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(Health-NewsWire.Net, July 02, 2021 ) 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. Top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Surge:
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
Growth Driver: Rising target disease population;
Prefilled syringes are mainly used for the treatment of chronic conditions, such as heart diseases, diabetes, and autoimmune diseases, which require patients to self-administer medications. As a result, the increasing incidence and prevalence of chronic and lifestyle diseases across the globe is a major factor contributing to the growth of the prefilled syringes market. Moreover, there is a growing demand for self-injection devices, considering the convenience and safety associated with their use.
Following are some of the key statistics related to the growing incidence and prevalence of chronic diseases:
- Globally, in 2019, approximately 436 million adults (prevalence 9.3%) were suffering from diabetes, and it is expected to rise to 700 million (prevalence 10.9%) by 2045. Moreover, more than 1.1 million children and adolescents are living with type 1 diabetes (Source: International Diabetes Federation)
- In 2018, total number of cancer cases globally was recorded at 18 million. Most common cases being lung, breast, and colorectum cancer with incidence rate in double digits (Source: WHO)
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By Type;
The safety prefilled syringes segment is expected to witness the highest growth during the forecast period primarily due to the rising geriatric population globally and availability of biological therapies for patients with chronic conditions and outsourcing of low-risk medical procedures for chronic patients alleviates some of the pressure on hospitals
By Design;
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 the largest regional market for prefilled syringes
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 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) are the key players in the global prefilled syringes market.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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