India Syringe Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Insulin Syringe, Conventional Syringe), By Material (Glass, Plastic, Stainless Steel), By Syringe Size (Smaller Volume Syringe, Larger Volume Syringe) - Forecasts From 2023 To 2028

Syringes are medical instruments used to inject therapeutic medicines into a patient's body. These tools are used to draw blood from patients, which are subsequently examined to determine a patient's status. Additionally, weaker virus strains are administered via syringes to help people develop immunity to them. Syringes also employ a piston function for blood collection and drug delivery. In India, there are various syringe varieties available, each with a unique set of benefits. In India, there are many different kinds of syringes that are available, including disposable, medical, insulin, glass, and hypodermic syringes. The enormous medical and healthcare industry in India has resulted in high demand for disposable and medicinal syringes in the nation. Additionally, there are many patients who have been diagnosed with diabetes, which has led to a rise in the need for insulin syringes in India.

Drivers:

The India syringe market is driven by the vast medical and healthcare sector in the country.

The increase in the usage of injectable pharmaceuticals and regulations governing disposable syringes, are the main factors driving the growth of the syringe market in India. Additional reasons such as an increase in healthcare spending, an increase in the incidence of different chronic conditions, and a rise in the number of needlestick wounds also contribute to the market's expansion.

The government's initiatives have had a favorable impact on the syringe market in India. The Indian Government has designated medical devices as a priority area for the flagship "Make in India" program and is committed to bolstering the manufacturing ecosystem, according to the Indian National Investment Agency, Invest India. According to the same report, India is Asia's fourth-largest market for medical devices. The India syringe market has benefited from programs like the Production Linked Incentive Scheme (PLI) and the Promotion of Medical Device Parks Scheme. The Production Linked Incentives Scheme (PLI) Scheme for Medical Devices Production puts forth a financial incentive to increase domestic manufacturing and draw significant investment to the medical devices segments.

Key Developments.

• In April 2021, Hindustan Syringes and Medical Devices (HMD), a significant Indian producer and global supplier of syringes and other medical equipment, announced that the company planned to invest approximately US$ 12.1 million to increase its production capacity from 2.5 billion syringes to over 3 billion syringes in order to meet the rising demand for syringes in India during the country's vaccination drive. The business intended to use this investment for syringe-mold production lines, molding equipment, printing and assembly packaging, needle assembly, needlepoint grinding, hiring personnel, and employee training.

Rising diabetes cases have resulted in increased demand for insulin syringes.

According to reports from the International Diabetes Federation, India had over 74 million adults that were diagnosed with diabetes in the world, which was the second-highest number in the world in 2021. The report also stated that over 1 in 12 adults were affected by diabetes and around 40 million adults in India were at a high risk of type 2 diabetes. As such, the existence of several diabetes cases in the country has led to significant demand for insulin syringes in India and has favorably impacted the Indian syringe market.

India Syringe Market Scope: 

Key Market Segments