The global micro syringes market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing need for microliter syringes for sample collection or targeted drug delivery. Micro syringes are used specifically for homogeneous liquids, applied for fluid injection and extracting fluid from the body. Micro syringes are also used to measure and dose chemicals very precisely, owing to the small diameter of the syringe. Additionally, the increasing clinical trials, and preclinical services are estimated to surge the demand for micro syringes. Moreover, the growing private and government investments to modernize health care infrastructure and life science industries, is projected to fuel the market growth. According to a report by the World Health Organization (WHO), between 2000 and 2017, the global health spending in real terms grew by 3.9% per annum, while the global GDP grew 3.0% a year. In 2017 itself, global health spending reached USD 7.8 trillion, from USD 7.6 trillion in 2016. Furthermore, the growing drug discovery and research activities are also expected to encourage the market growth.
The market is segmented by type into auto samplers, manual, and others, out of which, the auto samplers segment is anticipated to hold a substantial share in the global micro syringes market over the forecast period on account of various advantages of auto sampler, including, good reproducibility, better speed, and greater accuracy. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global micro syringes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of higher adoption of advanced medical technologies in the region, backed by the presence of major clinical research companies in the developed countries.The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of presence of advanced healthcare infrastructure, high healthcare expenditure, and growing focus on medical R&D activities. According to the statistics by the World Bank, in 2018, North America spent USD 10,050.516 for the healthcare of every individual. The total healthcare expenditure accounted for 16.415% of the total GDP of North America in the same year.
The global micro syringes market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global micro syringes market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing demand for clinical trials and preclinical services is estimated to boost the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2031.
High production cost of micro syringes are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the high healthcare expenditure in the region.
The major players in the market are GL Science, Inc., PerkinElmer, Inc., Trajan Scientific and Medical, Agilent Technologies, Inc., Shimadzu Corporation, Avantor, Inc., ITO Corporation, Merck KGaA, and Thermo Fisher Scientific Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, needle type, end-user, and by region.
The biotechnological laboratory segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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