The Europe syringe market is projected to reach US$ 8,707.80 million by 2027 from US$ 4,238.29 million in 2019; the market is estimated to grow at CAGR of 9.3% from 2020 to 2027.
The growth of the Europe syringe market is driven by factors such as growing number of chronic and infectious diseases, and increasing use of injectable drugs. However, the rising number of needle-stick injuries hinders the growth of the market.
Syringes play a major role in the administration of vaccines, nutritional supplements, medicines, etc. Increasing prevalence of chronic medical conditions and rising patient population are prominently expected to drive the market growth during the forecast period. Parenteral injections confer greater reliability and precision of drug dosage, as well as rapid initiation of drug action. Injectable drug delivery devices such as conventional syringes, needle-free injectors, and auto and pen injectors are extensively used in the therapeutics of cancer and autoimmune disorders, among many other medical conditions. 2017 has been a crucial year for biosimilar approvals in Europe. Although the first biosimilars to the European market were approved long back, in 2006 and 2007, the number of approved biosimilars has doubled in the past two years. There is a growing demand for vaccines, insulin, human growth hormones, and many modern medicines to treat cancer and other chronic diseases. As per the BioPharm International, biologics currently account for ~70% of the world's top-10 selling drugs. The biologics are mainly administered through the injectable route. Thus, the rising use of injectable drugs has escalated the demand for syringes thus driving the market growth.
On the basis of syringe type, the Europe syringe market is subsegmented into luer lock syringes, glass syringes, luer slip syringes, and others. In 2019, the luer lock syringes segment accounted for the largest share of the market. However, the glass syringes segment is estimated to register the highest CAGR of 10.1% in the market during the forecast period.
On the basis of application, the Europe syringe market is segmented into aesthetics, human health, lab/industrial, and others. The human health segment held the largest share of the market in 2019; further, the aesthetics segment is estimated to register the highest CAGR of 10.4% in the market during the forecast period.
On the basis of usability, the Europe syringe market is segmented into sterilizable/reusable syringes and disposable syringes. The disposable syringes segment held a larger share of the market in 2019; moreover, it is estimated to register a higher CAGR of 9.5% in the market during the forecast period.
On the basis of end user, the Europe syringe market is segmented into hospitals and clinics, blood collection centers, diabetic care centers, and others. The hospitals and clinics segment held the largest share of the market in 2019. However, the diabetic care centers segment is estimated to register the highest CAGR of 10.3% in the market during the forecast period.
The major primary and secondary sources referred to while preparing the report on the Europe syringe market are the World Health Organization (WHO), Food and Drug Administration (FDA), United States Nations Department of Economic and Social Affairs, American Society of Plastic Surgeons, U.S. Department of Health and Human Services, Arthritis Foundation, and American Diabetes Association, among others.