Global Prefilled Syringes Market Size & CAGR (2021 to 2026)
The size of the global prefilled syringes market is forecasted to be worth USD 4.42 billion in 2021 and USD 7.34 billion by 2026, growing at a CAGR of 10.7% from 2021 to 2026.
Impact of COVID-19 on the global prefilled syringes market:
The COVID-19 epidemic compelled governments worldwide to implement total and partial lockdowns, affecting the import, export, and distribution of goods and services. Furthermore, industrial countries in Europe, the Americas, and Asia announced a total border shut down to control the virus. Moreover, the pandemic created an unanticipated surge in the pharmaceutical sector due to a shift in focus toward improved drug delivery systems for disease treatment, which has positively influenced the market for prefilled syringes.
In addition, there is an increase in demand for prefilled syringes over alternative needles to reduce the danger of needlestick injuries. As a result, producers are prepared to enhance manufacturing efficiency to expand the production of the COVID-19 vaccine. For example, the U.S. government committed to spending $138 million with manufacturers to manufacture 100 million more prefilled syringes for Coronavirus vaccinations by 2020 and more than 600 million by the end of 2022. Finally, an increase in clinical trials for coronaviruses has resulted in a massive output of several medicines. As a result, this market’s shares are expected to rise faster in the coming years.
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KEY DRIVING FACTORS:
The rapid growth of the injectable drugs market is driving the global prefilled syringes industry growth.
Injectable drug delivery can be defined as introducing drugs into the patient’s body using a delivery device. Injectables enable the delivery of medications in liquid form straight into the body. The market for injectable drugs is growing in recent years owing to its rapid onset and inability of patients to take medications by mouth. The injectable is most commonly used in biologics and vaccines apart from the standard injectable. Recent deals boosting the injectable market are Pfizer’s $17-billion acquisition of Hospira; Hospira is a provider of generic sterile injectable with more than 200 products in different presentations.
Growing healthcare infrastructure across emerging markets is likely to boost prefilled syringes market growth.
Inadequate healthcare financing continues to be a problem in developing nations, affecting access to care, quality, and, ultimately, residents’ health. World Bank states 400 million people need vital health services, particularly in Africa and South Asia. Furthermore, rapid medical inflation, i.e., the expense of medical treatments, as well as an increase in the prevalence of non-communicable lifestyle-related illnesses such as cancer, diabetes, or cardiac syndromes, have resulted in financing shortages.
According to a Geneva Association report, over the last two decades, the share of total aggregate global healthcare expenditure in GDP has increased from about 8% to nearly 10%, or an estimated USD 8 trillion per year, driven by rising medical treatment costs, expanding treatment options, and increasing customer demands. Furthermore, the global health spending would nearly triple to USD 24 trillion by 2040, with upper-middle-income nations expected to grow at the quickest rate, at 5.3 percent annual average. This expansion may be ascribed to sustained GDP development, the emergence of the middle class, and increased government expenditure.
Some of the prefilled syringes have experienced product recalls. As the patients start using these devices, safety, usability, and other issues have surfaced. The developers of these devices should be aware of these instances to avoid a similar fate for new devices. Device recall is associated with a considerable cost burden, significantly negatively impacting the device’s evolution. These costs are related to investigation/inspection, product replacement, loss of market share, current pipeline assessment, and loss of production time. Recalls in the significant products can result in a decrease in the number of sales of Prefilled syringes. Hence product recalls are a significant hurdle for the market growth. In addition, the availability of cheaper alternatives, Challenges associated with the manufacturing of prefilled syringes, and other factors restraining the market growth.
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KEY MARKET INSIGHTS:
- Based on material, the glass prefilled syringes segment dominated with a revenue share of around 48.45% of the overall market in 2020. The considerable benefits provided, such as preventing oxygen and water vapor from reacting with medication components, compatibility with different filling machines, and easy integration into pharmaceutical firms’ PFS processes, account for the vast share of this segment.
- Based on type, the safety prefilled syringes segment is predicted to grow at the highest CAGR during the forecasted period. Growing disposable income and the increasing prominence of innovative healthcare items are driving up market demand.
- Geographically, Asia Pacific is projected to record the fastest growth, registering a CAGR of around 9.74% from 2021 to 2026. This can be attributed to rising chronic illness, development of the biologics and biosimilars market, technical advancements, regional expansion by manufacturers, aging population, and widespread use of self-injection devices boost demand for prefilled syringes.
- The study contains some of the top competitors on the prefilled global syringes market: Becton, West Pharmaceutical Services, Inc, Catalent, Inc, MedPro Inc, Weigao Group, and Vetter Pharma International GmbH, SCHOTT AG, Ompi, Nipro Corporation, and Gerresheimer AG.
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Recent Market Developments:
- In October 2020, Gerresheimer AG and Stevanato Group went into a commercialization agreement. As a result, Stevanato Group agreed to supply Gerresheimer AG with its S.G. integrated tip cap closure (ITC) system for Gx RTF syringes, which would be available to other pharmaceutical firms under this deal. This would improve the items’ safety and, as a result, broaden their consumer base.
- In November 2019, West Pharmaceutical Services Inc. announced a collaboration with SCHOTT AG to integrate the SCHOTT iQ platform with West’s Ready Pack technology. This partnership included SCHOTT’s glass goods, such as vial forms, ready-to-use cartridges (cartriQ), and pre-fillable glass syringes (syriQ), to West’s Ready Pack system.
SEGMENTS IN THE REPORT:
- Glass Prefilled Syringes
- Plastic Prefilled Syringes
- Conventional Prefilled Syringes
- Safety Prefilled Syringes
- Monoclonal Antibodies
By Distribution Channel:
- Ambulatory Surgical Centres
- Mail-Order Pharmacies
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Becton Dickinson and Company
- Gerresheimer AG
- SCHOTT AG
- West Pharmaceutical Services, Inc.
- Ompi, Catalent, Inc.
- Weigao Group
- Vetter Pharma International GmbH
- Nipro Corporation
- MedPro Inc.
BROWSE REGIONAL REPORTS:
- North America Prefilled Syringes Market
- Europe Prefilled Syringes Market
- APAC Prefilled Syringes Market
- Latin America Prefilled Syringes Market
- MEA Prefilled Syringes Market
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