Insulin Syringes Market Research: Key Growth Drivers and Challenges and Forecast to 2030

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The global Insulin Syringes Market was valued at USD 1.50 billion in 2021 and is projected to achieve a revenue CAGR of 6.9% during the forecast period. The market growth is driven by factors such as the increasing number of diabetes patients worldwide and the adoption of unhealthy lifestyles. The rise in obesity and chronic diseases across all age groups also contributes to the market's revenue growth.

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Insulin is a hormone responsible for regulating metabolism and is produced by the pancreas. Insulin syringes are essential tools for administering insulin to individuals with diabetes. The rising global demand for insulin syringes and the subsequent expansion of the market are primarily influenced by several significant factors. These include the increasing aging population, the widespread prevalence of diabetes worldwide, and the adoption of unhealthy lifestyles, which often lead to obesity. Additionally, the upsurge in chronic illnesses, encompassing both type-1 and type-2 diabetes, provides further impetus to the global insulin syringe market's growth.
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The COVID-19 pandemic has impacted healthcare markets worldwide, including the insulin syringes market. Temporary bans and restrictions on medical procedures have affected revenue growth. Patients with diabetes are particularly vulnerable to COVID-19 complications, emphasizing the need for prompt treatment and driving market growth. However, the increasing popularity of insulin pens and the high costs of advanced insulin syringes can negatively impact the market's revenue growth.
Key players in the Insulin Syringes Market:
• Nipro Medical Corporation
• Biocon Ltd.
• Terumo Corporation
• Cardinal Health Inc.
• Novo Nordisk A/S
• Abbott Laboratories
• Becton
• Dickinson and Company
• Hindustan Syringes and Medical Devices Ltd.
• Teleflex
• B. Braun Melsungen
The rapid growth in the number of diabetic patients globally is a significant driver for market growth. The International Diabetes Federation estimates that around 535 million adults are living with diabetes, and this number is projected to reach 640 million by 2030. Unhealthy lifestyles contribute to the risk of diabetes and other chronic health issues, increasing healthcare expenditure and demand for insulin syringes.
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The growing popularity of insulin pens is a key factor that may hamper the revenue growth of the global insulin syringes market. Insulin pens offer easier administration compared to syringes, with fewer steps and less chance for mistakes. Studies show that the majority of diabetes patients find insulin pens easier to use and more convenient. The less painful nature of insulin pens also contributes to their popularity, potentially restraining the revenue growth of insulin syringes.
The global insulin syringes market is segmented based on size, disease, end-use, and region. The 3/10 cc syringe segment is expected to account for the largest revenue share due to its capacity to hold up to 30 units of insulin dosage. The ½ cc syringe segment is projected to have steady growth as it is commonly used for insulin administration in type-1 diabetes patients. In terms of disease, the type-2 diabetes segment is expected to dominate the market due to the increasing cases of type-2 diabetes worldwide. The hospital & clinics segment is the largest end-use segment, driven by the rise in chronic diseases and the aging population. Homecare and nursing homes segments are also expected to experience steady growth.
North America currently holds the largest revenue share in the global insulin syringes market, with the US being the major contributor. The region benefits from investments in R&D, a well-developed healthcare sector, and the presence of key market players. Asia-Pacific is expected to have the fastest revenue growth due to the rapid development of the healthcare sector, increasing investments in R&D, and growing disposable income. Europe is projected to experience steady growth, driven by investments in research and development and the increasing incidence of diabetes and obesity.
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