ID: MRFR/MED/4708-CR | August 2019 | Region: Global | 157 pages
Prefilled syringes market is expected to reach around USD 11479.332 Million by 2027 from the current market of USD 11.72 billion. The CAGR is anticipated to be approx. USD 11.72% in the forecast period. The growth in the prefilled syringes market is mainly because of the rising demand for the prefilled syringes and other market products followed by the growing prevalence of chronic diseases that are giving rise to technological advancements and the rising adoption of self-injecting parenteral devices. Also, supportive government norms and regulations are expected to help the market.
COVID 19 Analysis
The prefilled syringes market size is one of the affected ones since the pandemic has made an unexpected and surprising entry in the lives of the common man in 2019 and 2020. Since the arrival of the pandemic, the global market players that are functional in the development and spread of the prefilled syringes market size in the global premises and market scenario, there has been a huge requirement of investment, raw materials, and resources that will help the market is returning to normalcy during and by the end of the current forecast period in 2028.
HCPs, as a part of the market, have adapted to new and various ways of delivering the required amount of care by using telemedicine that helps to reduce face-to-face contact. Further, the market is adopting new ways of maintaining virtual healthcare and digital technologies that are imperative as they allow HCPs to continue with regular and routine appointments. Also, there has been a constant use of applications that can extend their support to the self-management of chronic conditions. Also, the rising contribution of community and individual pharmacists for the management of chronic conditions and further, promotion of medication adherence during the outbreak of the COVID-19 pandemic are both important and essential in easing the higher rise of the burden on the health systems that are struggling. Also, the rising investments from the public authorities, global governments, are promising great growth and expansion opportunities to the prefilled syringes market during the period that will be ending in 2028.
Prefilled syringes, as a part of the market products, are mainly being used for the treatment of common and major issues like chronic conditions that involve heart diseases and diabetes followed by autoimmune diseases, that require patients to opt for self-administer medications. Also, the rising numbers, incidence, and prevalence of various linds of chronic and lifestyle diseases across the global market premises are emerging as a major market factor that is contributing to the global growth of the size of the global market. Moreover, there has been a growth in the demand for self-injection and related devices, owing to the ease, convenience, and safety that is associated with their market use.
The market products that are prefilled syringes are expected to provide a greater degree of patient safety by a reduction of the market potential for inadvertent needle sticks. Also, the rising exposure to toxic products that can occur is a considerable fact for the market. However, there is information available that a huge number of needle stick injuries are likely to be associated with the rising use of bare prefilled syringes in comparison to the ones that have a relation to the integrated safety systems. As of the historic period that ended in 2019, 500,000 injuries have occurred in the US annually.
The emerging and developing countries are continuing to suffer because of insufficient healthcare funding that is likely to adversely affect the access related to healthcare, quality procedures, and processes available, along with the health status of citizens as the pandemic has a relation with the same. Based on the World Bank statistics, 400 million people are likely to witness lacking access to essential and imperative healthcare services, in countries like Africa and South Asia.
The prefilled syringes market analysis shows that the global market is functional in various market locations, resource availability, skilled labor, workforce, manufacturing units, and much more. The market has been segmented based on the following factors:
Based on the market type
The market segment of type includes conventional Prefilled Syringes, disposable Prefilled Syringes, reusable Prefilled Syringes, and safety Prefilled Syringes.
Based on material
The market materials are divided between glass Prefilled Syringes and plastic Prefilled Syringes.
Based on the market design
The market deals in single-Chamber Prefilled Syringes, dual- Chamber Prefilled Syringes, and the customized Prefilled Syringes.
Based on the market application
The market applications include diabetes, Rheumatoid Arthritis, Anaphylaxis, and others like cancer, thrombosis, and ophthalmology.
The rise of the prefilled syringes market revenue during the forecast period of 2021-2028 is mainly because of the excellent performance of the market in 5 major regions. The prefilled syringes market share is more prevalent in the North American region, Europe, the APAC region, followed by Latin America, and the Middle East, and Africa.
The European region is likely to dominate the prefilled syringes market trends during the forecast period that ends in 2028. The dwelling market trends are witnessing a huge degree of rising in the prevalence of chronic diseases followed by the growth of the biologics, as well as, the biosimilars market. Also, the propelling technological advancements that are a part of the international market and geographical expansion by key producers and manufacturers, and the increase in the aging population is resulting in a high degree of adoption of self-injection devices that promise excellent attributes for the prefilled syringes market share during the forecast period that will be ending in 2028.
The rising competition is resulting in the global expansion of the prefilled syringes market size. The contributing players to the market growth are as follows:
The report discusses the factors that are responsible for the prefilled syringes market growth during the forecast period of 2021-2028. The global market report highlights the factors and dynamics that will promote the market trends. The prefilled syringes market report also discusses the possible market restraints that pose challenges for the market while growing. The prefilled syringes market report will also help the market investors make better decisions by discussing the performance of the prefilled syringes market segments and players in domestic and international regions.
|Market Size||USD USD 11479.332 Million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Type, Design, End User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||SCHOTT AG, BD, Gerresheimer AG, West Pharmaceutical Services Inc, AptarGroup, Inc., Helvoet Rubber & Plastic Technologies BV, Terumo Corporation, Nipro PharmaPackaging International,|
|Key Market Opportunities||Global spending on health will get a huge boost|
|Key Market Drivers||The demand for injectable delivery innovations and biological drugs is increasing rapidly|
Frequently Asked Questions (FAQ) :
Prefilled Syringes Market is predicted to touch USD USD 11479.332 Million by 2027.
Prefilled Syringes Market is projected to grow at a 9% CAGR between 2020-2027.
Europe is projected to dominate the Prefilled Syringes Market.
The top vendors in the market of the Prefilled Syringes are Weigao Group, Becton, Abbott, OMPI (A Stevanato Group Company), Baxter, Vetter Pharma International GmbH, West Pharmaceutical, Medtronic, Dickinson and Company, Nipro Corporation, TERUMO CORPORATION, Schott AG, Medtronic, and Gerresheimer AG, MicSafe Medical Group (China), Elcam Medical (Israel), Oval Medical Technologies (UK), YPSOMED (Switzerland), SHL Medical AG (Switzerland), Owen Mumford Ltd. (UK), Datwyler (Switzerland), Catalent, Nipro Corporation (Japan), MedXL (Canada), Ompi (Italy), and others.
The geographic region is expected to have substantial growth in the Asia Pacific more than 11.3% in the forecast period. The increasing demand for prefilled syringes is expected to grow due to treatments like high penetration, high prevalence of diabetes, self-administered, self-injection devices, diabetes, increasing aging population, and high patient population. There are some other regions available where the prefilled syringes are expected to have significant demand.
Like many other industries, the prefilled syringe market also had a deep impact on the COVID 19 pandemic. It has become a challenge for patients with chronic diseases like obstructive pulmonary disease, diabetes, hypertension, and others to have routine care. These are some of the most impacted diseases with the COVID 19 pandemic. Additionally, the healthcare resources are now focused on the COVID 19, which is expected to have a great disruption in the continuum of chronic disease care.