Key Companies Covered in the Market Research are Becton, Dickinson and Company, B. BRAUN MELSUNGEN AG, Cardinal Health Inc., CONNECTICUT HYPODERMICS INC., EXELINT INTERNATIONAL CO., McKesson Corporation, Hitech Syringes, Retractable Technologies, Inc and other key market players.
The global Market size is projected to reach USD $4.5 by 2031 from USD $3.3 billion in 2022, at a CAGR of 3.4% during the forecast period Kenneth Research has evaluated the current market opportunities in Syringes and Needles Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
Rise in incidence of chronic & lifestyle diseases, especially increase in prevalence of diabetes globally, technological advancements in the hypodermic needles market
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
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“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Netscribes’ latest market research report titled Syringes & Needles Market in India 2022 states that the market is growing steadily owing to the better healthcare facilities arising from the improved infrastructure. Healthcare sector in India is growing at a tremendous rate with a large number of hospitals and diagnostic centers being set up. Syringes & needles being a highly used disposable product in almost all medical centers, the market for these products is experiencing steady demand. Increased need for insulin doses, rising demand for vaccines, and growing incidences of diseases are some of the key factors amongst others that is steering ahead the syringes & needles market in the country. However, India remains the ground of illegal market for the same which hampers the market significantly. This has led the Government of India to take several steps which will further aid in the development of the market.
The Indian market for syringes & needles is dominated by a few players. Both domestic manufacturers as well as foreign companies operate in this market. Most foreign companies import their products from their overseas facilities. Total value of imports has been consistently higher than the export earnings for domestic players. The market is seeing innovations in terms of introduction of new and safer products and the players operating in the market are constantly striving in terms of re-inventing products that help in their product profile expansion. Overall, the market for syringes & needles is exhibiting steady growth and holds ample opportunities for the players operating in this market.
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