The increasing demand for safe and personalized drugs delivery systems and the advent of biologic drugs have been creating a favorable environment for prefilled syringes market growth.
The increasing demand for safe and personalized drugs delivery systems and the advent of biologic drugs have been creating a favorable environment for prefilled syringes market growth.
Fact.MR, Rockville MD: The global prefilled syringes market is estimated to exhibit 9.6% CAGR by the end of forecast period (2017-2026). As per a study by Fact MR, polymer based prefilled syringes are gaining traction among manufacturers due to their increasing focus on the development of new biocompatible plastic syringe material with chemically inert properties.
Glass based prefilled syringes occupy the leading share in the market because of its non-reactive and high oxygen permeability properties. Hospitals will remain the key sales channel throughout the forecast period. Online pharmacies and specialty clinics will exhibit significant sales contribution, despite supply-chain disruptions were witnessed throughout COVID-19 pandemic.
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Asia Pacific excluding Japan is a favorable market for these injectable drug delivery systems. Japan is expected to have a huge potential as an emerging market for various industries. Emerging economies like China and India are estimated to have increasing geriatric population and thus increased the demand for prefilled syringes.
“Great emphasis is placed on the technological advancement of prefilled syringes among the market players. Rising cases of auto-immune diseases along with prevalence of chronic diseases such as diabetes has led to rapid development in prefilled syringes market. The arrival of self-injecting parenteral devices and supportive government legislative policies are expected to create exceptional growth opportunities in the market”, said a lead analyst at Fact.MR.
Prefilled syringes market: Key Findings
- The global prefilled syringes market is estimated to sell 10,200,000 thousand units of prefilled syringes by the end of forecast period.
- Glass based prefilled syringes are expected to surpass the valuation of US$ 7.5 billion in valuation globally.
- Combined hospital sales of both glass based and polymer based syringes are estimated to reach valuation of US$ 6.5 billion by the end of 2026.
- The sales valuation of single chambered conventional syringes is forecast to cross US$ 8 billion globally by the end of forecast period.
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The Prefilled syringes market - Driving Factors
- Emphasis on technological advancements in syringe material for better and safe drug dispersion will remain a chief growth driver.
- Increasing incidence of auto-immune diseases and rising cases of chronic and lifestyle diseases such as diabetes, heart diseases, blood pressure are contributing to the prefilled syringe market growth.
- Promotion of self-injecting parenteral devices and use of modern Biologics are creating attractive market opportunities
Prefilled syringes market- Major Restraints
- High risk of spread of blood-borne diseases due to needle stick injuries and cross contamination is restricting the market growth.
- High manufacturing cost associated to prefilled syringes and lack of safety features hampers the market growth.
COVID-19 Impact on the Prefilled Syringes Market
COVID-19 pandemic has adversely impacted the global healthcare system by disrupting the necessary supply chain of drugs and medicines. The increased demand for self injecting devices for diabetes and autoimmune diseases during the Pandemic has positively affected the market.
This growth is expected to increase in future as newer strains of covid-19 are again disrupting supply chain of drugs due to lockdown restrictions and thus enabling the Prefilled syringes market growth.
Competitive Landscape
Fact. MR’s report has profiled some of the key players operating in the market. These include Terumo Medical Corporation, Medtronic, Gerresheimer, Baxter International Inc. and Becton Dickinson and Company. United States of America is expected to dominate the North American continent till 2026. The key reason is the increasing patients suffering with chronic disorder.
Key market players are investing in emerging markets as they provide favorable conditions and high demand for prefilled syringes thus, boosting the market growth. PosiFlush prefilled syringes with a 4% sodium citrate lock solution are developed by Becton Dickinson and company, that can reduce the number of catheters for hemodialysis by 59%. US FDA made stringent manufacturing rules for prefilled syringes and imposed regulations for quality maintenance of the product.
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About the Report
This 170-page study offers in-depth commentary on the Prefilled Syringes Market. The study provides compelling insights on Prefilled Syringes Market on the basis of material type (plastic based prefilled syringes, glass based prefilled syringes), distribution channel (hospitals, specialty clinics, online pharmacies), across six regions (North America, Latin America, Europe, Asia Pacific excluding Japan, Japan, Middle East ).
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