Rockville , March 09, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global prefilled syringes market is estimated at US$ 7,742.9 million in 2022 and is expected to expand at an impressive CAGR of 10% during the forecast years of 2022-2032.
A vial and a hypodermic needle are still the most common injectable medication delivery method; however more recent advancements have improved parenteral administration of APIs. Most significantly, over the past few decades, prefilled syringes have grown to be a widely used drug administration mechanism. The procedure of providing a drug product can be safer, quicker, and simpler for nurses and patients when using a prefilled syringe. Hence, giving a positive traction to the sales revenue of the target product market.
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The market has grown and is considering all alternatives to the conventional procedure. Glass syringes dominated the market, but recently, disposable and plastic syringes have also gained popularity. Pre-filled syringes have also been used in numerous therapeutic fields, including the production of vaccinations, blood thinners, and therapeutic proteins.
In addition, the market for prefilled syringes is anticipated to expand due to the rising trend of self-care, which is fuelled by the accessibility of technology tools that reduce the need for in-person visits to healthcare experts. Patients who need to administer injections on a regular basis choose to obtain their medications online. Online pharmacy helps people with long-term conditions including diabetes and allergies. This helps to reduce the overall cost to the patient during the course of therapy, which has a beneficial effect on the target product's acceptance rate.
Contract syringe filling services would offer a significant opportunity for new businesses to enter this market, according to Fact.MR analysis. In order to enable cost optimization of the finished product, key manufacturers should also concentrate on the development of unique materials and cutting-edge technologies, suggest Fact.MR analyst.
Key Takeaways from Market Study
- The global prefilled syringes market is projected to expand at an impressive CAGR of 10% and be valued at US$ 20,167.8 million by 2032.
- The market witnessed 9.3% CAGR for the period of 2017-2021.
- Under material type, glass-based sub-segment dominates the market and are valued at US$ 5,295.8 million in 2022.
- North America dominated the market with 35.7% market share in 2021.
- Based on region, demand for prefilled syringes is expected to increase at CAGRs of 9.9% and 10.0%, respectively, in North America and Europe.
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Competitive Landscape
Producing sustainable products that improve safety and efficiency while reducing waste, energy use, and environmental effects is the primary goal of the companies competing in the market. The dominant players in the industry are also developing strategic alliances and collaborations with rival businesses in order to improve and strengthen their regional presence in the global market.
- In Jan 2022, Owen Mumford has announced the market release of UniSafe® which is a 1 ml safety device for pre-filled syringes. This will help the company to prevent accidental activation and drug leakage.
- In Oct 2021, The Nova Guard SA Pro Safety System has been introduced in India by West Pharmaceutical Services Inc. It is a one-time use accessory for prefilled 0.5mL staked needle syringes that meet ISO standards.
Key Companies Profiled
- Becton Dickinson and Company
- Terumo Medical Corporation
- Baxter International Inc.
- Gerresheimer
- B. Braun Melsungen AG
- Catalent, Inc.
- Elcam Medical
- Nipro Corporation
- SCHOTT AG
- Weigao Group
- West Pharmaceutical Services, Inc.
Market Development
Due to the growing demand for patient self-administered equipment, market participants will observe a rise in consumer demand.
Prefilled syringes save time spent at in-patient and out-patient care facilities while providing affordable home setting medication. The average cost per injection is lower when prefilled syringes are used instead of vials and ampoules for patients who need frequent dose administration on a weekly and daily basis.
To increase their sales globally, top market players are concentrating on growing their international businesses and creating cutting-edge items. They are putting a lot of emphasis on developing new products to take advantage of the lucrative potential presented by developing nations such as Asia.
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Segmentation of Prefilled Syringes Industry Research
By Function Type:
- Single Chambered
- Dual/Multi Chambered
By Material Type:
- Glass-based
- Polymer-based
By Technology Type:
- Conventional
- Safety
By End-user:
- Hospitals
- Specialty Clinics
- Online Pharmacies
- Other
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global prefilled syringes market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of function type (single chambered, dual/multi chambered), material type (glass-based, polymer-based), technology type (conventional, safety), end-user (hospitals, specialty clinics, online pharmacies, other) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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