Dublin, Sept. 07, 2021 (GLOBE NEWSWIRE) -- The "Prefilled Syringes Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global prefilled syringes market is projected to witness growth at a CAGR of 11.48% during the forecast period to reach US$2,406.658 million by 2026, increasing from US$1,124.826 million in 2019. Prefilled syringes refer to the disposable syringe that is already loaded with the unit dose of the substance to be injected to which a needle has already been fixed by the manufacturer. The syringes are designed in such a way that it administers the accurate amount of dosage, thus, reducing the wastage of the medication. The rising preference for the prefilled syringes over the conventional syringe-vial combination because of the advantages offered by prefilled syringes such as increased patient safety and convenience, accuracy, etc. is the key factor driving the growth of the industry. In addition, the growth is attributed to the increasing prevalence of chronic diseases, reduced medication errors, and better use of controlled drugs such as narcotics using prefilled syringes.
The rapidly increasing number of patients suffering from chronic conditions, such as heart diseases, diabetes, and autoimmune diseases, which require patients to self-administer medications will bolster the demand for prefilled syringes in the market. According to the National Institute of Environmental Health Science, in 2017, 24 million people had a condition of autoimmune disease in the United States. To help the patients self-administer medications, for these chronic conditions the requirement for prefilled syringes has expanded in the market, which will drive the market growth of the prefilled syringes market. Furthermore, the supportive government regulations (especially needlestick legislation) will further boost the market growth. According to a report published by Geneva Association, in the last two decades, the total aggregate global expenditure on healthcare in GDP has increased from 8% to almost 10%, which is driven by the exorbitant cost of medical treatment, growing treatment options, and increasing customer demands. The increasing spending on medical expenditure by both developed and developing countries will augment the market growth of the global prefilled syringes market. Also, prefilled syringes are largely used for vaccination of the population against diseases such as polio, coronavirus, hypothesis, etc. will contribute to the market growth during the forecast period.
By material, the glass segment is expected to hold a dominant market share owing to the benefits of glass syringes over plastic syringes such as the prevention of oxygen and water vapor from interacting with drug compounds, and compatibility with different filling machines. By end-user, the home care settings segment is estimated to grow at the highest CAGR as the increasing number of patients inflicted with chronic diseases, worldwide use prefilled syringes as a part of their treatment. Geographically, Europe is projected to be the largest revenue-generating segment owing to the prevalence of chronic diseases, technological advancements, and geographical expansion by key manufacturers, aging population, and high adoption of self-injection devices. North America is expected to witness the fastest growth rate during the forecast period due to the rapid adoption of prefilled syringes in the region.
Increasing disease population.
The increasing incidence and prevalence of chronic and lifestyle diseases globally is a major key driver of the prefilled syringes market. Due to the rising prevalence of diseases, the requirement for self-injection devices is further increasing in the market as they have convenience and safety associated with their use. According to the International Diabetes Federation, 1 in 5 people who are above 65 years old has diabetes. The World Health Organization, 2018, recorded the total number of cancer patients, nationwide to be around 18 million. The rise in the number of patients will increase the demand and adoption of prefilled syringes in the long run.
Availability of cheap alternatives.
The availability of cheaper alternatives to the prefilled syringes and focus on the development of alternative drug delivery methods might restrain the market during the given time frame. The prefilled syringes are expensive as they have a challenging manufacturing procedure due to which the patients might often resort to cheaper alternatives for drug delivery such as needle-free injectors, etc. which hamper the market growth. Also, a large number of needle stick injuries are associated with the use of bare prefilled syringes as patients are not aware of using the prefilled syringes on their own without any medical assistance, which may result in hurting them.
Impact of COVID-19
The Covid-19 pandemic positively impacted the global prefilled syringes market as due to the nationwide lockdown restrictions, the patients who required regular injections preferred to use prefilled syringes on their own as opposed to visiting the hospitals or clinics. This considerably increased the demand for the prefilled syringes in the market. Furthermore, due to the novel coronavirus outbreak, the number of people who suffered from chronic illnesses exponentially increased, subsequently accelerating the demand for prefilled syringes, across the globe.
The market leaders for the global prefilled syringes market include Chemi SPA, Catalent, Inc., Becton, Dickinson and Company, Nipro Corporation, Taisei Kako Co. Ltd., MEDEFIL, INC., Alfasigma S.p.A, Aquabiliti, Schott AG, and Vetter Pharma International GmbH. The key players in the market implement growth strategies to gain a competitive advantage over their competitors and to remain the market leaders. For Instance, in February 2021, Catalent, Inc., a global provider of delivery technologies, and drug manufacturing has acquired Delphi Genetics, a Belgian plasmid DNA cell and gene therapy CDMO and has also launched pDNA development and manufacturing services at its Rockville, Maryland facility to expand plasmid DNA services.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Prefilled Syringes Market Analysis, By Material
6. Prefilled Syringes Market Analysis, By Application
6.3. Drug Delivery
7. Prefilled Syringes Market Analysis, By End-User
7.2. Hospitals and Clinics
7.3. Ambulatory Care Centers
7.4. Home Care Settings
8. Prefilled Syringes Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.4.1. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
9. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investment and Deals
8.3. Strategies of Key Players
10. Company Profiles
10.1. Chemi SPA
10.2. Catalent, Inc.
10.3. Becton, Dickinson and Company
10.4. Nipro Corporation
10.5. Taisei Kako Co. Ltd.
10.6. MEDEFIL, INC.
10.7. Alfasigma S.p.A
10.9. Schott AG
10.10. Vetter Pharma International GmbH
For more information about this report visit https://www.researchandmarkets.com/r/hd3d2o
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