The Global Prefilled Syringes Market accounted for $3,567 million in 2016 and is expected to attain $7,212 Million by 2023, growing at a CAGR of 10.5% during the forecast period, 2017-2023.
The benefits of using prefilled syringes, such as lower risk of infection, higher precision, and standardization over traditional syringes, are expected to attract the patients with chronic diseases and fuel the innovations and market growth of prefilled syringes.
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The growth of the global prefilled syringes market is driven by several factors, including a surge in home-based healthcare market, rise in prevalence of chronic diseases, increase in adoption of injectable drugs, and the advantages of prefilled syringes over conventional vials. Additionally, increased demand for biologics, biosimilars, and prefilled injectable drugs provide lucrative opportunities to emerging market players. However, stringent government regulations, the emergence of alternate drug-delivery methods, and product recalls hamper market growth.
The report segments the global prefilled syringes market by material, design, therapeutic, application, and geography. Based on material, the report bifurcates the market into glass-based and plastic-based. The glass-based prefilled syringes segment accounted for the highest market share, in terms of both volume and revenue in 2016, due to its properties such as robustness, transparency, tolerability, strength, chemical inertness, and non-reactive nature. However, plastic-based segment is poised to grow at the fastest rate during the forecast period due to the recent development of polymer technology-based plastics used to manufacture prefilled syringes.
Based on design, the market is sub-segmented into single-chamber prefilled syringes, dual-chamber prefilled syringes, and customized prefilled syringes. The single-chamber prefilled syringes segment is projected to contribute the largest revenue to the future market due to rise in adoption of self-administered parenteral drugs. The market is bifurcated into large and small molecules based on therapeutic. Based on application, the market is fragmented into anaphylaxis, rheumatoid arthritis, diabetes, and others. Regionally, Europe dominated the global market in 2016, due to 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.
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The report also profiles key players involved in the global prefilled syringes market, such as
- Dickinson and Company,
- Medtronic plc.,
- Gerresheimer AG,
- Schott AG,
- West Pharmaceutical Services, Inc.,
- Nipro Corporation,
- Unilife Corporation,
- Vetter Pharma International GmbH,
- Baxter International, and Abbott Labs.
They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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