Prefilled Syringes Market is Trending with CAGR of 10.5% by 2023, Key Players- BECTON, DICKINSON AND COMPANY, GERRESHEIMER AG, HASELMEIER AG, MEDTRONIC, NIPRO, SCANDINAVIAN HEALTH LIMITED, SCHOTT, STEVANATO GROUP

The global prefilled syringes market is expected to register a growth rate of CAGR of 10.5% during the forecast period, 2018-2023. Prefilled syringes provide an easier way to perform drug delivery through injection as compared to traditional ways. In addition to this, it saves time and efforts of healthcare practitioners. It also reduces the wastage of active pharmaceutical ingredients (API). The demand for prefilled syringes is rising due to increase in patient safety and efforts of healthcare professionals to reduce the hospital errors. Europe market is expected to have largest market share owing to increase in adoption of self-care devices and presence of major key players in the region.

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Benefits Associated with Prefilled Syringes
The prefilled syringes make injections easier and safer to patients as well as doctors and it can deliver the right amount of the dosage. In addition, pharmaceutical companies can get benefit by saving the cost of vials. The prefilled syringes work well with safety devices and auto-injection systems. The Centers for Disease Control and Prevention strongly encourages the use of single dose rather than multi-dose vials, in order to reduce the contamination. These aforementioned benefits associated with prefilled syringes are expected to propel the growth of this market.
Other factors, such as rising adoption of self-care devices and increase in use of prefilled syringes for biologics, are expected to drive the growth of the market over the forecasted period.

Key Developments in the Market
July 2017 - Gerresheimer will complete its product portfolio of prefillable syringes made of glass and plastics with an innovative, integrated, passive syringe safety solution, acquired through an exclusive licence from West Pharmaceutical Services Inc.

Major Players –
BECTON, DICKINSON AND COMPANY, GERRESHEIMER AG, HASELMEIER AG, MEDTRONIC, NIPRO, SCANDINAVIAN HEALTH LIMITED (SHL GROUP), SCHOTT, STEVANATO GROUP, TERUMO CORPORATION, and UNILIFE CORPORATION amongst others.

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Product Recalls
The stringent regulation policies of US FDA and serious product defects are the major reasons of product recalls in medical devices industry. The medical devices are mainly classified into three different types, as per their cause of serious health problems (low, moderate, and severe). The actual reasons for the recall of the product vary by therapeutic area. The post-market issues are more than pre-market issues. Post-market issues include manufacturing issues, software manufacturing issues, supplier issues, sterilization, and labeling errors. These factors affect the image of these products and hence the perception of user and healthcare providers toward the products. These factors will be detrimental to the growth of prefilled syringe market and will act as a restraint for the growth of the market over the forecasted period.
Other factors that will act as restraints for the market include the availability of alternate drug-delivery methods.

Europe to Dominate this Market
The European market of prefilled syringes is more mature than the US market. Europe is expected to capture the largest market share over the forecasted period owing to increase in adoption of self-care devices market. As the demand for prefilled syringes has increased, manufacturers have had to, respond to increasing demand, new requirements, and more sophisticated forms of drug delivery. There are huge R&D going on this product to fulfill the need of the customers. The new products are being added to the prefilled syringes. Vaccines, blood stimulants, therapeutic proteins, erythroproteins, interferons, and rheumatoid arthritis.

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