Rockville , Dec. 07, 2023 (GLOBE NEWSWIRE) -- The Prefilled Syringes Market is anticipated to grow at a CAGR of 10.0% to reach US $20,167.8 Million before the end of 2032.
Leading the market, North America is expected to contribute significantly—more than 35% of the total increase in the market during the assessment period.
Get Free Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=603
The global rise in chronic and lifestyle diseases has led to a significant expansion of the prefilled syringe sector. Because they are safe and easy to use, saline syringes are one popular kind of self-injection equipment. Fact.MR estimates that 540 million people (20–79 years old) currently have diabetes, and by 2045, that figure is expected to increase to 783 million. Over 1.1 million children and teens worldwide suffer with type 1 diabetes.
| Report Attribute | Details |
| Value Projection (2022) | US$ 20,167.8 Million |
| Growth Rate (2022-2032) | 10% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 159 Tables |
| No. of Figures | 131 Figures |
Key Driving Forces Accelerating the Market Growth
- The increasing prevalence of chronic diseases such as diabetes, rheumatoid arthritis, and multiple sclerosis has led to a higher demand for regular and accurate drug administration. Prefilled syringes offer convenience and safety in administering precise dosages of medications, contributing to their growth in the market.
- Prefilled syringes simplify the drug administration process for patients, reducing the risk of errors and making self-administration more manageable. This convenience factor enhances patient compliance with treatment regimens, ultimately leading to better health outcomes.
- The growing adoption of biologic drugs and biosimilars, which are often sensitive to temperature and require precise dosing, has driven the demand for prefilled syringes. These syringes help preserve the integrity of these complex drugs and ensure accurate dosing.
- The aging population in North America is leading to an increased need for healthcare services and medications. Prefilled syringes are particularly valuable in geriatric care, where precise dosing and ease of use are crucial factors.
- Prefilled syringes with safety features, such as retractable needles or shields, are becoming more popular due to the emphasis on healthcare worker and patient safety. These features help reduce the risk of needlestick injuries and associated infections.
Vital indicators shaping the future of the industry
- Ongoing technological innovations in prefilled syringe design, materials, safety features, and delivery mechanisms will significantly impact the market. Integration of electronic components, connectivity, and smart features may redefine how prefilled syringes are used and monitored.
- Evolving regulations and standards related to drug packaging, safety, and administration devices will shape the design and adoption of prefilled syringes. Compliance with regulatory requirements will be a crucial factor in determining market success.
- The increasing use of biologic drugs and biosimilars in North America will drive the demand for prefilled syringes. These complex medications require precise dosing and administration, making prefilled syringes an attractive option.
- The trend towards patient-centered care and self-administration will drive the demand for user-friendly and easy-to-use prefilled syringes. Devices that enhance patient comfort, compliance, and convenience will gain traction.
Challenges hindering the market growth
Developing and manufacturing prefilled syringes with advanced features and safety mechanisms can be costly. The investment required for research, development, testing, and regulatory compliance can discourage smaller companies from entering the market.
Meeting stringent regulatory requirements for safety, quality, and compatibility with various drugs can be complex and time-consuming. Achieving regulatory approval for new prefilled syringe designs and materials can lead to delays in product launches.
Top Fortune Companies Profiled in This Report
- 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.
How competition influences the market
- Competition encourages manufacturers to innovate and differentiate their prefilled syringe products. Companies strive to develop syringes with advanced features, safety mechanisms, connectivity, and user-friendly designs to gain a competitive edge. The need to stay competitive prompts companies to invest in research and development of new technologies. This leads to the introduction of improved materials, safety features, and user interfaces in prefilled syringe designs.
- To stand out in a competitive market, manufacturers may offer customizable solutions tailored to the specific needs of pharmaceutical companies. This flexibility can attract partnerships and collaborations.
- Owen Mumford revealed the introduction of UniSafe® in January 2022, a safety device designed for 1ml prefilled syringes. This innovation is aimed at safeguarding against unintended activation and the potential leakage of medication.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=603
Country-wise Insights:
What is the size of the American market opportunity?
Prefilled syringe sales in the United States are now valued at US$ 1,839.1 million.
The target market is expected to find the United States to be among the most enticing regions during the projected term. because of an increase in government initiatives for various immunisation programmes, pharmaceutical industry and research lab R&D activities, and both. Furthermore, the country's market is expected to rise at a faster rate due to the increasing usage of safety prefilled syringes and the increased emphasis on minimising needlestick injuries.
One of the main key drivers of the market's expansion is the high level of healthcare spending in the US. According to the forecast, healthcare spending would reach US$ 4.3 trillion in 2021, surpassing the GDP growth of the US economy at 4.0%.
For the reasons mentioned above, prefilled syringe sales in the US have a lot of promise in the upcoming years.
Explore More Related Studies Published by Fact.MR Research:
Syringes and Cannulas Market: The global syringes and cannulas market is set to enjoy a valuation of US$ 19.1 billion in 2022 and expand at a CAGR of 3.6% to reach US$ 27.2 billion by the end of 2032.
Syringes Market: The global syringes market is set to enjoy a valuation of US$ 17,889 Million in 2022 and further expand at a CAGR of 4.2% to reach US$ 26,995.6 Million by the end of 2032.
Chromatography Syringes Market: The chromatography syringes market is poised to reach US$ 140 Million by 2032.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
