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(Health-NewsWire.Net, April 21, 2021 ) The Research Report on "Prefilled Syringes Market by Type [Conventional (Disposable, Reusable), Safety], Material (Glass, Plastic), Design (Single-Chamber, Dual-Chamber, Customized), Application (Diabetes, Cancer, Arthritis, Anaphylaxis, Ophthalmology) - Global Forecast to 2025" published by MarketsandMarkets™, 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 growth in the prefilled syringes market is majorly driven by the rising demand for prefilled syringes is attributed to the growing prevalence of chronic diseases, technological advancements, rising adoption of self-injecting parenteral devices, and supportive government regulations (especially needlestick legislations). In addition, growing awareness on the benefits of prefilled syringes among patients and healthcare professionals, along with the growing number of biologics and biosimilars in the pharmaceuticals market, is supporting the growth of the syringes market.
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The prefilled syringes market includes major Tier I and II suppliers like Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), and West Pharmaceutical Services, Inc. (US), and Nipro Corporation (Japan). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Routine care for chronic diseases is an ongoing challenge amidst the global COVID-19 pandemic due to the change in routine care to virtual communication.
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. Moreover, the Global Burden of Disease Health Financing Collaborator Network (2017) estimates that global spending on health will almost triple to USD 24 trillion by 2040 with upper-middle-income countries are estimated to show the fastest increase at an average of 5.3% per year. This growth could be attributed to continued growth in GDP and the rise of the middle class and government spending.
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Geographical View in-detailed:
Asia Pacific likely to emerge as the largest prefilled syringes market, globally
Europe is one of the major revenue-generating regions in the prefilled syringe 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.
Global Key Leaders:
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).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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