Wilmington, Delaware, United States: According to the report, the global prefilled syringes market was valued at US$ 5.6 Bn in 2020 and is projected to expand at a CAGR of 13.9% from 2021 to 2028.
Wilmington, Delaware, United States: According to the report, the global prefilled syringes market was valued at US$ 5.6 Bn in 2020 and is projected to expand at a CAGR of 13.9% from 2021 to 2028. A prefilled syringe is a single-dose container of parenteral medication that has been fitted with a needle by the manufacturer. Prefilled syringes improve patient safety by lowering the risk of unintended needlestick injury and harmful product exposure that can occur while drawing medication from vials. Increase in acceptance of self-care devices, benefits associated with prefilled syringes, and strong demand for better injectable safety are projected to drive the global prefilled syringes market.
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For both patients and clinicians, prefilled syringes make injections simple, accurate, and safe. As the pharmaceutical industry pursues innovative and more convenient drug delivery techniques, pre-filled syringes have emerged as one of the fastest-growing options for unit dose medication.
Technological Advancements in Prefilled Syringes to Drive Demand
Prefilled syringes, which provide greater safety and convenience for healthcare workers and patients, are becoming more popular as the market for biologics drugs and vaccines expands. With biologics accounting for a larger proportion of drugs on the market today, manufacturers, healthcare professionals, and home-care patients are looking for safer, easier, and more cost-effective ways to deliver these therapies and vaccines, Advancements in prefilled syringes have improved ease of use, reduced drug waste, and significantly improved dosing accuracy.
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Manufacturers are making improvements to component materials. For instance, plastic prefilled syringes with high heat resistance are currently available. These syringes are less permeable to water and lighter than traditional glass syringes. Therefore, advancements in prefilled syringes have increased operational ease, which, in turn, is anticipated to drive adoption during the forecast period.
Glass-based to be Highly Lucrative Segment
In term of material, the global prefilled syringes market has been bifurcated into glass-based and plastic-based. Technological advancements in prefilled syringes, rise in adoption of prefilled syringes, surge in incidence rate of chronic diseases, and increase in benefits of using prefilled syringes over conventional vials are expected to boost the growth of the glass-based segment during the forecast period.
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Glass-based prefilled syringes are likely to gain popularity over the next few years, owing to major benefits such as high stability, prevention of drug contact with oxygen or water vapor, and excellent compatibility.
Europe to Dominate Global Market
In terms of region, the global prefilled syringes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is projected to be a highly lucrative market for prefilled syringes during the forecast period. Demand for self-injectable prefilled syringes in the region is driven by rise in prevalence of chronic diseases, growth of the biologics and biosimilars market, technological improvements, geographic expansion by key manufacturers, aging population, and increase in adoption of self-injection devices.
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Competition Landscape
The global prefilled syringes market is fragmented in terms of number of players. Key players in the global market include Becton, Dickinson and Company, Gerresheimer, SCHOTT AG, West Pharmaceutical Services, Inc., Baxter International, Inc., Ompi, Catalent, Inc., Weigao Group, Vetter Pharma International GmbH, Nipro Corporation, Elcam Medical, YPSOMED, Oval Medical Technologies, SHL Medical AG, and Terumo Corporation.
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