Latvia: Syringe Market 2024

Syringe Market Size in Latvia

The Latvian syringe market declined to $X in 2022, shrinking by -6.3% against the previous year. In general, consumption, however, recorded a perceptible descent. Syringe consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Syringe Production in Latvia

In value terms, syringe production fell notably to $X in 2022 estimated in export price. Over the period under review, production faced a precipitous decrease. Syringe production peaked at $X in 2021, and then shrank sharply in the following year.

Syringe Exports

Exports from Latvia

In 2022, overseas shipments of syringes, with or without needles decreased by -39.2% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 371% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2021, and then dropped remarkably in the following year.

In value terms, syringe exports stood at $X in 2022. Over the period under review, exports, however, posted significant growth. The growth pace was the most rapid in 2013 with an increase of 378% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Belarus (X units) was the main destination for syringe exports from Latvia, with a 57% share of total exports. Moreover, syringe exports to Belarus exceeded the volume sent to the second major destination, Lithuania (X units), fivefold. The third position in this ranking was taken by Estonia (X units), with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume to Belarus amounted to +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+58.3% per year) and Estonia (+72.5% per year).

In value terms, Belarus ($X) remains the key foreign market for syringes, with or without needles exports from Latvia, comprising 72% of total exports. The second position in the ranking was taken by Lithuania ($X), with a 13% share of total exports. It was followed by Estonia, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to Belarus stood at +23.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+51.9% per year) and Estonia (+83.8% per year).

Export Prices by Country

The average syringe export price stood at $X per thousand units in 2022, with an increase of 72% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per thousand units in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per thousand units), while the average price for exports to Bulgaria ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Syringe Imports

Imports into Latvia

In 2022, overseas purchases of syringes, with or without needles were finally on the rise to reach X units after three years of decline. Over the period under review, imports, however, continue to indicate a noticeable decline. The pace of growth appeared the most rapid in 2017 when imports increased by 158% against the previous year. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, syringe imports fell slightly to $X in 2022. In general, imports, however, saw a slight reduction. The pace of growth was the most pronounced in 2017 when imports increased by 68% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Germany (X units) and Estonia (X units) were the main suppliers of syringe imports to Latvia, together comprising 85% of total imports. Italy, Sweden, Slovakia and the Netherlands lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +73.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest syringe suppliers to Latvia were China ($X), Germany ($X) and the Netherlands ($X), together accounting for 59% of total imports. Estonia, Italy, Slovakia and Sweden lagged somewhat behind, together comprising a further 23%.

Sweden, with a CAGR of +63.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average syringe import price stood at $X per thousand units in 2022, declining by -14.1% against the previous year. Over the period under review, the import price, however, saw a moderate expansion. The pace of growth appeared the most rapid in 2016 when the average import price increased by 64%. Over the period under review, average import prices reached the maximum at $X per thousand units in 2021, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per thousand units), while the price for Sweden ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform