Saudi Arabia Syringe Market to Grow at a CAGR of 12.4% during Forecast Period
Published | 21 July 2022
Saudi Arabia Syringe Market is flourishing owing to the rising prevalence of contagious diseases, rising public health awareness, and expansion of the disposable syringe market along with the growing need for disease prevention…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Syringe market is estimated to grow at a CAGR of 12.4%, by the end of 2028. The Saudi Arabia Syringe Market is booming because of a growing patient population necessitating drug injections or fluid withdrawal from the body for diagnostic purposes. Moreover, rising vaccination awareness, as well as various advancements such as the introduction of smart syringes, have led to a surge in the market during the forecast period. Additionally, the growing elderly population in Saudi Arabia, is more likely to contract chronic illnesses and fatal conditions including cancer and cardiovascular ailments, and need prompt medical care. Healthcare experts choose to utilize syringes for injections as a treatment for illnesses and to provide quick relief. Furthermore, syringe technology upgrades and technological improvements are having an impact on the Saudi Arabian industry. Awareness campaigns, as well as increased training on safe injection practices and proper injection disposal, will fuel market growth. However, the market throughout the specified period may be hampered by the increased interest in alternate drug delivery techniques such as patches and oral.
Consumption of Vaccines is Increasing Saudi Arabia's Need for Disposable Syringes
With a shift in public opinion toward vaccination, a quickly expanding population, heightened public health consciousness, an increase in the number of diseases, and the quick growth of the disposable syringe industry. Saudi Arabia has a sizable population and is one of the fastest-growing economies in the world. Syringes are increasingly being shipped to this nation. Syringe makers' widespread presence, greater government efforts to vaccinate all newborns, and knowledge of current market trends are all contributing to the growth of the syringes market in Saudi Arabia. Moreover, Chronic and infectious disease incidence is rising. The market is expected to expand significantly in the coming years as the prevalence of infectious and chronic diseases rises across the country. Diabetes, cancer, and heart disease are leading causes of death and disability in Saudi Arabia. According to the study, chronic diseases are the primary factor driving up healthcare costs in the country each year. According to some reports, the overall number of diabetics in Saudi Arabia is expected to rise by 2045.
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Rapidly Expanding Trends
The growing number of patients who require an injection of medications or removal of bodily fluids for diagnostic purposes drives the market's expansion. Furthermore, the market is expected to expand during the forecast period as a result of several developments, such as the introduction of smart syringes, increased awareness of various vaccinations, and other factors. Major corporations have grown significantly in the marketplace. Furthermore, in several states, efforts to legalize the possession of syringes for personal use have begun. This development is expected to provide lucrative opportunities in the Saudi Arabia Syringe Market during the forecast period.
Challenge: Growing Concerns Regarding Waste Disposal
Concerns about medical waste disposal in the region are growing due to a lack of resources, incorrect disposal methods, and a lack of waste management research. According to research, Saudi Arabia generates 80 tonnes of medical waste per day. Waste disposal is restricted to small-scale landfilling or incineration. These practices have an impact on other critical aspects such as water supplies, soil fertility, air quality, and others. This issue is likely to limit market growth due to the increased use of reusable syringes and masks, as one-time-use products increase the volume of medical waste.
Segmental Coverage
Saudi Arabia Syringe Market - By Usage
Based on usage, the Saudi Arabia Syringe Market is segmented into Reusable and Disposable. Among these, Disposable accounts to hold the largest market share. This is due to the rising consumer preference for drug delivery via injections to ensure quick reaction time and provide immediate relief to patients is driving up Syringe demand. The growing elderly population in Saudi Arabia, as well as a growing preference for self-treatment in medical emergencies and to avoid unnecessary medical costs, are driving the market growth. Reusable syringes are highly susceptible to infection risks, resulting in high disposable demand in Saudi Arabia.
End-User Syringe Market in Saudi Arabia
The Saudi Arabia Syringe Market is divided into Hospitals & Clinics, Diabetes Care Centre, Blood Banks Centre, and Others. The hospitals and clinics segment currently holds the largest market share and is expected to do so throughout the forecast period (2022-2028). This is because chronic diseases are common and high-quality treatment is inexpensive. The growing number of medical procedures, such as operations, that require injections to deliver essential medicines is assisting the market's growth. As a result, the hospitals and clinics segment is expected to dominate the market share in the coming years.
Impact of COVID-19 on Saudi Arabia Syringe Market
Several industries have been impacted by the COVID-19 pandemic-induced lockdown and economic crisis. Many suppliers initially faced significant resource constraints in their material supply and logistics chains, which had a significant impact on their operations. The COVID-19 pandemic, on the other hand, increased the demand for syringes across the country. To accommodate the increased demand for syringes around the nation, some businesses have acknowledged expanding their manufacturing capabilities. The introduction of COVID vaccinations is expected to significantly increase the demand for syringes both in the United States and globally. Furthermore, to meet rising demand, local players in the country are implementing a variety of strategies, such as the launch of new products and collaborations. The market is expected to grow during the forecast period (2022-2028) due to increased demand for syringes.
Competitive Landscape
The leading market players in the Saudi Arabia Syringe Market are AlShifa Medical Products, Vernal Group, Saudi Mais Co., Medtronic Saudi Arabia, Becton, Dickinson, Nipro Middle East, Mediserve, Baxter Company Limited, and other prominent players. The Saudi Arabia Syringe Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Syringe Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Syringe Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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