Insulin Syringes Market Expected to Reach 2,401.51 Million by 2030

According to a new report published by Allied Market Research, titled, “Insulin syringes Market by, syringe size, disease and end user: global opportunity analysis and Industries forecast, 2021–2030," The insulin syringes market was valued at $1,561.20 million in 2020, and is projected to reach $2,401.51 million by 2030, registering a CAGR of 4.4% from 2021 to 2030.

An insulin syringe aids in delivering insulin to diabetic patients in required doses. The insulin syringes consist of three parts-a needles, a barrel, and a plunger, and is available in various sizes. The needle is usually thin and short and covered with a special material such as silicone in order to allow it to slide through the skin causing minimal pain. Barrel is the chamber that holds the insulin. It is marked with calibrations designed to show the units of insulin being injected. The plunger is the narrow rod that slides up and down the length of the barrel. it serves to either draw the insulin into the barrel or release the insulin from the barrel through the needle. Further, the size of the insulin syringe is selected based on the desired dosage of insulin to be administered to diabetic patients.

The major factor that drives the growth of insulin syringes market are increase in the incidence of obesity and adoption of unhealthy lifestyle across the world supplement the market growth. In addition, rise in healthcare spending for diabetes across the world also fuel the growth of insulin syringes market. Furthermore, surge in the prevalence of various chronic diseases such as type1 and type2 diabetes, is another major factor that boosts the market growth. However, increase use of insulin pens and high costs of advanced insulin syringes are the factors that could hinder the growth of market. Conversely, growing in awareness of insulin syringes among population in developing economies is expected to offer lucrative opportunities during the forecast period.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. Lockdown, government regulations, and continuous increase in infection rate across the country created a widespread financial impact on neurology hospitals and clinics. Large number of hospitals and clinics have witnessed a drop in number of patient visits amid COVID-19 ultimately reducing client contact.

The overall impact of COVID -19 remain positive for insulin syringe market. As patients with different health issues such as, diabetes, and high blood pressure are at higher risk of getting affected by this virus. It is found that the mortality rate is high in a patient with diabetes compared to the general population. The people living having diabetes require continuous access to insulin (administrated with syringes or pens) and care. Without or irregular supply of insulin devices due to pandemic can seriously affect the health of a person with diabetes especially who are diagnosed with type-1 diabetes as they are totally dependent on insulin. In addition, according to National Center of Biotechnology Information diabetes is treated with angiotensin converting enzymes inhibitors and this has been discovered that coronavirus binds to the target cells through this enzyme, an enzyme expressed in the blood vessels and lungs. As an increasing level of ACE2 enzyme founded in diabetic patients, the chances of COVID-19 also increase in such patients. Thus, the adoption of insulin syringes and continuous glucose monitoring devices has increased for close monitoring and optimal management of diabetes.

The insulin syringes market size is studied on the basis of syringe size, disease type end user and region  to provide a detailed assessment of the market. On the basis of syringe size, it is bifurcated into 3/10 cc Syringe (0.3ml), 1/ 2 cc Syringe (0.5ml) and 1cc syringe (1ml). On the basis of disease type, it is bifurcated into type -1 diabetes and type-2 diabetes. By end user, it is bifurcated into hospital, homecare setting, and nursing homes. by region the market is bifurcated into North America, Europe, Asia-Pacific and LAMEA.

On the basis of syringe size, 3c/10 cc syringes(0.3ml) segment holds the largest share in market in 2020. The growth of the segment is attributable to the factors such as increase in use of 3/10cc syringes (0.3ml) due to rise in the prevalence of Type 1diabetes across the world are the key factor anticipating the growth of market.

On the basis of disease type, type 2 diabetes segment holds the largest share in market in 2020. The growth of the segment is attributable to the factors such as rise in the adoption of unhealthy lifestyles surge in prevalence of type diabetes across the world are the key factor anticipating the growth of market.

On the basis of end user, hospital & clinics segment holds the largest share in market in 2020 The growth of the segment is attributable to the factors such as rise in geriatric population and large patients pool and surge in prevalence type 2 diabetes across the world, which require the administration of insulin with the help of insulin syringes are the key factor anticipating the growth of market.

Key Findings Of The Study

• On the basis of syringe size, the 3/10cc syringe segment held the largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of end user, the hospital & clinics industries segment held the largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• Region wise, North America is held the largest market share in 2020, and is expected to remain dominant throughout the forecast period
• Asia-Pacific is anticipated to grow at the highest rate in the insulin syringes market during the forecast period, followed by LAMEA

Region wise, North America acquired a major share of insulin syringes market in 2020 owing, high prevalence of diabetes, increase in healthcare expenditures and presence of key players of insulin syringe manufacturers. However, Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to rise in diabetes prevalence in Asia- Pacific (coupled with large diabetic & pre-diabetic patient population), strengthening distribution networks of global product manufacturers in the region, &, continued expansion of advanced medical facilities in emerging countries (such as China & India) are the key factors anticipating the growth of market.

Furthermore, the report provides an extensive competitive analysis and profiles of the key market players, such as Novo Nordisk A/S, , Biocon Ltd Abbott Laboratories, Terumo Corporation, Cardinal Health Inc, Beckton and Dickinson Company, Eli Lilly and Company, Nipro Medical Corporation, Medline Industries and Hindustan syringe and medical device Ltd The other players in the value chain (not included in the report) are Medtronic., Sanofi S.A and Braun Melunsun