cc Syringe
Usage Outlook (Revenue, USD Million; 2016-2027)
• Reusable Syringe
• Disposable Syringe
• Prefilled Syringe
End User Outlook (Revenue, USD Million; 2016-2027)
• Hospitals & Clinics
• Homecare Settings
Key Regions Studied in the Report:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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