The worldwide Prefilled Syringes market is anticipated to grow at a 10.20 CAGR between 2019 and 2023. The rise in consumption of research report further analyzes the market’s competitive landscape and offers information on several companies
The market for prefilled syringes is anticipated to develop with a 10.20 CAGR percent approximately while earning revenues worth USD 8397.23 million in the forecast period. The market is also showing rising propensity for divergence from the traditional process of production as well as the materials that are used. The minimal drug wastage that is achieved through the usage of prefilled syringes has made it an attractive option for the pharmaceutical sector. The self-administration of medication by these syringes has raised the demand from user end as well thereby contributing to the overall market growth.
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Usage of prefilled syringes in a wide array of therapeutics sectors, other than for conventional uses such as anticoagulants and vaccine dispensing has increased the demand for the market. The development of the medical industry has picked up at a rapid pace in the past few years, which has positively contributed to the expansion of the prefilled syringes market significantly. Moreover, the demand for convenient drug delivery methods has also given way to the development of the prefilled syringes market as the pharmaceutical industry pursues new and more effective methods for unit dose medication.
The paradigm shift observed in the sectors of biologics and biosimilars is also found to be promoting the market’s growth significantly. Additionally, another factor that is causing market growth are the chronic diseases which persist for a long time and therefore necessitate the regular administration of drugs. The surge in chronic diseases such as diabetes will possibly enhance the development of the market for prefilled syringes as parenteral drug delivery is the second most preferred route of administration. The advantages of ease of use and elimination of dosing errors are among the most significant benefits of pre-filled syringes. The suitability for home use, greater dose precision and simplicity in design are adjudged to the factors that will radically boost the demand of the market in the forthcoming forecast period.
The main trends and players have set an optimistic tone for development. The potency of the market’s growth has improved the competitive setting of the market with competitors in the market leveraging their strengths to maintain their progress in the market. The market development by contenders will give quick returns through active risk management strategies. The market pace has been significantly altered by the converting and engaging of potential prospects.
The major competitors in the prefilled syringes market are Medtronic, OMPI (A Stevanato Group Company) ¸Terumo Corporation, Abbott¸ Nipro Corporation, Vetter Pharma International GmbH, Gerresheimer AG, Schott AG, Baxter, Becton, Dickinson and Company, West Pharmaceutical, Weigao Group, and others.
The segmentation of the prefilled syringes market is carried out on the basis of type, material, design and end users. Based on type, the segmentation of the prefilled syringes market consists of safety prefilled syringes and conventional prefilled syringes. Conventional prefilled syringes accounted for the largest market share of about 68% of the share for the global prefilled syringes market in 2017. The segmentation of prefilled syringes based on material comprises of plastic prefilled syringes and glass prefilled syringes.
Plastic syringes have garnered the most substantial growth rate due to its usage in many applications of pharmaceutical packaging. Additionally, glass prefilled syringes are moreover sub-segmented into baked on silicone and oil siliconized syringes. The design based segmentation of the prefilled syringes market is segmented into dual-chamber prefilled syringes, customized prefilled syringes, and single-chamber prefilled syringes.
Dual-chamber prefilled syringes are expected to grow at a rate of CAGR of 10.31% during the forecast period. Single-chamber prefilled syringes are responsible for the largest market share of about 56% of the share for the global prefilled syringe market in 2017. The end-user segment of the prefilled syringes market consists of ambulatory surgical units, hospitals & clinics and others. Hospitals expected to grow at the fastest CAGR, due to increasing public and private hospitals.
Detailed Regional Analysis
The regional analysis of the prefilled syringes market globally consists of regions is divided into Europe, Americas, Asia Pacific, Middle East and Africa. The European region is responsible for the leading market share of about 41.4 percent in the year 2017 and is expected to lead the prefilled syringes market globally. The higher share is majorly attributed to the rising geriatric population, demand for quality healthcare and growing trend of home-based treatment separate with high healthcare expenditure.
The Americas region is responsible for the second biggest market portion, whereas the Asia Pacific region is anticipated to develop at a rapid expansion rate of about 10.78 percent during the forecast period. With loads of prospects and unceasingly developing economies, the region is expected to be among the rapidly growing area. Moreover, factors such as Japan’s quick adoption of plastic devices along with the modern healthcare developments, and increasing number of private and public hospitals, are promoting the growth of the market.
The Middle East and Africa region with a lesser degree of economic developments and very low-income per capita is responsible for the minimum market share in 2017 but is likely to develop in the future.
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