Prefilled Syringes Market Size, Trends and Growth Analysis by Material (Glass Prefilled Syringes, Oil Siliconized Syringes, Baked on Silicone Syringes and Plastic Syringes), Type (Conventional Prefilled Syringes and Safety Prefilled Syringes), Design (Single-Chamber Prefilled Syringes, Dual-Chamber Prefilled Syringes and Customized Prefilled Syringes), End User, Region, Forecast till 2024
Prefilled Syringes Market Synopsis
Prefilled syringes market can expect to hit a valuation of USD 8397.23 million by 2024, reveals Market Research Future (MRFR). MRFR also confirms that the Prefilled syringes market can develop at a rate of 10.20% between 2015 and 2024 (review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the prefilled syringes market post the coronavirus disease outbreak.
Since the COVID-19 outbreak, the pharma industry has been on a race to develop an effective vaccine and introduce it into the market. The significant growth in the vaccine demand in the light of the growing spread of the pandemic, despite the worldwide lockdown, can be favorable for the prefilled syringes market. A few market trends, such as the efforts by Walker Digital to upgrade single-dose prefilled syringes to meet with the growing demand following the advent of the novel coronavirus, has been a significant growth booster. Although the SARS-CoV-2 outbreak has affected the manufacturing industry worldwide, more than 30 firms are currently involved in the manufacturing of prefilled syringes, which could translate to a fast growth rate for the prefilled syringes market in the coming period.
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Besides the growing demand for prefilled syringes to mitigate the spread of the novel coronavirus, the increasing development of parenteral drugs in the past decade has resulted in higher consumption as well. The consistent surge in the demand for prefilled syringes is due to the fact that these are easy-to-use and safe and bring down dosing errors along with the risk of extravasation, phlebitis and occlusions. Several small-sized firms and a few large enterprises are increasingly outsourcing their operations to contract service vendors. Therefore, given the increasing preference for prefilled syringes across the globe, coupled with the rising complexity of the development processes, the outsourcing trend is most likely to be a significant market trend in the ensuing years.
Furthermore, aiming to meet with the rapidly escalating demand, service providers are now more focused on boosting their capabilities as well as infrastructure; while also trying to expand their client reach. New product launches are also the top favored growth strategy for the leading firms in the global market. For instance, in August 2020, Novartis developed Xolair, an advanced prefilled syringe that can either be self-administered or can be administered by the patient’s caregiver. Xolair is claimed to be the first IgE blocking biologic that can be used for treating mild to severe allergic asthma in patients aged six years or older.
Prefilled Syringes Market Segmental Analysis
The prefilled syringes market has been extensively covered, taking into account a few key segments, namely material, type, design and end-user.
By materials covered in the prefilled syringes market study are plastic syringes and glass prefilled syringes. The types of glass prefilled syringes are baked on silicone syringes as well as oil siliconized syringes.
By key types the prefilled syringes market includes safety prefilled syringes and conventional prefilled syringes.
Design-wise, the prefilled syringes market segments can be dual-chamber prefilled syringes, customized prefilled syringes and single-chamber prefilled syringes.
The prominent end-users in the prefilled syringes market include ambulatory surgical center and hospitals/clinics.
Prefilled Syringes Market Regional Insight
The regional insight of the prefilled syringes market focuses on Europe, the Middle East & Africa/MEA, Asia Pacific/APAC, as well as the Americas.
In 2017, Europe accrued a share of 41.4%, which made it the biggest prefilled syringes market in the world. The rampant demand for better healthcare, rise in the home-based treatment trend and the high healthcare spending are believed to be working in favor of the European market. Also, the mounting cases of autoimmune diseases and diabetes could benefit the market. Demographic trends including the expanding elderly population that is quite prone to chronic diseases can also boost the demand for prefilled syringes in subsequent years.
At the fastest growth rate of around 10.78%, the APAC prefilled syringes market likely to advance at a breakneck speed. Japan’s fast consumption of plastic devices and the increasing healthcare upgradations are cited to be some of the key growth boosters in the APAC market. The market here is also strongly influenced by the accelerated number of private and public hospitals. The fast expanding pool of diabetic patients, with several still undiagnosed in India and China, in the wake of growing prevalence of the sedentary lifestyle as well as bad eating habits has also induced major business growth. This situation has resulted in a massive demand for more advanced drug delivery systems, which is still unmet in the region.
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MEA, owing to slow economic progression and low-income, has managed to seize the smallest share in the global market. However, MRFR experts believe that the market in the region can emerge stronger in the coming years, given the rising focus on the development of the healthcare industry.
Prefilled Syringes Industry Vendors
Key vendors profiled in the prefilled syringes market report include OMPI (A Stevanato Group Company), Abbott, Weigao Group, Gerresheimer AG, West Pharmaceutical, Schott AG, Medtronic, Vetter Pharma International GmbH, Becton, Dickinson and Company, Nipro Corporation, Baxter, Terumo Corporation, to list a few.
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