Dublin, Jan. 20, 2022 (GLOBE NEWSWIRE) -- The "Prefilled Syringes Market Research Report: By Type (Conventional, Safety), Material Type (Glass, Plastic), Design (Single-Chamber, Dual-Chamber, Customized), Application (Diabetes, Rheumatoid Arthritis, Anaphylaxis, Cancer) - Global Industry Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for prefilled syringes will grow from $1,914.1 million in 2020 to $3,646.7 million by 2030, at a 6.8% CAGR between 2021 and 2030.
Though the manufacturing of prefilled syringes and drugs was impacted in the first and second quarters of 2020 owing to the COVID-induced lockdowns, the pharmaceutical industry witnessed a boom from the third quarter onwards. The rising demand for medical drugs for COVID patients and the increasing volume of injections are now impacting the prefilled syringes market positively during the pandemic.
The glass bifurcation will continue dominating the prefilled syringes market in the coming years, based on material type. Due to its inert nature, glass does not react with the drug contained in the syringe.
In the years to come, the highest CAGR in the prefilled syringes market, of 7.1%, under the design segment will be witnessed by the single chamber category. Single-chamber syringes have certain advantages over traditional vials, and they are available in a broad range. Additionally, the raw materials used to manufacture them are cost-effective.
The diabetes category held the largest share in the prefilled syringes market in the past, on the basis of application. During 2000-2016, the premature mortality rate attributed to this chronic disease rose by 5%, as per the World Health Organization (WHO). Moreover, in 2019, diabetes was directly responsible for 1.5 million deaths. As this disease requires frequent administration of supplemental insulin, often multiple times a day, the demand for prefilled syringes among diabetics continues to be high.
Asia-Pacific (APAC) is projected to grow the fastest in the prefilled syringes market during this decade. The vast population of the region is increasingly suffering from chronic diseases, which is the healthcare expenditure in the region is skyrocketing. The rising prevalence of chronic diseases is, in part, attributable to the surging number of the elderly in regional countries.
Market Dynamics
Trends
- Increasing adoption of ready-to-use elastomeric syringe components by drug manufacturers
- Rising adoption of customized prefilled syringes
Drivers
- Increasing demand for injectable pharmaceutical products
- Advanced application of combination therapies for managing diseases
- Rising prevalence of chronic and lifestyle associated diseases
- Benefits of prefilled syringes over traditional vial and syringe packaging systems
- Technological advancements in prefilled syringes
- Regulations associated with needlestick injuries
- Increasing demand for point-of-care administration
- Growing biopharmaceutical industry
- Extensive pipeline of injectable drugs
- Impact analysis of drivers on market forecast
Restraints
- Stringent regulatory requirements
- Adoption of alternative drug delivery methods
- Complex manufacturing procedure and high cost of prefilled syringes
- Interaction of prefilled syringe components with drugs
- Product recalls
- Impact analysis of restraints on market forecast
Opportunities
- Emerging markets offer lucrative opportunities for prefilled syringe manufacturers
Impact of COVID-19
Porter's Five Forces Analysis
Major companies in the global prefilled syringes market are
- Owen Mumford Ltd.
- West Pharmaceutical Services Inc.
- Catalent Inc.
- Shandong Weigao Group Medical Polymer Company Limited
- Pfizer Inc.
- Stevanato Group
- SCHOTT AG
- Vetter Pharma-Fertigung GmbH & Co. KG
- Fresenius Medical Care AG & Co. KGaA
- Becton, Dickinson and Company
- Nipro Corporation
- Terumo Corporation
- Elcam Medical
- Baxter International Inc.
- Gerresheimer AG
Definition of Market Segments
By Type
- Conventional
- Safety
- By Material Type
- Glass
- Plastic
By Design
- Single-chamber
- Dual-chamber
- Customized
By Application
- Diabetes
- Rheumatoid arthritis
- Anaphylaxis
- Cancer
- Others
For more information about this report visit https://www.researchandmarkets.com/r/w9ly25
