Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Prefilled Syringes Market, Global Forecast 2023-2029, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
Global Prefilled Syringes Market will cross US$ 15.63 Billion by 2029, according to the publisher. As the pharmaceutical industry pursues innovative and more convenient drug delivery techniques, prefilled syringes have emerged as one of the fastest-growing options for unit-dose medication.
Worldwide prefilled syringes market is estimated to increase at a CAGR of 10.34% between 2023 and 2029
The rising incidence of chronic diseases, such as diabetes and other autoimmune diseases, is likely to fuel the market demand in the forthcoming years. For instance, according to the American Autoimmune Related Diseases Association Inc. (AARDA), about 50 million Americans suffer from autoimmune disorders currently.
In addition, the growing demand for biological drugs and innovations in pre-fillable syringe technologies to fulfill the unmet needs for treating chronic diseases across the globe is likely to support global market growth. Combined with this, the increasing number of product launches by key players and the high adoption of the products by healthcare professionals will likely boost the market during the forecast period. As a results, Global Prefilled Syringes Industry was US$ 7.85 Billion in 2022.
Disposable prefilled syringes will dominate the market
Because of its wide range of uses, the disposable prefilled syringes segment is expected to increase the most in the future years. Furthermore, these devices lessen contamination hazards, which is expected to increase their demand. Needlestick injuries, on the other hand, are caused by risky actions such as using a prefilled syringe and needle several times without following precautionary procedures as instructed by healthcare experts.
During the projected period, the reusable prefilled syringes category is predicted to increase at the quickest rate. Companies are increasingly concentrating on producing reusable gadgets, which will reduce expenses due to the high pricing of the devices and the complex technology involved. Furthermore, the frequent and urgent need for timely doses in illnesses like diabetes and anaphylaxis has increased demand for multi-dose, reusable devices like insulin pens and Epipens. Furthermore, governments in emerging markets are launching programmes to expand the usage of reusable prefilled syringes and needles in order to prevent disease transmission in patients, pushing sector growth throughout the forecast period.
Category of glass prefilled syringes was estimated to have the biggest proportion of prefilled syringes
The major benefits provided, such as preventing oxygen and water vapour from mixing with drug composites, compatibility with various stuffing machines, and faultless integration into pharmaceutical firms' PFS processes, account for the large proportion of glass prefilled. To address the disadvantages of glass prefilled syringes, the material segment of the prefilled syringes market is likely to move from glass to polymer (plastic) syringes over the forecast period.
For example, silicone oil (used to lubricate the inner surface of glass-prefilled syringes) is a critical element that cannot be avoided in the manufacture of glass-prefilled syringes but is known to interfere with biologic characteristics. Furthermore, Cyclo-Olefin-Polymer (COP) syringes are far more resistant to fracture than glass syringes. As a result, the aforementioned factors will play a role in rising demand for plastic prefilled syringes throughout the projected period.
Single-chamber Prefilled Syringes accounted for the majority of the Prefilled Syringes Market by Design
The category of single-chamber prefilled syringes accounted for the greatest proportion of the prefilled syringes market. Furthermore, the substantial benefits of employing single-chamber prefilled syringes over vials, such as improved API usage with decreased overfill, lesser pharmaceutical waste in clinical trials, reduced material needs, and convenient storage and disposal, are driving market expansion. In addition, due to the prevalence of numerous chronic conditions and the benefits of self-administered parenteral drugs, there is an increase in their use.
Diabetes Application wishes to gain the Largest Possible Market Share
When the breadth of the Application was considered, the diabetes sector dominated the industry revenue share. A huge patient base, rising diabetes prevalence, and the demand for better and safer insulin delivery devices are some of the factors likely to keep this sector dominant during the projection period. According to the International Diabetes Federation, around 537 million persons (20-79 years) had diabetes in December 2021, and approximately 6.7 million fatalities occurred globally owing to diabetes in the year 2021.
Furthermore, to strengthen their market position, big corporations such as B.D. and others are introducing prefilled syringes developed specifically for chronic illness medication. For example, the B.D. Hypak SCF PRTC glass pre-fillable syringe is used to treat chronic illnesses. B.D. announced intentions in May 2021 to spin off its Diabetes Care segment as a separate, publicly listed company ('NewCo'). B.D. Diabetes Care has been a driving force behind the development of insulin syringes and other products, producing around 8 billion injectable devices each year and serving approximately 30 million patients. Such factors are projected to drive product demand in the near future.
In the Next Years, there will be an increase in demand for Hospital End-Users
Because of increased admissions of patients with diabetes, cardiovascular disease, and cancer, the hospital sector dominated the market. Furthermore, because to their wide range of uses, hospitals are the principal consumers of these syringes. Furthermore, the growing emphasis on constructing healthcare infrastructure in developing Asia Pacific and African nations is likely to drive sector expansion. On the other hand, the growing trend of self-care and the availability of gadgets that allow for less visits to healthcare experts are likely to stifle the growth of this category.
North America is predicted to lead the Prefilled Syringes Market overall
Because of the high incidence of autoimmune illnesses and chronic diseases, the expanding older population, high disease awareness among people, and new product releases in the area, North America is expected to account for the dominating market share.
In the prefilled syringes market, Europe is one of the most profitable areas. The rising prevalence of chronic conditions, technological advancements, growth of the biologics and biosimilars market, and geographical expansion by key manufacturers, growing population, and high adoption of tone-injectable prefilled syringes are the major factors driving the European prefilled syringes market.
Due to increased acceptance across key nations, Asia Pacific is expected to be the fastest-growing market for prefilled syringes in the future years. Furthermore, rising investments in pharmaceutical production and healthcare infrastructure in China and India are expected to provide significant development possibilities throughout the projection period.
Important Market Participants in the Prefilled Syringes Market: Gerresheimer AG, Medtronic Plc Abbott Laboratories, Bayer AG, Baxter International Becton and Catalent, Inc. are some of the key market players in the prefilled syringes market.
Glenmark Pharmaceuticals Limited gained FDA clearance for the Icatibant Injection, 30 mg/3 mL (10 mg/mL) Single-Dose Prefilled Syringe in May 2021.
Roche got clearance from the US FDA in April 2021 for the company's supplementary Biologics License Application for Xolair (omalizumab) prefilled syringe for self-injection across all authorised U.S. indications.
By Type
- Disposable Prefilled Syringes
- Reusable Prefilled Syringes
By Material
- Glass
- Plastic
By Application
- Diabetes
- Rheumatoid Artheitis
- Anaphylaxis
- Antithrombotic/Thrombolytic Therapy
- Others
By Design
- Single-Chamber
- Dual-Chamber
- Customized
By Distribution Channels
- Hospital
- Blood Collection Centers
- Diabetic Care Centers
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East &
| Report Attribute | Details |
| No. of Pages | 155 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $7.85 Billion |
| Forecasted Market Value (USD) by 2029 | $15.63 Billion |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Global |
Companies Mentioned
- Gerresheimer AG
- Medtronic Plc
- Abbott Laboratories
- Bayer AG,
- Baxter International
- Becton
- Catalent, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6lnmyg
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