Prefilled Syringe Market worth over $12.7bn by 2027
Published Date: February 15, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Prefilled Syringe Market size is set to exceed USD 12.7 billion by 2027, according to a new research report by Global Market Insights, Inc.
Government of several developing economies such as India, Japan and others are implementing initiatives to raise awareness regarding availability of superior quality automated prefilled syringes, augmenting the market growth. In addition, integration of technology in the prefilled syringes has increased its preference over the conventional options available. Recently developed prefilled syringes possess commendable efficacy as it allows doctors and healthcare professionals to deliver exact dosage among the patients.
Growing application of prefilled syringes in diabetes and rheumatoid arthritis will accelerate the market demand
Rising prevalence of rheumatoid arthritis and diabetes will positively impact the market value in the coming years. Surging number of people suffering from diabetes will accelerate the market progression. According to the American Diabetes Association, around 34.2 million Americans had diabetes in 2018. Diabetes is one of the major cause of kidney failure, blindness and heart attacks. This scenario proves beneficial for the industry growth as it escalates the demand for prefilled syringes that are utilized in treating complications associated with diabetes. Similarly, growing incidences of rheumatoid arthritis has increased the demand for prefilled syringes. Various industry leaders have developed advanced disposable injectable systems that have shown effective results in treating rheumatoid arthritis. Hence, growing availability of such advanced prefilled syringes that allows accurate administration of drug dose among patient’s body will stimulate the market revenue.
Rising advantages associated with plastic prefilled syringes will create significant growth opportunities
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The plastic segment is anticipated to witness 13.4% growth rate till 2027. Plastic syringes are rapidly replacing glass syringes owing to the introduction of biocompatible materials such as Polypropylene (PP) and crystal-clear polymer, surging its preference. Plastic syringe has more precise production tolerances as compared to glass. This makes a higher degree of customized solutions possible especially when a lower remaining volume is required, proving beneficial for the market expansion. Similarly, plastic syringes are gaining popularity, especially in applications wherein glass is an unsuitable delivery system.
Browse key industry insights spread across 116 pages with 104 market data tables & 9 figures & charts from the report, “Prefilled Syringe Market Size By Type (Glass, Plastic), By Design (Single-chamber, Dual-chamber), By Application (Diabetes, Rheumatoid Arthritis, Anaphylaxis, Antithrombotic/thrombolytic therapy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Exceptional delivery and storage offered by dual-chamber prefilled syringes will favor the industry demand
The dual-chamber segment held around 21% of the market share in 2020. The advancements in biologics is projected to rise the usage of lyophilized drugs that requires advanced drug delivery devices such as dual chamber prefilled syringes, creating the substantial market growth opportunities. In recent years, various novel dual-chamber prefilled syringe designs have been developed with novel attributes to offer pharmaceutical companies with additional advantages and flexibility, surging its adoption rate. Additionally, dual chamber designed prefilled syringes offers exceptional storage and delivery of the medication, surging its industry value over the forecast period.
Rising occurrence of rheumatoid arthritis is predicted to showcase a vigorous industry growth
The rheumatoid arthritis application segment accounted more than USD 1.4 billion in 2020. Increasing prevalence of rheumatoid arthritis among elderly population base will fuel the industry expansion. Moreover, key market leaders are introducing prefilled syringe for effective arthritis related medications, thereby securing its market position.
Favorable demographics and market players’ initiatives will foster the growth for European region
Europe prefilled syringe market is estimated to attain a CAGR of 10.5% through 2027. Rising awareness regarding safe injectable technology coupled with increasing demand for biologics and biosimilars will strengthen the regional dominance. Growing need of injectable drugs for treatment of chronic and lifestyle-associated diseases in countries such as Germany, France and others will create robust the market demand for prefilled syringes. Furthermore, increasing disposable income in the European region and developing healthcare infrastructure will drive acceptance of prefilled syringes.
Adoption of various growth strategies enables major industry participants to maintain their market share
Some of the leading companies operating in the market include Fresenius Kabi, Stevanato Group, Catalent, Gerresheimer, Becton Dickinson (BD) and others. These industry players undergo several organic and inorganic growth initiatives to maintain robust foothold in the prefilled syringes business.
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