Pune, India, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The global Prefilled Syringes Market size was valued at USD 6.60 billion in 2021. The market is projected to grow from USD 7.51 billion in 2022 to USD 15.20 billion by 2029, exhibiting a CAGR of 10.6% during the forecast period.
Industry Development:
November 2020: Cumberland Pharmaceuticals launched RediTrex, a methotrexate prefilled syringe.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 10.6% |
| 2029 Value Projection | USD 15.20 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 6.60 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 188 |
Key Takeaways from the Prefilled Syringes Market:
- In the years to come, the demand for the market is expected to increase as a result of the growing prevalence of chronic diseases, such as diabetes and other autoimmune conditions
- In 2020, the largest market share in prefilled syringes was held by the glass segment.
- The market is divided into two segments based on product: complete syringe set and components & accessories.
- In 2021, Europe was the dominant region in the global market, generating a revenue of USD 2.66 billion.
- The top players in the market are BD, Gerresheimer AG, SCHOTT AG, and West Pharmaceutical Services Inc.
Driving factor:
Rising Innovations in Prefilled Products for Biologic Drugs to Amplify Market Growth
The globally rising biological drugs demand and increasing innovations in prefilled products and injectable delivery systems are anticipated to bolster the prefilled syringes market growth. The rising cases of autoimmune disease, cancer, other chronic diseases are anticipated to fuel biological drugs demand and foster growth of the market.
The growing adoption of prefilled syringes for self-injecting parenteral drugs is anticipated to be a key factor driving the market growth in the forthcoming years. The easy and convenient administration process offers several advantages, which are likely to fuel the product demand in the coming years.
However, the intricate manufacturing process and frequent product recalls may hinder the market growth.
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Segmentation:
Material, Closing System, Product, Design, End-User, and Region are Studied
On the basis of material, the market is bifurcated into plastic and glass. On the basis of closing system, the market is trifurcated into luer lock form system, luer cone system, and staked needle system. On the basis of product, the market is divided into components & accessories and complete syringe set. On the basis of design, the market is segmented into multiple chamber, double-chamber, and single chamber. On the basis of end-user, the market is fragmented into contract research & manufacturing organizations, pharmaceutical & biotechnology companies, and others. Geographically, the market is classified into the Middle East & Africa, Latin America, Europe, Asia Pacific, and North America.
Regional insights:
Europe to Hold Lion’s Share Due to Rising Cases of Chronic Diseases
Europe is projected to dominate the global prefilled syringes market share. The escalating use of biologics by the expanding patient pool of chronic diseases is anticipated to bolster the region’s market growth. Additionally, the key players present in the region are expected to stimulate growth for the market through product developments.
North America is expected to rank second in the global market share. The growing pool of patients suffering from chronic diseases, including rheumatoid arthritis and diabetes, is expected to fuel the demand for these syringes and foster the market growth.
Asia Pacific is expected to experience swift growth, primarily, due to the rising cases of chronic diseases. The expanding patient pool and growing use of prefillable syringes are anticipated to complement the market growth in Asia Pacific.
The Middle East & Africa and Latin America are predicted to exhibit sluggish growth due to low product penetration and awareness.
Report Coverage
- It analyses the individual segments, such as material, closing system, product, design, end-user, and regions.
- It showcases the latest industry developments.
- It includes a detailed analysis of the COVID-19 pandemic’s impact on the market.
- It offers a SWOT Analysis of key players in the market.
- It highlights various strategies adopted by major market players to acquire growth.
Competitive Landscape
Major Players Launch New Products to Compete in Stiff Competition
West Pharmaceutical Services Inc., SCHOTT AG, Gerresheimer AG, and Becton Dickinson and Company dominate the market place with robust product portfolios. The major market players emphasize extensive R&D activities to develop and launch new products that are highly effective and also economic. For instance, Dr. Reddy launched a naloxone hydrochloride prefilled syringe in March 2020.
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The Report Lists the Key Companies in the Prefilled Syringes Market:
- BD (U.S.)
- Gerresheimer AG (Germany)
- SCHOTT AG (Germany)
- West Pharmaceutical Services Inc. (U.S.)
- Helvoet Rubber & Plastic Technologies BV (Netherlands)
- Nipro PharmaPackaging International (Belgium)
- AptarGroup, Inc. (U.S.)
- Terumo Corporation (Japan)
FAQs:
What is the market of prefilled syringes?
The global Prefilled Syringes Market size was USD 6.60 billion in 2021 and is expected to hit USD 15.20 billion by 2029 during the forecast period.
At what CAGR is the prefilled syringes projected to grow during the forecast period (2022-2029)?
The market is anticipated to expand at a CAGR of 10.6% from 2022 to 2029
Some major points from Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Regulatory Scenario by Key Countries/Key Region
- Overview of Secondary Prefilled Containers such as Auto-injectors, Pens, etc.
- Prefilled Syringes Key Market Trends
- Overview of Contract Research and Manufacturing Service Providers for Prefilled Syringes
- Key Industry Developments (Mergers, Acquisitions, Strategic Partnerships, Collaborations, etc.)
- Impact of COVID-19 on Prefilled Syringes Market
- Global Prefilled Syringes Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Glass
- Plastic
- Market Analysis, Insights and Forecast – By Closing System
- Staked Needle System
- Luer Cone System
- Luer Lock Form System
- Market Analysis, Insights and Forecast – By Product
- Complete Syringe Set
- Components & Accessories (Backstops, Plunger Stoppers, and Plunger Rods)
- Market Analysis, Insights and Forecast – By Design
- Single-chamber
- Double-chamber
- Multiple-chamber
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnology Companies
- Contract Research & Manufacturing Organizations
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…
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