Global Pre-Filled Syringes Market is projected to grow at a CAGR of 7.9% By 2032: Visiongain Reports Ltd
Visiongain has launched a new report on the Global Pre-Filled Syringes Market Report 2022-2032. It includes Pre-Filled Syringes and Forecasts Market Segment by Type, (Conventional Prefilled Syringes, Safety Prefilled Syringes) , Market Segment by Design, (Single Chambered, Dual Chambered, Customized Prefilled Syringes) Market Segment by End-User, (Hospitals and Clinics, Home Care Settings, Research Laboratories, Pharma & Biotech Companies, Other end-User), Market Segment by Application, (Diabetes, Ophthalmology, Anaphylaxis, Cancer, Thrombosis, Ophthalmology) Market Segment by Material, (Glass, Plastic, Elastomer, Stainless Steel) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global pre-filled syringes market was valued at US$2,448 million in 2021 and is projected to grow at a CAGR of 7.9% during the forecast period 2022-2032 to reach the market value of US$5,590 million by 2032.
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Growth in Home Based Health Care Market to propel the Pre-Filled Syringes Market
Rise in geriatric population, as well as the increase incidence of chronic diseases such as Cancer, Diabetes and Musculoskeletal disorders such as arthritis are likely to drive market expansion. Moreover, the recent pandemic of COVID-19 has compelled the healthcare workers and the patients to self-administer medicines from home care set-ups. Governments and health groups are concerned about rising treatment costs and are working to control them. Home health care is a less expensive option than hospitalization. According to a Commonwealth Fund report, "hospital at home" programs allow patients to obtain acute care at home with fewer problems and saving of 30% on the total expenditure. The rising prevalence of certain diseases that necessitate long-term care, such as Alzheimer's disease and dementia, is predicted to boost home-based care. In addition, people are becoming increasingly aware of home care services and equipment that can help with these problems. Portable gadgets, such as heart rate monitors, respiratory assistance, and blood glucose monitors, have enhanced the efficiency and effectiveness of lifestyle disease home care, simultaneously boosting the demand for pre-filled syringes market.
How has COVID-19 had a significant negative impact on the Pre-Filled Syringes Market?
With COVID-19 pandemic, the prefilled syringes business has witnessed a significant growth. Since the outbreak of the pandemic, global market players involved in the development of the prefilled syringes market across the globe have increased their investment in raw materials and resources owing to the rise in demand for home based healthcare services.
Health care professionals have responded to new and varied ways of delivering the appropriate quantity of care by embracing telemedicine, which helps to reduce face-to-face interaction, as a part of the market demand. Furthermore, the industry is embracing new methods for maintaining virtual healthcare and digital technologies to meet the demand of patients who are unable to visit medical facilities and have the risk of infection. The increasing role of community and individual pharmacists in the management of chronic conditions, as well as the promotion of medication adherence during the COVID-19 pandemic outbreak has eased the burden of healthcare systems. Furthermore, increased investments from public authorities, particularly governments across the globe, are expected to boost the prefilled syringes market and will also witness development and expansion potential through 2032. Becton, Dickinson and Company (US), Gerresheimer (Germany), West Pharmaceutical Services, Inc. (US), Baxter International Inc. (US), Ompi (Italy), Catalent, Inc. (US), Weigao Group (China), Vetter Pharma International GmbH (Germany) and Nipro Corporation (Japan) are some of the leading participants in the Prefilled Syringes market
How this Report Will Benefit you?
Visiongain’s 502+ page report provides 357 tables and 344 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global pre-filled syringes market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Pre-Filled Syringes. Get the financial analysis of the overall market and different segments including type, drug, material, end-user and capture higher market share. We believe that high opportunity remains in this fast-growing pre-filled syringes market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Increase Adoption of Injectable Drug
Prefilled syringes, auto-injectors, pen injectors, and needle-free devices have come a long way from traditional syringes with vials. These sophisticated devices have become the preferred method of administering medications via parenteral infusion. In particular, during the last few years, demand for prefilled syringes has skyrocketed. This method of drug delivery is presently being used by an increasing number of medical facilities. Prefilled syringes aren't just popular in hospitals but self-injecting patients who want a simpler and safer way to administer their medications at home prefer them as well. The increased use of parenteral medications, particularly biologics, for the treatment of diseases and chronic disorders including multiple sclerosis and rheumatoid arthritis has compelled drug and packaging makers to develop more sophisticated container closure and drug delivery systems. Pharmaceutical companies are now packaging a variety of injectable medications and vaccines in prefilled syringe design in response to this growing trend. Prefilled syringes are now available for over 100 injectable medicinal items, and a growing number of pipeline pharmaceuticals are slated for this delivery route.
Many of the top pharmaceutical companies produce prefilled syringes as the preferred delivery mechanism and have minimum of fifty injectable medications and vaccines in this design. Outside of the traditional domains of anticoagulants and vaccines, prefilled syringes are being used across a wide range of therapeutic sectors. Prefilled syringes have several advantages for pharmaceutical companies, including reducing drug waste, extending product life, and boosting market share. The prefilled safety syringe market has grown at an exponential rate in recent years as a result of this trend toward self-care, enabling improved ease-of-use and safety for all caregivers and self-administering patients in non-clinical settings. Clinical trials and the adoption of novel drug delivery technologies are also likely to drive market expansion. The current COVID-19 epidemic, which has increased the number of casualty cases in medical facilities around the world, is also helping to expand the industry.
Technological Advancements
Over the last ten years, advances in glass manufacturing have resulted in improved prefill syringes. Glass-forming technologies have improved, allowing for more precise control of syringe barrel dimensions, fewer flaws, and improved barrel strength. Through the invention of diving nozzle technology for improved control of silicone-oil distribution, advancements in the syringe production process have addressed difficulties such as tungsten residues and optimal siliconisation of syringe barrels. Prefill syringe quality was also enhanced with automated processes for packaging syringes in nests, tubs, and bags. Pharmacies now have a wider range of options owing to the development of polymer prefill syringes.
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Where are the market opportunities?
Increase in Demand for Injectable Drug in Prefilled Form
Syringes with prefilled needles have been around for almost two decades. In comparison to the US market, which is still in its nascent phase, the European market for prefilled syringes is more mature. In recent years, however, as the pharmaceutical industry has evolved, the market for prefilled syringes has witnessed steady expansion. Prefilled syringes accounted for a market of US$923 million for Europe in 2021 and is expected to grow at an annual rate of 8-10 percent from 2022-2032. As a result, manufacturers of prefilled syringes have adapted to this rising demand, new requirements, and more sophisticated drug delivery methods. Significant R&D in the field of prefilled syringes has been observed especially with respect to package injectable medications and diluents, prefilled syringes are now considered extremely helpful. Vaccines, blood stimulants, therapeutic proteins, erythro-proteins, interferons, and rheumatoid arthritis are only a few of the categories of medications packaged in prefilled syringes. Prefilling is recommended for many new products which have parenteral mode of drug administration.
Rising Preference for Biotechnology Drugs and The Emerging Biotech Sector
Prefilled injectors are primarily used in hospital emergency departments and for the treatment of certain chronic conditions. These injectable devices are suitable containers for vaccinations and other biotech medications, which would otherwise become unstable and react with the container's substance, altering the drug's potency. During the forecast period, rising demand for biotechnology drugs and a developing biotech sector with more opportunities are expected to have a positive impact on market growth. Medical device manufacturers normally follow the Quality System Standard, while drug and biologic producers generally follow the current Good Manufacturing Practice regulation (CGMP) (QSR). Elements of the CGMP regulation may be added to an existing QSR-based quality system to assure full compliance with quality system standards for a single-entity or kit combination product like prefilled syringes that combines drug and device constituent parts, and vice versa.
Competitive Landscape
The major players operating in the pre-filled syringes market are Becton, Dickinson And Company, West Pharmaceutical Services, Inc., Catalent, INC., Nipro Corporation, Baxter International Inc. Ypsomed, Terumo Corporation, Dätwyler Holding Inc., Biocon Ltd, Gerresheimer AG, Cardinal Health, Fresenius SE & Co. KGaA, AptarGroup Inc. Schott AG, Elcam Medical, Haselmeier, Micsafe Medical Group, Owen Mumford Ltd, MedXL Inc., B. Braun Medical Inc., These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch
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