Prefilled Syringes Market - Expanding at a CAGR of 9.3% over the Period of 2016 to 2024

Prefilled Syringes Market: Snapshot

Parenteral is one of the most commonly used route of drug administration, oral administration being the most preferred one. A steady rise in the development and availability of parenteral drugs has resulted in the increasing demand for several advanced drug delivery devices that promise cost containment as well as ease of administration.

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Prefilled syringes are one of the most rapidly expanding segments of the injectable drug delivery devices market. There are several benefits of prefilled syringes over traditional delivery systems: improved safety, ease of administration, accurate dosing, and reduced risk of contamination. These advantages form the basic foundation for the success of prefilled syringes and are likely to continue driving the market during the forecast period.

Technical advances in the sector, rapid growth in the biologics market, and the growing preference for self-administration using autoinjectors, prefilled syringes, and pen injectors are the key factors boosting the global market for prefilled syringes.

The global sales of prefilled syringes amounted to US$3.5 bn in 2015 and is projected to reach US$7.9 bn, expanding at a CAGR of 9.3% over the period of 2016 to 2024.

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Glass Prefilled Syringes to Lose Market Share Despite being Most Preferred Segment

Prefilled syringes are available in two key types – plastic (polymer) and glass – depending on the kind of material used to develop the barrel of the syringe. Despite the fact that the industry has been reporting a growing use of polymers by many manufacturers of syringes, glass is still considered to be the top-most choice and will continue to dominate the market in terms of volume as well as revenue. This is attributed to the fact that changing the perception of healthcare practitioners and manufacturers over the preference of glass over plastic is expected to be a rather gradual process. The segment of glass prefilled syringes is anticipated to lose market share toward the end of the forecast period, which will be replaced by plastic syringes. The latter is expected to grow at a CAGR of 10.8% from 2016 to 2024.

By application, the market is segmented into vaccines, monoclonal antibodies, and others. On the basis of distribution channel, the prefilled syringes market is categorized into hospitals, ambulatory surgical centers, and mail order pharmacies.

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