Prefilled
Syringes Market Overview
Market Research Future (MRFR) studied
the global prefilled syringes market Share valued
at USD 79.5 billion in 2022 and is projected to grow from USD 83.6 Billion in
2023 to USD 1124.59 billion by 2032, exhibiting a compound annual growth rate
(CAGR) of 5.1% during the forecast period (2023 - 2032).
The minimal drug wastage achieved
through the increased in the utility of prefilled syringes has opened an
attractive option for the growing pharmaceutical sector to invest. This is
expected to promote the prefilled syringe market in the study period. The
benefit of self-administration of medication offered by these syringes has
increased its consumer based, thereby contributing to the overall growth of the
prefilled syringe market.
The
biologics and biosimilars sectors are observed as another major promoters of
the prefilled syringe market. Other causes that are expected to propel the Prefilled Syringes Market Outlook
are persistence of chronic diseases over a long time that necessitate the
regular administration of drugs. Increase in chronic diseases, such as
diabetes, is identified to enhance the development of prefilled syringes for
parenteral drug delivery is the preferred route of administration for insulin.
Ease of use and dosing errors elimination benefits offered prefilled syringe,
along with the causes can favor the market. Greater dose precision, simplicity
in design, and suitability for home use are other advantages of prefilled
syringe that is expected to promote the market during the analysis period.
The utility of prefilled syringes for
different therapeutics applications, other than conventional uses, such as
vaccine dispensing, has also triggered the demand for the market. The rapid
development of the medical industry over the past few years is also likely to
contribute significantly to the rise of the market. In addition, the increase
in demand for convenient drug delivery methods has paved way for the
development of the market. This is due to the pharmaceutical industry pursues
modern and more effective methods for introduction solutions for convenient
administration of unit dose medication.
Prefilled
syringes are disposable syringes that are already loaded with liquid medicine.
They are used for many therapeutic biologic formulations, especially for
expensive drugs or low volumes. They have benefits such as saving time,
reducing nursing costs, ensuring accuracy, and preventing contamination.
Prefilled
syringes have four key components: a plunger, stopper, barrel, and a needle.
The plunger and stopper must fit tightly inside of the barrel but should glide
through it when pressure is applied. The syringes can be made of glass or an
advanced polymer.
Competitive
Analysis
Medtronic, Terumo Corporation, OMPI (A
Stevanato Group Company¸ Vetter Pharma International GmbH, Abbott¸ Gerresheimer
AG, Nipro Corporation, Baxter, Schott AG, West Pharmaceutical, Becton,
Dickinson and Company, and Weigao Group, among others are some top-notch
companies that are operating in the prefilled syringes market Players as listed
by MRFR.
Regional Analysis
In Europe, the prefilled syringe
market can hold a decent share of the global market. Expansion of geriatric
population, growing demand for better quality healthcare services and
solutions, ongoing trend of home-based treatment, and hike in healthcare expenditure
are causes that are likely to boost EU market. Similar causes are also observed
as growth inducers in the Americas region. The Americas is likely to hold the
second-largest market portion, following the Asia Pacific region. APAC
prefilled syringe market can rise at 10.78% expansion rate in the forecast
period. Moreover, factors such as, rapid adoption of plastic devices and modern
healthcare developments are, expected to benefit the market in the review
period. In the Middle East Asia, the surge in number of public hospitals and
private clinics can promote the regional prefilled syringe market. market.
Market Segmentation
The segment assessment of the prefilled syringes market Outlook is based out type, end users, material, and design.
The type-based segments of the prefilled syringes market Trends are conventional prefilled syringes and safety prefilled syringes. The conventional prefilled syringes segment is expected to hold the largest share of market by 2024.
The material-based segments of the prefilled syringe market are glass prefilled syringes and plastic prefilled syringes. The plastic syringes segment is expected to garner substantial revenue for the market. The expansion of the plastic syringe segment can be attributed to their increasing utility the pharmaceutical packaging. The glass prefilled syringes segment studies oil siliconized syringes and baked on silicone.
The design-based segments of the market are customized prefilled syringes, dual-chamber prefilled syringes, and single-chamber prefilled syringes. The Dual-chamber prefilled syringes segment can expand at 10.31% CAGR in the forecast tenure. The single-chamber prefilled syringes segment is likely to secure about 56% share for the overall prefilled syringe market by 2024.
The end-user-based segments of market are hospitals & clinics, and ambulatory surgical units among others. The hospitals segment is likely to grow with the rapid CAGR in the study period as the number of private and public hospitals are increasing.
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