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(Health-NewsWire.Net, April 15, 2020 ) Market Overview
• Global Prefilled Syringes Market is expected to grow at a CAGR of 10.3% during the forecast period (2019-2026)
• Prefilled syringes are the readily available syringes with drug components to be administered. Prefilled syringes are being used to deliver drug categories such as vaccines, therapeutic proteins, blood stimulants, erythroproteins and more.
• The key issues related to parenteral drug delivery such as lack of convenience, affordability, lack of accuracy in drug volume, sterility, safety, etc. are overcome by prefilled syringes. Prefilled syringes edge on traditional parental drugs over contamination issues. Thus these are used across the vast array of therapeutic sector
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Market Drivers and Restraints
• The global Prefilled syringe market is propelled by multiple factors such as technological advancements, the high prevalence of chronic diseases and disorders, and the growing adoption of self-injection devices.
• One of the primary reasons for the rapid growth of prefilled syringe technology is its suitability for home use, a prevalent healthcare trend that provides the benefit of convenience for regular patients. Pen injectors and auto-injectors are common for self-administered insulin injections and other hormone replacement therapies which are also used in the home-based treatment of major therapeutic areas like autoimmune disease, cancer, and allergies.
• Moreover, the reduction in the amount of active pharmaceutical ingredient (API) used by Prefilled syringes would reduce the cost of Prefilled syringe manufacturing and will help the manufacturers to achieve sustainable growth in production of Prefilled syringe products.
• Product recalls, high manufacturing cost, limited manufacturing facility are such factors which are expected to the hinder the market over the forecast period.
• Further, the surge in Biosimilars in pharmaceuticals market and increasing availability of injectable drugs in Prefilled form would provide a lucrative opportunity to the market.
Segmentation Analysis
• The global Prefilled syringe market is segmented by material type, by design, and by the application.
• The material type segment is classified into Glass-based and Plastic-based Prefilled syringes.
• By design, the market is segmented into single-chamber prefilled needles, dual-chamber prefilled syringes, and customized prefilled syringes.
• Further, by application, the global Prefilled syringe market is categorized into anaphylaxis, rheumatoid arthritis, diabetes, and others.
• The majority of the prefilled syringes are made out of glass. However, the adoption of plastic-based cyclopoly olefin (COP) resin is driving the growth of plastic based Prefilled syringe market over the forecast period.
• This resin is becoming more common due to the material’s improved break resistance, as well as its decreased surface reactivity and drug absorption rates compared to glass. Japan is one of the leading countries in plastic based Prefilled syringes market. The state has more than 50% of the Prefilled syringes in plastic form.
Geographical Analysis
• The global Prefilled syringe market is segmented as North America, Europe, Asia-Pacific, South America, and Rest of the World. Europe dominated the prefilled syringe market in 2017, and it is expected to grow in the forecast period.
• High adoption of patient safety measures and the presence of critical companies are the factors responsible for the growth of Europe Prefilled Syringe Market. However, North America is expected to witness the fastest growth in the regional market owing to the rapid adoption of Prefilled syringes for multiple drugs in 2017.
Competitive Trends
• Major players in the prefilled syringes market are focused on expanding their product range with technologically advanced products. This, in turn, will help the companies to increase their supply and marketing capacity to sustain the market pressure.
• In July 2015, Vetter launched Vetter-Ject, a closure system which is suitable for the filling of highly sensitive drug components. Likewise, in April 2015, SCHOTT introduced a new polymer prefillable syringe design—SCHOTT TopPac. The plan is aimed at refining the safety and stability of sensitive drugs.
• The new product launch is the key strategy adopted by the market leaders to improve their market presence and grab a significant share of the market.
• For instance, Novartis, in September 2018, received FDA approval for their Xolair (omalizumab) prefilled syringe. The Prefilled syringe drug is approved for allergic asthma and chronic idiopathic urticaria indications. Similarly, W. L. Gore & Associates, Inc. (“Gore) plans to commercially launch the GORE Project Plunger for Prefilled Syringes by 2018.
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