Saudi Arabia syringes & cannula market is poised to exhibit a CAGR of 5.3% between 2024 and 2034 and is projected to reach USD 409.4 million by the end of 2034.
NEWARK, DE / ACCESSWIRE / August 22, 2024 / The MENA Syringes & Cannula Market is set for substantial growth, with sales expected to increase from USD 1,592.2 million in 2024 to USD 2,824.7 million by 2034. The market is projected to expand at a compound annual growth rate (CAGR) of 5.9% over the forecast period from 2024 to 2034.
In 2023, the revenue generated by syringes alone was USD 1,108.1 million. The industry is anticipated to exhibit a year-over-year growth rate of 5.9% in 2024, reflecting the ongoing demand and rising adoption of these essential medical devices.
The growth is driven by factors such as increasing healthcare needs, advancements in medical technology, and a growing focus on patient care and safety in the MENA region.
The main factors driving the market's expansion are the rising usage of injectable medications, intravenous (IV) treatments, and the rising number of patients having medical operations. Furthermore, an increasing number of people are requiring frequent injections to treat chronic illnesses including diabetes, HIV/AIDS, and cancer, which is driving up demand for syringes and cannulas in the market.
Expanding medical tourism, rising investment in private hospitals, and expanding healthcare infrastructure in MENA countries like Saudi Arabia and the United Arab Emirates draw patients from all across the region. This patient flood increases the need for medical supplies and propels the local market for syringes and cannulas.
In countries within the MENA, the prevalence of HIV infections is rising at an alarming rate. The overall prevalence of HIV in these countries is higher than in others. HIV/AIDS is still a public health concern across the globe. According to the World Health Organization (WHO), there are roughly 38 million HIV-positive people worldwide.
On account of this, the rate of diagnosis and treatment in the region has increased, which is expected to spur demand for syringes and cannulas. Moreover, countries like Dubai have emerged as the most popular cosmetic medical tourism spot, with 50 cosmetic and plastic surgeons per million population which is the highest in the world.
The adoption of advanced technology and the presence of highly trained professionals are some factors influencing growth in the MENA syringes & cannula market.
Little is known about the prevalence of needle phobia in adults with chronic diseases, who may be exposed to needles frequently and for long periods of time for life-saving treatments such as dialysis and cancer treatment.
To help these individuals with frequent needle and cannula exposure, finding therapies that help with needle phobia and associated distress is critical. Thus, rising advancements in the development of cost-effective solutions to address these critical issues within the region are set to propel growth in the MENA syringes & cannula market through 2033
What are the Key Trends Propelling the Demand for Syringes & Cannula in MENA?
WHO issued an injection safety guideline to assist countries in addressing the problem of unsafe injections which have resulted in the development of several deadly infectious diseases.
The development of advanced devices such as novel smart syringes for injection into muscles and skin has improved the prevention strategies for the proliferation of needle-based, contact-induced infections. The rising adoption of smart syringes across countries within MENA will drive growth in the market.
Improvements in the healthcare infrastructure within the region have increased the establishment of clinics. The increasing prevalence of chronic diseases, as well as the advent of the COVID-19 pandemic, is expected to fuel demand for syringes and cannulas in MENA.
Key Takeaways MENA Syringes & Cannula Market:
Strong Market Growth: The MENA region's market for syringes and cannulas is anticipated to grow from USD 1,592.2 million in 2024 to USD 2,824.7 million by 2034.
Impressive CAGR: The sector is expected to witness a CAGR of 5.9% from 2024 to 2034.
Significant Revenue Contribution: Syringes alone generated USD 1,108.1 million in revenue in 2023 and are projected to continue their upward trajectory with a Y-o-Y growth of 5.9% in 2024.
This growth trajectory underscores the rising demand for medical devices in the MENA region, driven by advancements in healthcare infrastructure and increasing healthcare needs.
Full Report URL: https://www.futuremarketinsights.com/reports/mena-syringes-and-cannula-market
"This growth is fueled by the rising incidence of chronic illnesses like diabetes and cancer, which necessitate frequent injections, alongside a surge in healthcare investment, urbanization, and the adoption of advanced, safety-enhanced syringes and cannulas in the region." Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape:
The syringes and cannula sector is witnessing significant competitive activity as leading companies focus on broadening their market reach through the enhancement of direct sales channels and the expansion of distribution networks. Major players are also engaging in strategic partnerships to introduce innovative products to the market.
Recent Industry Developments in the MENA Syringes and Cannula Market
In November 2021, Diabeloop SA, an innovator in therapeutic AI, joined forces with Terumo Corporation to develop Automated Insulin Delivery (AID) systems, targeting markets in Japan and Europe, with plans for expansion into emerging MENA markets. Concurrently, Becton Dickinson & Company increased their manufacturing capabilities in Spain to bolster their presence in Europe and enhance their distribution network within the MENA region.
Key Players of MENA Syringes & Cannula Market:
Ambu A/S
Becton, Dickinson, and Company
Cardinal Health
B. Braun Medical Inc.
Medline Industries Inc.
Nipro Corporation
Terumo Corporation
Hindustan Syringes & Medical Devices Ltd.
Schott Kaisha Private Limited
Edwards Lifesciences Corporation
Abu Dhabi National Industrial Projects Company
Middle East Medical
Medtronic Plc.
The 3M Company
Honeywell International Inc.
Kimberly-Clark Corporation
DuPont de Nemours, Inc.
Top Glove Corporation Bhd
Ansell Limited
Hartalega Holdings Berhad
Key Segments of Reconditioned IBC Industry
By Product:
In terms of product, the industry is divided into syringes (disposable hypodermic syringes, auto disposable syringes, safety syringes, prefilled syringes, insulin syringes), and cannula (neonatal cannula, straight cannula, winged cannula, cannula with wings & port, cannula with integrated stop cock, nasal cannula)
By Usage:
In terms of usage, the industry is segregated into reusable and disposable.
By Distribution Channel:
The industry is classified distribution channel as institutional sales (hospitals, ambulatory surgical centres, office-based clinics, skilled nursing facilities & long term care centres, diagnostic laboratories and academic and research institutions), retail sales (retail pharmacies, drug stores, retail stores {hypermarket/supermarket}, online sales)
By Region:
Key countries of MENA, including Algeria, Iran, Israel, Egypt, UAE, Saudi Arabia, Morocco, Kuwait, Qatar, Turkey, and Rest of MENA have been covered in the report.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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