Prefilled Syringes Market is expected to foresee significant growth...

Prefilled Syringes Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth

Posted 2022-11-14 11:03:25

Global Prefilled Syringes market is expected to reach the market valuation of USD XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX million in 2020. Spinal implants and surgery devices refer to the medical equipment used to treat spinal deformities and disorders. A “prefilled syringe” is a syringe filled with a fixed quantity of a therapeutic drug. They are used for delivering drugs with improved accuracy, affordability, efficacy, convenience, sterility, safety, and accessibility which makes it more advantageous than traditional methods of drug delivery where glass or metal vials were used to store pharmaceutical drugs.

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Some of the key factors anticipated to drive prefilled syringes market are rising demand for prefilled syringes are growing prevalence of chronic diseases such as heart diseases, diabetes, and autoimmune diseases, which require patients to self-administer medications, technological advancements, rising adoption of self-injecting parenteral devices, and supportive government regulations (especially needlestick legislations). Globally, in 2019, approximately 436 million adults (prevalence 9.3%) were suffering from diabetes, and it is expected to rise to 700 million (prevalence 10.9%) by 2045. Moreover, more than 1.1 million children and adolescents are living with type 1 diabetes (Source: International Diabetes Federation).

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However, dearth of prefilled syringes with integrated safety features and availability of cheaper alternatives are estimated to limit the growth of the prefilled syringes market.

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In terms of material, the global prefilled syringes market is segmented into glass prefilled syringes and plastic prefilled syringes. The glass-based prefilled syringes market dominated the market in 2020 and is further predicted to maintain its dominance during the forecast period as well. At present, most prefilled syringes are made of glass. This is because most of the glass prefilled syringes allow delivery of highly viscous medications. Additionally, glass prefilled syringes can be utilized across a wide range of therapeutic areas, like blood stimulants, vaccines, and therapeutic proteins while increasing product life span that will positively boost the segmental growth.

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In addition to this, significant benefits offered by glass prefilled syringes, such as prevention of oxygen and water vapor from interacting with drug compounds, compatibility with different filling machines, and seamless integration into pharmaceutical companies’ PFS operations is further making headway for the growth of the segment in forthcoming years.

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Additionally, the report provides detailed initiatives that are being taken in the field of prefilled syringes. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), Rest of World has been conducted. In terms of geography, this market is dominated by the Europe region, which can be attributed to growing uptake of self-injectable drug devices and increasing preference for biological drugs for treating chronic diseases. In addition to this, growth of the biologics and biosimilars market, high adoption of patient safety measures, technological advancements and geographical expansion by key manufacturers are further driving the demand for self-injectable prefilled syringes in the region.

Becton, Dickinson and Company, Pfizer Inc., Fresenius Medical Care AG & Co. KGaA, Baxter International Inc., Terumo Corporation, B. Braun Melsungen AG, Cardinal Health Inc., Mylan NV, Gerresheimer, SCHOTT AG are some of the prominent players operating in the global prefilled syringes market. Several M&A’s along with partnerships have been undertaken by these players to develop new and innovative products.

Global Prefilled Syringes Market Segmentation

Market Insight, by Type

· Conventional Prefilled Syringes

o Disposable Prefilled Syringes

o Reusable Prefilled Syringes

· Safety Prefilled Syringes

Market Insight, by Material

· Glass Prefilled Syringes

· Plastic Prefilled Syringes

Market Insight, by Design

· Single-Chamber Prefilled Syringes

· Dual- Chamber Prefilled Syringes