The Prefilled Syringes Market is set to grow from $3,567 million in 2016 to $7,212 million by 2023, driven by demand for safe and efficient drug delivery systems.
The Prefilled Syringes Market was valued at $3,567 million in 2016, and is estimated to reach $7,212 million by 2023, registering a CAGR of 10.5% from 2017 to 2023. A “prefilled syringe” is a syringe filled with a fixed quantity of a therapeutic drug. These are novel devices used for delivering drugs with improved accuracy, affordability, efficacy, convenience, sterility, safety, and accessibility. These features make it more advantageous than traditional methods of drug delivery where glass or metal vials were used to store pharmaceutical drugs. The removal of drug from these vials was prone to contamination and increased the possibility of dosing errors. Therefore, prefilled syringes eliminate the aforementioned drawbacks, resulting in increase in their demand.
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Europe accounted for the highest market share in the industry in 2016, and is expected to maintain its dominance throughout the forecast period.
Healthcare professionals use prefilled syringes to administer fixed single-dose of drugs to the patient. Prefilled syringes are used to package a variety of drugs and diluents, such as therapeutic proteins, vaccines, and insulin. Some of the advantages of using these syringes over traditional syringes are ease of administration, elimination of dosing errors, and reduced risk of contamination.
The major factors that drive the growth of prefilled syringes market are growth in home-based healthcare market, increase in adoption of injectable drugs, rise in incidence of chronic diseases that require frequent drug administration, benefits over syringe packaging systems, and surge in demand for point-of-care drug administration. However, the presence of alternative drug delivery means, the cost associated with the manufacturing of prefilled syringes, storage problem for these syringes, and stringent regulations set by government authorities impede the market growth. Moreover, technological advancements, new innovations, and meeting the unmet demand for these syringes are the key opportunities for the market growth in the near future.
Glass-based prefilled syringes accounted for the highest market share, in terms of both volume and revenue in 2016, owing to properties, such as robustness, transparency, tolerability, strength, chemical inertness, and non-reactive nature. However, plastic-based prefilled syringes are expected to register highest CAGR from 2017 to 2023 due to the recent development of polymer technology-based plastics used to manufacture prefilled syringes.
Single-chamber prefilled syringes are anticipated to be the highest contributor toward the market growth due to rise in adoption of self-administered parenteral drugs.
In 2016, Europe accounted for maximum contribution to the total revenue generated, owing to the market maturity, high prevalence rate of chronic diseases, presence of high disposable income, and high adoption rate of these products. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in incidence rate of chronic disease, increase in demand for self-administered treatment, and rise in geriatric population.
The key players operating in the global prefilled syringes market include
• Becton
• Dickinson and Company
• Medtronic plc.
• Gerresheimer AG
• Terumo Medical Corporation
• West Pharmaceutical Services, Inc.
• Nipro Corporation
• Unilife Corporation
• Vetter Pharma International GmbH
• Baxter International, and Abbott Laboratories.
The other prominent players in the value chain include Ypsomed Holding AG, Haselmeier, Weigao Group, Owen Mumford, Bayer Healthcare, and Biocon.
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Table Of Content
Chapter: 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools & models
Chapter: 2 EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE
Chapter: 3 MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top investment pockets
3.2.2. Top winning strategies
3.3. PORTERS FIVE FORCES ANALYSIS
3.4. REGULATION AND REIMBURSEMENT SCENARIO
3.5. MARKET DYNAMICS
3.5.1. Drivers
3.5.1.1. Growth in home-based healthcare market
3.5.1.2. Increase in adoption of injectable drugs
3.5.1.3. Rise in incidence rate of chronic disease
3.5.1.4. Benefits of using prefilled syringes over conventional vials
3.5.1.5. Technological advancement
3.5.2. Restraints
3.5.2.1. Stringent government regulations
3.5.2.2. Availability of alternate drug-delivery methods
3.5.2.3. Product recalls
3.5.3. Opportunities
3.5.3.1. Rise in demand for biologics and biosimilars
3.5.3.2. Increase in demand for injectable drugs in prefilled forms….
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The article discusses the growth and trends in the Prefilled Syringes Market from 2016 to 2023.
Growth is driven by demand for safe drug delivery, rise in chronic diseases, and home-based healthcare.
Europe accounted for the highest market share in 2016 and is expected to maintain dominance.
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