Prefilled Syringes Market Overview
Market
Research Future (MRFR) studied the global prefilled syringes
market Size 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
Prefilled Syringes Market is witnessing robust growth due to increasing demand
for convenient drug delivery systems and advancements in biotechnology. These
syringes, pre-filled with precise doses of medication, reduce dosing errors,
enhance patient compliance, and minimize healthcare costs. Key drivers include
the rising prevalence of chronic diseases, aging populations, and the need for
self-administration of drugs. Additionally, the COVID-19 pandemic has
accelerated market growth, with a focus on vaccine distribution. However,
challenges such as regulatory hurdles and concerns regarding product
compatibility and stability persist. Nonetheless, technological innovations and
strategic collaborations among pharmaceutical companies are expected to drive
market expansion.
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 syrings
market companies as listed by MRFR.
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.
The
pre-filled syringes market has witnessed exponential growth driven by the
increasing demand for convenience and safety in drug delivery systems. Pre-filled injection
devices offer several advantages over traditional vial and syringe
systems, including reduced risk of contamination, improved accuracy in dosing,
and enhanced patient compliance. These sterile injection systems are prefilled
with a precise dosage of medication, eliminating the need for manual filling
and reducing the chances of dosing errors. With advancements in technology and
the rising prevalence of chronic diseases requiring long-term medication
regimens, the adoption of pre-filled syringes is expected to continue rising
significantly.
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.
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