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, the 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 the hospital. Across regions, demand for plastic-made syringes and cannulas is high, with a market share of close to 95 per cent.
The COVID-19 pandemic has affected the market quite significantly. The pandemic has surged demand for syringes, which, in turn, has resulted in a 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 a 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 a shortage of special syringes that maximise 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 an ESOMAR-certified market research and consulting firm, the global syringes and cannulas market is estimated to exhibit a CAGR of around 4 per cent over the forecast period (2020-2030).
According to the Facr.MR report, Syringes and Cannulas Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030, plastics will dominate the market contributing maximum revenue share and hospitals will account for the bulk of the demand through 2030, with more than 35 per cent of market share.
Moreover, North America holds the highest market share due to initiatives taken up through various exchange programmes 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 per cent 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 report analyst.