Global Prefilled Syringes Market Gains from Constant Growth in Injectable Drugs Industry
Over the last decade, the demand for prefilled syringes has increased significantly. The ease of usage and the accuracy in the amount of drug to be injected offered by these syringes compared to conventionally packaged vials have increased their application across the world. Alongside, the continual growth in the injectable drugs industry has been positively influencing demand for prefilled syringes. Experts project this trend to continue to drive the global market for prefilled syringes in the coming years.
According to Transparency Market Research (TMR), the worldwide prefilled syringes market is likely to expand at a CAGR of 9.30% during the period from 2016 to 2024 and rise from US$3.5 bn in 2015 to US$7.9 billion by 2024.
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Here is a snapshot of how the market for prefilled syringes is performing across the world:
Point-of-Care Drug Administration to Support Growth
The increasing trend of point-of-care administration of drugs is boosting the application of prefilled syringes significantly around the world. Technical advancements in these syringes have also impacted this market greatly in the recent past. Apart from these, the usage of superior materials for the production of these syringes, together with cost containment by participants, is likely to emerge as a major growth driving trend in this market over the next few years. However, the advent of alternative methods is expected to influence this market negatively in the near future.
North America to Surpass Europe in Near Future
The global prefilled syringes market is spread across Europe, Asia Pacific, North America, and the Rest of the World. Europe led the global market in 2015. However, North America, which emerged as the second-largest market that year, is likely to surpass Europe and acquire the leading position over the next few years.
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The rising preference for prefilled syringes over traditional vials and the presence of a large pool of leading manufacturers of injectables in this region are expected to boost the North America market for prefilled syringes significantly in the coming years. The prefilled syringes markets in Asia Pacific and the Rest of the World are also expected to rise at a healthy rate over the coming years.
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Leading Players to Focus on Strategic Coalition
The global prefilled syringes market demonstrates an oligopolistic nature of competition among participants. The top five market participants, namely, Nipro Corp., Becton, Dickinson & Co., Stevanato Group, Gerresheimer AG, and Schott AG together accounted for more than 50% of the overall revenue generated in the worldwide market in 2015. Forming strategic collaboration is the key trend among leading participants in this market. Recently, Becton, Dickinson and Co. entered into a partnership with Central Admixture Pharmacy Services Inc. (CAPS) in order to provide its customers a portfolio of frequently utilized prefilled anesthesia syringes of CAPS. Under this agreement, CAPS will provide a new service line of prefilled anesthesia syringes, which will be compatible with the BD Intelliport System.
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