New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global prefilled syringes market size is projected to expand at ~13% CAGR between 2023 and 2033.The market is expected to garner a revenue of USD 45 billion by the end of 2033, up from a revenue of ~USD 14 billion in the year 2022.This is largely due to the increasing rate of drug injection across the globe. According to the World Health Organization (WHO), around 11 million individuals inject drugs worldwide out of which, almost 1.4 million are HIV positive.
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As a result, there is a growing need for prefilled syringes which are among the newest tools for giving injectable medications; as they are already a commonly recognized component of the drug life cycle that aids in decreasing the number of injection stages, provides greater dose precision, and lessen the chance of harm and cross-contamination.
Growing Rate of Needle Stick Injuries to Boost Market Growth
Sharing syringes and needles among drug injectors is the main risk factor that can raise the risk of infectious disease transmission, morbidity and mortality, increased hospitalization, and serious health issues in hospitals and medical facilities. One of the most dangerous occupational risks for healthcare workers (HCWs) is needlesticks which mostly happen when a used needle inadvertently punctures the skin. These injuries are frequent in the medical field as they are at a higher risk of exposure to needles due to their clinical practice. For instance, more than 44% of healthcare professionals worldwide are thought to record at least one incident of unintentional needle stick injuries every year. Moreover, the occupational risk associated with acquiring needle-stick injuries (NSI) in a hospital setting is the transmission of blood-borne infections which has increased the adoption of prefilled syringes that aid in removing the chance of unintentional needle stick injuries during preparation, for improving patient safety.
Prefilled Syringes Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Burden of Osteoarthritis to Drive Growth in the Europe Region
The prefilled syringes market in Europe region is estimated to garner the largest revenue by the end of 2033. Millions of people in Europe suffer from osteoarthritis, which affects people's daily lives in a variety of ways and necessitates the administration of sodium hyaluronate, an ingredient in PREFILLED SYRINGE (PFS), which is used to relieve knee osteoarthritis discomfort. Particularly, in Western Europe, osteoarthritis affects over 55 million people, osteoarthritis's unacknowledged burden. Western Europe now has 57 million OA sufferers, around a 53% increase in 30 years. Moreover, osteoarthritis (OA) is a prevalent and debilitating ailment that constitutes a significant and growing health burden which is thought to be a normal aspect of aging in the region. For instance, more than 24% of Europeans are 65 years of age or older and the figure is expected to reach over 28% by 2050.
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Growing Production of Vaccines to Drive the Growth in the Asia Pacific Region
The Asia Pacific prefilled syringes market is estimated to garner the largest revenue by the end of 2033. Indian vaccines are recognized for their top-notch manufacture and the most reliable quality. For instance, India is the country that produces more than 58% of the vaccinations used worldwide. Additionally, over 55% of the world's vaccines are produced in India, making it the world's largest vaccine producer. Moreover, the country has produced vaccinations for a very long time driven by the increasing need for vaccinations due to the growing population. All these factors have surged the demand for prefilled syringes in the region as they have grown in popularity during the past few decades as a medicine delivery mechanism.
Prefilled Syringes Segmentation by Application
- Diabetes
- Multiple Sclerosis
- Anaphylaxis
- Cancer
The diabetes segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing need for insulin. For instance, over 5 million of the 30 million Americans who have diabetes need daily insulin. A common and crucial component of diabetes treatment is insulin therapy which maintains the blood sugar levels within the desired range and also aids in averting major issues such as treating a specific kind of diabetes that develops during pregnancy. For the majority of individuals with type 1 diabetes, intensive insulin therapy is advised as a lifetime treatment, and patients with type 2 diabetes are often treated with insulin either as a monotherapy or as an addition to oral antidiabetic medications. Moreover, some patients find great success with commercially available prefilled insulin syringes, which provide them with independence in administering insulin.
Prefilled Syringes Segmentation by Material
- Glass-Based
- Plastic Based
The glass-based segment in prefilled syringes market is anticipated to hold the largest revenue by the end of 2033. The growth is largely attributed to the growing spending on drug development driven by the introduction of new name-brand medications. For instance, the top 20 pharmaceutical corporations spend over USD 55 billion a year on drug development combined. As a result, of higher spending there is an increase in newly authorized medications, formulations, or uses, which often require reliable delivery systems. Prefilled glass syringes with drugs or biological products are combination products under 21 CFR Part 3 that meet the FDA-approved ISO 594-2 standard which is meant to be connected to other devices like injection needles, and IV line luer connections, to administer drugs or biological products. Moreover, glass is still the material of choice for most pharmaceuticals since it is robust, dimensionally stable, chemically inert, and sterilizable. Additionally, it employs a traditional plunger-barrel delivery system and offers transparency whereby a dose form can be visually inspected before injection.
Prefilled Syringes Segmentation by Design
- Single-Chamber
- Dual Chamber
- Customized
A few of the well-known industry leaders in prefilled syringes market that are profiled by Research Nester are Abbott, Bayer Pharmaceuticals, Baxter BioPharma Solutions, BG (Becton, Dickinson and Company), Gerresheimer AG, Medtronic, Nipro Pharma Corporation, Terumo Medical Corporation, Vetter Pharma International GmbH, West Pharmaceutical Services, Inc., and other key market players.
Recent Development in the Prefilled Syringes Market
- Baxter BioPharma Solutions announced to increase in the size of its Bloomington, Indiana, sterile fill/finish manufacturing facility along with a new high-speed automated visual inspection line and a high-speed automated syringe filling line with a fill rate of over 500 units per minute.
- BG (Becton, Dickinson and Company) created the BD Effivax Glass Prefillable Syringe to set a new standard for vaccination PFS effectiveness to give customers more assistance in managing the stringent requirements of today's vaccine manufacturing.
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