The market for syringes and needles is growing owing to factors such as the high and rising burden of chronic diseases and infectious diseases, increased adoption of injectable drugs, and technological advancements in syringes by medical device companies.
NEWARK, DE / ACCESSWIRE / August 1, 2024 / The demand for syringes and needles in GCC countries is predicted to surge at a 5.40% CAGR through 2034. According to the estimates, the syringe and needle industry in GCC is valued at USD 688.5 million in 2024 and is projected to surpass USD 1,164.90 million by 2034.
In the Gulf Cooperation Council (GCC) countries, the syringe and needle industry is undergoing shifts due to digital health technologies' introduction. Technological upgraded devices that allow for real-time drug adherence monitoring, dose accuracy, and patient outcomes improve clinical decision-making and patient involvement. Manufacturers can provide unique solutions that support the region's digital health activities and enhance patient care and healthcare delivery by utilizing Internet of Things (IoT) platforms, data analytics, and interoperable systems.
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Economic growth and urbanization trends in the GCC area drive healthcare expenditures and consumer demand for high-quality healthcare services. Demand for medical equipment increases in tandem with rising disposable income levels and urban population growth. Manufacturers observing economic trends and consumer preferences can capitalize on economic growth opportunities by aligning their product lines with growing healthcare trends. Investing in industry research and localization strategies, and establishing a strong distribution network can help reach target customers effectively. Businesses can achieve long-term growth and leadership in the GCC healthcare sector by capitalizing on demographic trends and consumer behavior patterns.
The healthcare industry in GCC countries is developing at an impressive since the past decade, which has led to increase in the number of hospital set-ups and various clinics in the region. Growing burden of chronic diseases which require the use of disposable syringes and needles for administering treatment is expected to drive the sales in the GCC syringes and needles market
How Will the GCC Syringes and Needles Market React to Innovation of Smart Syringes?
Smart syringes are engineered with safety mechanisms to prevent the hazardous injection practices like reusing of disposable syringes. They are also equipped to protect the healthcare providers from needle stick injuries which could lead to serious diseases like Hepatitis, HIV and other blood-borne diseases.
The syringes and needles industry is expected to witness a high demand for these innovative smart syringes due to various reasons such as increasing cases of needle stick injuries, higher prevalence of blood-borne diseases, improper usage, and growing importance of safe injection practices.
Furthermore, increasing government initiatives aimed at boosting the use of smart syringes to ascertain infection prevention in elderly patients also will create impressive scope for the expansion of the market.
What are the Key Opportunities for Syringes and Needles Market Growth in GCC Countries?
Product innovation, agreements, partnerships, and collaborations have emerged as key growth strategies adopted by the leading players in the industry. Increasing self-administration of medication in tandem with rising prevalence of chronic diseases, increasing access to vending machines for sterile syringes and needles, higher adoption of prefilled syringes are some of the opportunities present in GCC countries, encouraging the sales of syringes and needles.
Moreover, collaborations and acquisitions among drug manufacturing and pharmaceutical companies are presenting lucrative opportunities for growth of the market. Favorable government policies which encourage healthcare providers to improve patient safety by using smart syringes and avoiding improper usage practices are also providing opportunities for the expansion of the market.
Key Takeaways from the GCC Syringe and Needle Industry Report
The GCC syringe and needle industry size expanded at a 9.10% CAGR from 2019 to 2023.
The disposable segment holds 80.30% of industry shares in 2024.
The hypodermic segment captures 85.40% of industry shares in 2024.
The industry size in the Kingdom of Saudi Arabia is projected to rise at a 5.60% CAGR through 2034.
The industry size in the United Arab Emirates is anticipated to develop at a 5.70% CAGR through 2034.
The industry size in Bahrain is estimated to surge at a 4.60% CAGR through 2034.
The industry size in Oman is expected to increase at a 5.30% CAGR through 2034.
Competitive Landscape
The syringe and needle industry in GCC countries is competitive, with considerable global corporations such as Becton, Dickinson, and Company (BD), Terumo Corporation, and Smiths Medical competing with regional players. These firms compete on the basis of product quality, cost, regulatory compliance, and distribution efficiency. Emerging domestic firms and startups contribute to the competitive landscape by promoting innovation and dynamism. Acquisitions, mergers and partnerships are common strategic efforts firms use in the GCC healthcare sector to increase their industry position and capitalize on new possibilities.
Recent Developments
In February 2023, Venus Remedies Ltd., a research-based pharmaceutical firm, acquired GMP certification from Saudi Arabia.
In September 2022, BD (Becton, Dickinson, and Company) launched a next-generation glass pre-fillable syringe (PFS), setting a new benchmark for vaccine PFS performance. The PFS meets stricter criteria for processability, cosmetics, contamination, and integrity.
"The syringe and needle industry in GCC depends heavily on innovation, legal compliance, and strategic alliances. In this fast-paced healthcare industry, innovation, adherence to strict rules, and alliance-building are key factors driving development and distinction." Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
10 Key Company of the Syringe and Needle Industry in GCC:
Becton, Dickinson and Company (BD)
Terumo Corporation
Smiths Medical
Nipro Corporation
B. Braun Melsungen AG
Cardinal Health, Inc.
Gerresheimer AG
Hindustan Syringes & Medical Devices Ltd. (HMD)
Medtronic plc
Fresenius SE & Co. KGaA
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Key Segments Syringe and Needle Industry in GCC:
By Product:
Oral
-
Hypodermic
Standard
-
Special Purpose
Insulin
Tuberculin
Other Special Purpose
Angiographic
By Usability:
Disposable
Reusable
By Material:
Glass
Polymer
By End User:
Hospital
Blood Collection Center
Diabetic Care Center
Veterinary Care Center
Others
By Country:
Kingdom of Saudi Arabia (KSA)
United Arab Emirates (UAE)
Qatar
Bahrain
Oman
Kuwait
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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The overall industry is predicted to grow at a moderate CAGR of 2.3% during the forecast period. The GCC medical gloves industry share is estimated to reach a value of nearly USD 213.7 million by 2034.
Latin America hypodermic syringes and needles market size is likely to reach US$ 207.25 million in 2023 and is projected to be worth USD 360.78 million by 2033. The market is likely to expand at a CAGR of 5.9% from 2023 to 2033.
The prefilled syringe drug molecule market is set to expand significantly, with projected sales rising from USD 70,177.9 million to USD 125,678 million at a 6% CAGR between 2024 and 2034. This sales surge is driven by self-administration, rising demand for biological drugs, and advantages such as ease of use, accurate dosing, reduced contamination risk, and improved patient compliance.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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SOURCE: Future Market Insights, Inc.
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