Global Prefilled Syringes Market Exhibiting Prolific Growth: Predicted to Garner USD 9.40 Billion During the Forecast Period (2021- 2027)
Published | 24 May 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global prefilled syringes market was worth USD 5.31 billion in 2020. The study further states that the market is expected to grow at the CAGR of 8.5% during 2021-2027 (forecast period), earning revenue of around USD 9.40 billion by the end of 2027. This growth of the global prefilled syringes market can be attributed to the rise in prevalence of chronic diseases, technological advancements, increase in adoption of self-injecting parenteral devices, and supportive government regulations (especially needlestick legislations). A rise in the number of biologics and biosimilars in the pharmaceuticals industry, as well as increasing awareness of the advantages of prefilled syringes among patients and healthcare professionals, is fueling market expansion.
Prefilled syringes have several advantages over typical vial packaging, including convenience of use. Because prefilled syringes contain the exact dose, they help eliminate dosage blunders. Many pharmaceutical companies overfill vials by up to 25% to ensure that the end user receives the prescribed dose. Overfilling, on the other hand, can result in errors that are almost eliminated with prefilled syringes.
Advancements in prefilled syringes technology Driving the Growth of Prefilled Syringes Market
The advancements in prefilled syringes have increased their ease of use, reduced drug wastage, and considerably improved dosing accuracy. Manufacturers are also developing enhancements in the component materials. For instance, plastic prefilled syringes available in th market offer high heat resistance. Moreover, in comparison to traditional glass syringes, these syringes are less permeable to water and incredibly light. As a result, advancements in prefilled syringes have encouraged operational convenience, which has increased its acceptance globally. Prefilled syringes that have recently been developed eliminate the possibility of providing the wrong dosage regardless of syringe orientation. As a result, technological breakthroughs have aided the development of prefilled syringes, thereby driving the growth of the global prefilled syringes market.
Scarcity of prefilled syringes with integrated safety features hampering market growth
Prefilled syringes improves patient safety by lowering the risk of unintended needlestick injuries and exposure to toxic products that can occur while drawing medicines from vials. There are significant number of needle stick injuries that are associated with the use of bare prefilled syringes as compared to those that have integrated safety systems. Besides this, the limited market presence of prefilled syringes with integrated safety features is due to their expensive and challenging production procedure. Although, it is a matter of concern in the market, however, this trend is expected to change in the upcoming years, as the healthcare industry is laying greater focus on reducing the rate of needlestick injuries, which, will pave the way for the development of prefilled syringes market.
Safety Prefilled Syringes Segment is the largest Type Segment
Based on the product type, the global prefilled syringes market is segmented into conventional prefilled syringes and safety prefillred syringes. Due to an increased demand for patient safety and growing use of disposable devices in hospitals and home care settings, the safety prefilled syringes segment held the largest market share in 2020 and is likely to maintain dominance even during the forecast period. Furthermore, since the risk of contamination associated with disposable devices is low, the safety segment of the global prefilled syringes market is growing substantially.
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Glass Prefilled Syringes Segment Holds the largest Market Share in Material Type
In terms of material, the prefilled syringes market is segmented into glass and plastic. Between these two segments, the glass prefilled syringes segment held the largest market share in 2020. Glass is the first choice for prefilled syringe manufacturers because of its superior barrier capabilities and regulatory ease. Moreover, the segment is also witnessing a huge demand due to the significant benefits associated with it, such as interoperability with a variety of filling machines, preventing air and water vapor from reacting with drug components, and mooth integration into pharmaceutical companies' PFS processes.
Single-Chamber Prefilled Syringes dominates the Market in Design Segment
Based on the design, the global prefilled syringes market is segmented into single-chamber, dual-chamber and customized. Due to the significant advantage associated with the usage of single-chamber prefilled syringes over vials, the single-chamber prefilled syringes segment held the biggest share in the prefilled syringes market in 2020. Optimized Active Pharmaceutical Ingredient (API) file in prefilled syringes, for example, allows for exact administration of the required dose. Only a traceable quantity of API remains in the needle of a prefilled syringe after injection. Besides this, rise in adoption of self-managing parenteral drugs due to the prevalence of chronic diseases and ease offered by single-chamber prefilled syringes is positively impacting the segment growth.
Based on region, the global prefilled syringes market can be grouped into North America, Europe, the Asia-Pacific, Latin America and the Middle East & Africa. Among these regions, Europe with its growing biologics and biosimilars industry, increased prevalence of chronic diseases, technological improvements, global expansion by top manufacturers, aging population, and high adoption of self-injection devices, held the highest market share in 2020. Nevertheless. due to the rising frequency of chronic diseases and a rapidly growing patient population, Asia-Pacific is also catching up as the fastest-growing market.
Impact of COVID-19 Outbreak
The global prefilled syringes business was severely impacted by the COVID-19 epidemic, as medicine manufacturing and supply chains were hindered due to a nationwide lockdown imposed by the government of different countries to curb the spread of the deadly virus. In order to limit the virus, the major manufacturing countries in the Americas, Europe, and the Asia Pacific imposed a complete border closure; consequently, import, export, and distribution of prefilled syinges were highly affected. Nevertheless, the pandemic resulted in an unexpected growth in the pharmaceutical sector as a result of a shift in focus toward enhanced drug delivery methods for disease treatment, which has positively benefited the market for prefilled syringes.
Some of the leading market players in the global prefilled syringes market are Gerresheimer AG, Schott AG, Becton, Dickinson and Company, West Pharmaceutical Services, Inc., Vetter Pharma International Gmbh, Weigao Group, Ompi (A Stevanato Group Company), Catalent, Inc., Nipro Corporation, Baxter International Inc., Elcam Medical, Ypsomed, Oval Medical Technologies Ltd., Shl Medical Ag, Terumo Corporation, Medtronic Plc, Gerresheimer, Abbott, Nipro Medical Corporation, and other prominent players.
The global market for prefilled syringes is highly consolidated. In order to gain a substantial position in the prefilled syringes market, industry players have been consistently engaging in numerous partnerships and collaborations
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global prefilled syringes market size & forecast. The report promises to provide recent technology trends of the global prefilled syringes market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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