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(Health-NewsWire.Net, November 06, 2020 ) The study involved four major activities to estimate the current size of the prefilled syringes market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
According MarketsandMarkets Research - The Global Prefilled Syringes Market size is projected to reach USD 8.6 billion by 2025 from USD 5.6 billion in 2020, at a CAGR of 9.0% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Rising target disease population
- Rapid growth in generic products
- Rising adoption of self-medication and digitalization
- Affordable cost with increased efficiency of prefilled syringes
- Technological advancements
Growth Opportunity: Growing healthcare infrastructure across emerging markets;
Emerging countries continue to suffer from insufficient healthcare funding, which adversely affects access to healthcare, quality, and, ultimately, the health status of citizens. According to the World Bank, approximately 400 million people lack access to essential healthcare services, mostly in Africa and South Asia. Furthermore, accelerating medical inflation, i.e., the cost of medical treatments and a higher prevalence of non-communicable lifestyle-related diseases such as cancer, diabetes, or cardiac syndromes, have resulted in funding gaps.
According to a report published by Geneva Association, in the last two decades, the share of total aggregate global expenditure on healthcare in GDP has increased from about 8% to almost 10%, or an estimated USD 8 trillion per annum, which is driven by the accelerating cost of medical treatment, expanding treatment options and increasing customer demands.
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Market Segmentation in Depth:
The glass prefilled syringes segment accounted for the largest share of the prefilled syringes industry in 2019. The large share of this segment is attributed to the significant benefits offered, such as prevention of oxygen and water vapor from interacting with drug compounds, compatibility with different filling machines, and seamless integration into pharmaceutical companies’ PFS operations.
The single-chamber prefilled syringes segment accounted for the largest share of the prefilled syringes industry in 2019. Market growth can largely be attributed to the significant advantages with the use of single-chamber prefilled syringes over vials, such as optimized API use with less overfill, reduced material requirements, less drug waste in clinical trials, and simple storage & disposal. Additionally, increasing adoption of self-administered parenteral drugs due to the increasing prevalence of chronic diseases and benefits offered by prefilled syringes
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Europe is one of the major revenue-generating regions in the prefilled syringes market. Rising prevalence of chronic diseases, growth of the biologics and biosimilars market, technological advancements, geographical expansion by key manufacturers, aging population, and high adoption of self-injection devices are driving the demand for self-injectable prefilled syringes. are the major factors driving the growth of the prefilled syringes market in Europe.
Key Market Players;
Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), West Pharmaceutical Services, Inc. (US), Baxter International Inc (US), Ompi (Italy), Catalent, Inc. (US), Weigao Group (China), Vetter Pharma International GmbH (Germany), Nipro Corporation (Japan), Elcam Medical (Israel), YPSOMED (Switzerland), Oval Medical Technologies (UK), SHL Medical AG (Switzerland), Terumo (Japan).
Becton, Dickinson and Company (US) held the leadership position in the global prefilled syringes market with a share of 37.2% in 2019. The company’s dominant position in this market can be attributed to its broad product portfolio of prefilled syringes, strong geographical presence, and wide customer base. The company primarily focuses on the strategy of product launch.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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