06-13-2018 04:53 PM CET - Health & Medicine

U.S. and EU-5 Prefilled Syringe Small Molecule Market is Expected to be Worth US$ 17.1 Billion by the End of 2024

Press release from: Transparency Market Research

The top three players operating in the U.S. and EU-5 prefilled syringe small molecule market raked in a share of 70% in the overall market in 2015, observes Transparency Market Research. The players, Teva Pharmaceutical Industries Ltd., Mylan N.V., and Sanofi, have held a dominant position in the overall market for a significant period of time. Teva’s lion’s share is attributable to its popular drug brand known as Copaxone. These players have been thriving on intensive investment on research and development and product innovation. “Several pharmaceutical companies are focusing on developing large molecules development and significant product pipelines to gain a competitive edge,” states the lead author of this research report.

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According to the research report, the U.S. and EU-5 prefilled syringe small molecule market is expected to be worth US$17.1 bn by the end of 2024 as against US$9.15 bn in 2015. Analysts anticipate that the market will progress between the CAGR of 6.0 % to 8.0 % during the forecast period of 2016 and 2024.

The neurology segment is the dominant segment in the overall market and is expected to lead the market with soaring sales of its popular drug brand Copaxone for treating multiple sclerosis (MS). By the end of 2024, the neurology drugs segment is expected to make a sale of 40.3 million units. In terms of regions, the U.S. is projected to acquire a share of 68.3% by the end of 2024.

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The U.S. and EU-5 prefilled syringe small molecule market is estimated to grow at a rapid pace in the coming few years due to incredible technological innovations. These innovations have brought in new materials and device functions for prefilled syringes. For instance, BD plans to launch COP (Cyclo-olefin-polymer) syringes that will be used for biopharmaceuticals. The biggest benefit of these syringes is that they have exceptionally low silicone, super low tungsten, and very low particles value. Manufacturers are also designing plastic syringes with COPs that have the advantage of ultra-high purity polymer with low off-gas and leachable content as compared to glass syringes.

Analysts predict that the demand for prefilled syringes will exhibit continued growth as they offer injectable drug delivery that can be easily performed at home. Thus, prefilled syringes have completely eliminated the need for hospitals and trained medical staff, thereby reducing the cost of healthcare for the patients. The ability to see the vials has also prompted the usage of prefilled syringes for managing diseases such as diabetes, rheumatoid arthritis, and kidney diseases.

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The shift in preference for large molecules biologics is estimated to restrain the demand for prefilled syringes for small molecules in the coming years. The market is also likely to be restrained by the growing concerns pertaining to the product quality and inaccuracy of dosage. These factors have also led to product recalls in the recent past. Against this background, several healthcare professionals are using other formulations of the same drug to treat the patients.

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This release was published on openPR.
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