Prefilled Syringes Market- Global Industry Analysis, Growth, Trends, and Forecast 2021 - 2027
The global prefilled syringes market share is anticipated to witness a major upsurge in years to come, which is attributable to the strong demand for biological drugs due to the increasing incidences of autoimmune diseases, cancer, and other non-communicable disorders worldwide. Healthcare professionals and patients are gaining high awareness about the prefilled syringes advantages over traditional vials & syringe packaging systems.
Furthermore, the industry is expected to amass considerable gains over the forthcoming years, on account of the growing number of biosimilars and biologics in the pharmaceuticals industry, along with the rapid advancements in technology.
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Over the past years, patients with chronic diseases have been adopting injectable drugs. Therefore, they are placing greater concerns on the safety of these injectable drugs, which could proliferate the penetration of different types of prefilled syringes. Moreover, multiple issues associated with the infections caused by wrong handling of injectables, coupled with the defects in conventional syringes, were reported, thereby boosting product demand.
As per Global Market Insights, Inc. estimates, the global prefilled syringes market size is anticipated to cross $12.7 billion by 2027.
On the basis of product, the glass segment is poised to depict a CAGR of over 11% through 2027, owing to the rising prevalence of chronic conditions and accelerating adoption of durable glass prefilled syringes. The segmental growth will further be propelled by its capability to deliver highly viscous medications, along with its consistent gliding force. In April 2018, SCHOTT unveiled syriQ BioPure™, a prefilled glass syringe, designed to ensure the stability of sensitive drugs in relation to shelf life and low time-to-market, while making the process of administration highly convenient.
However, the presence of a low amount of alkali in prefilled glass syringes may result in a pH shift and in turn, limit its popularity.
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Prefilled syringes are packaged and manufactured in a way to prevent instances of reuse. Other product benefits include the elimination of the need to transfer drugs from the vial, high dosage accuracy, and reduction of needle-stick injuries. These factors, alongside the strong product preference among doctors due to its sophisticated nature, will foster overall prefilled syringes market trends in the foreseeable future.
In terms of segmentation by design, the global prefilled syringes market from the single-chamber segment registered remuneration of more than $4.6 billion in 2020, which can be credited to its usage advantages as compared to vials, including simple storage and disposal, low drug waste during clinical trials, reduced material requirements, and optimized API with less overfill. The segmental expansion will also be bolstered by the surging demand for self-administered parenteral drugs driven by the strong prevalence of chronic diseases.
Based on application, the antithrombotic/thrombolytic therapy segment will exhibit nearly 12.5% CAGR through 2027, as a result of the increasing stroke incidences. According to the CDC (Centers for Disease Control & Prevention), around 795,000 U.S. citizens are suffering from stroke every year. Numerous companies are also showing more inclination towards prefilled syringe administration for prophylaxis or the treatment of venous thrombosis.
On the regional front, the prefilled syringes market in Asia Pacific held market share of more than 19% in 2020, which was attributable to the rapid expansion of the diagnostics & healthcare industries. Strong adoption of self-injection devices, high prevalence of chronic conditions, and increasing technological advancements will also prove beneficial for regional market growth in years ahead.
Key prefilled syringes industry players include Gerreshiemer, SHL Group, Fresenius Kabi, Nipro, Catalent, Debiotech S.A., West Pharmaceutical Services, Becton Dickinson (BD), Stevanato Group, and Baxter International, among others. These firms are implementing strategies like new product launches and business expansions to expand their global reach and increase their market share.
For instance, in December 2020, Becton Dickenson announced plans to shell out $1.2 billion to expand its prefilled syringe business. The project was introduced with an aim to boost the manufacturing capacity and upgrade the production technology for prefilled syringes and other innovative drug delivery systems.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 Electrosurgical devices industry 360° synopsis, 2016-2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 End-use trends
2.1.5 Regional trends
Chapter 3 Electrosurgical Devices Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Increasing number of surgical procedures
3.3.1.2 Increasing prominence of minimally invasive procedures
3.3.1.3 Shifting preference towards outpatient surgeries in developed regions
3.3.1.4 Rising geriatric population
3.3.2 Industry pitfalls & challenges
3.3.2.1 Concerns surrounding toxic fumes produced during surgical procedures
3.3.2.2 Stringent regulatory approvals
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Patent analysis
3.8 Porter's analysis
3.9 Competitive landscape, 2019
3.9.1 Company matrix analysis
3.10 PESTEL analysis
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