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(Health-NewsWire.Net, August 06, 2021 ) The Key Elements of the Research Report in Detailed?
The growth in 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.
Worldwide Growth Opportunities in Terms of Revenue:
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
Increasing adoption of self-administered injectable drugs is expected to result in the segment occupying the majority of syringes market share
The conventional prefilled syringes market is estimated to have the largest market share by value. Growth of this segment can be attributed to the the advantages offered, such as safe administration, ease of use for both healthcare professionals and end users, reduced risk of contamination of the product, less waste of costly API, ease of manufacturing, improved dosing accuracy, and enhanced product differentiation when compared to vials is expected to drive the market growth
Plastic Prefilled Syringes estimated to be the fastest-growing market
Plastic prefilled syringes are estimated to be the fastest-growing segment in the prefilled syringes market. The growth of this segment can be attributed to the rising development of newer polymers (which possess various physical and chemical properties such as high heat & break resistance, tolerance of freeze-drying & liquid nitrogen exposure, high transparency, and solvent resistance.
Europe is estimated to be the largest market due to the 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.
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Regional Growth, Development and Demand Analysis:
Asia Pacific is estimated to be the fastest-growing market for prefilled syringes during the forecast period. The Asia Pacific market is driven principally by the increasing demand for self-administered treatments, high penetration of self-injection devices, growing aging population, increasing prevalence of diabetes, and huge patient population.
Major Key Players Mentioned in the research report are:
Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), and West Pharmaceutical Services, Inc. (US) are the key players in the global syringes market.
Gerresheimer (Germany) held the second position in the global prefilled syringes market, with a share of 13.3% in 2019. The company’s customer base includes a large number of global blue chip pharmaceutical and healthcare companies (Sanofi, Bayer, AstraZeneca, Novo Nordisk, Johnson & Johnson, and Novartis). To maintain its position in the market, the company focuses on the strategies of product launches and partnerships.
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Recent Developments in Prefilled Syringes Market:
- In October 2018, Becton, Dickinson and Company launched the BD Intevi 1mL two-step disposable autoinjector.
- In July 2020, Becton, Dickinson and Company entered into an partnership with Biomedical Advanced Research and Development Authority (BARDA) (US)
- In July 2018, Becton, Dickinson and Company acquired Teva Medical Inc. (US)
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