Increase in prevalence of diabetes, surge in the geriatric population, and rise in healthcare expenditure have boosted the growth of the global insulin syringes market.
PORTLAND, Ore., Jan. 20, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Insulin Syringes Market by Syringe Size (3/10 cc Syringe (0.3ml), 1/ 2 cc Syringe (0.5ml), 1cc syringe (1ml), and Others), Disease (Type-1 Diabetes and Type-2 Diabetes), End User (Hospital & Clinics, Homecare Settings, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global insulin syringes industry was pegged at $1.56 billion in 2020, and is expected to reach $2.40 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
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Major determinants of the market growth
Increase in prevalence of diabetes, surge in the geriatric population, and rise in healthcare expenditure have boosted the growth of the global insulin syringes market. However, high price of insulin and the availability of alternative modes of insulin delivery hinder the market growth. On the contrary, high growth potential in developing countries is expected to open new opportunities for the market players in the future.
The Covid-19 pandemic led to a lockdown and imposed social distancing measures across several countries. The lockdown disrupted the supply chain, production, and distribution.
Patients with high blood pressure and diabetes are at higher risk of getting affected by the virus. Thus, the demand for insulin administration surged during the pandemic.
The type-2 diabetes segment to manifest the highest CAGR through 2030
By disease, the type-2 diabetes segment is estimated to portray the highest CAGR of 4.9% during the forecast period. In addition, the segment held the largest share in 2020, accounting for nearly three-fifths of the market, owing to rise in case of type 2 diabetes across the world. The research also analyzes the type-1 diabetes segment.
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The clinics segment dominated the market
By end user, the hospital & clinics segment held the largest share in 2020, contributing to nearly half of the market. In addition, the segment is projected to manifest the highest CAGR of 5.3% during the forecast period, owing to rise in prevalence of chronic diseases such as diabetes and increase in elderly population. The report also analyzes the segments including homecare and others.
North America held the lion's share
By region, the market across North America held the largest share in 2020, accounting for nearly two-fifths of the market. This is due to high expenditure on R&D, well-established healthcare infrastructure, and presence of major players & their product availability. However, the market across Asia-Pacific is expected to register the highest CAGR of 6.5% during the forecast period, owing to improvement in R&D facilities, rapidly developing economic conditions, and disposable income.
Major market players
Novo Nordisk A/S
Cardinal Health Inc.
Eli Lilly and Company
Beckton and Dickinson Company
Nipro Medical Corporation
Hindustan syringe and medical device Ltd.
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