IQ4I Research & Consultancy published a new report on "Prefilled Syringes Global Market - Forecast To 2028"

Prefilled syringes (PFS) are the sterile primary packaging systems or sealed containers that can also function as efficient drug delivery systems for the pre-loaded desired dose of parenteral pharmaceutical product. By engineering easier usability and improved patient experience into prefilled syringes, various prefilled syringe products have gained an unrivalled position as the most preferred or attractive container of choice for delivering injectable medical products in the market and have evolved to become the gold-standard for safer and easier self-administration of medications, especially the highly viscous biopharmaceuticals. These immediate packaging containers incorporated with proprietary traits capable of improving administration of a therapy, clinical outcomes and even regulatory claims have currently evolved to become a status-quo product among the pharmaceutical companies that help the firms to further create, sustain or enhance their revenue streams during the mature years of their pharmaceutical products lifecycle.

According to IQ4I estimations, the prefilled syringes global market is expected to reach $10,273.8 million by 2028, growing at a high single digit CAGR from 2021 to 2028. Factors like increasing popularity of extremely handy, safer, convenient and dose-accurate prefilled syringes among patients and healthcare professionals, increasing predisposition of pharmaceutical companies towards prefilled syringes for cost-savings and brand differentiation, preferential adoption of prefilled syringes for the delivery of various highly viscous and sensitive biopharmaceuticals, emergence of technologically advanced prefillable syringe products, persistently escalating prevalence of chronic and infectious diseases and allergies, increasing number of prefilled syringes being approved by regulatory authorities across the globe and the trend of collaboration and investments among the prefillable syringe manufacturers are propelling the prefilled syringe market growth. Technical challenges associated with the sophisticated manufacturing process of prefillable syringes, increasing concerns about the interaction of prefillable syringe components with the pharmaceutical products, availability of less expensive and non-invasive alternatives, necessity to adhere to stringent international standards and regulatory guidelines by prefillable syringe manufacturers and threat of recalls of prefilled syringes are some of the factors that are dampening the market growth.

The report covers business intelligence information and analysis of various PFS market segments based on the material, design, closure system, product, application, molecule type, usability, route of administration and geography. Glass PFS segment held the largest share or revenue in 2021 and is expected to grow at a high single digit CAGR while Polymer PFS segment is the fastest emerging segment that is expected of growing at a double digit CAGR during the forecasted period. Single chamber prefilled syringes segment fetched the largest revenue in 2021 and is expected of growing at a high single digit CAGR while Dual chamber PFS segment is the fastest emerging segment that is expected of growing at a double digit CAGR from 2021 to 2028. The segments of Staked Needle PFS, Large molecule PFS, Subcutaneous PFS and Disposable PFS accounted for the largest revenue in 2021 and are also the fastest growing segments in their respective categories and these are all expected of growing at a high single digit CAGR during the forecasted period. Complete PFS Systems segment holds the largest revenue in 2021 and is expected to grow at a high single digit CAGR while Accessory devices segment is the fastest emerging segment that is expected of growing at a high single digit CAGR during the forecast period. The Heparin PFS application segment accounted for the largest revenue in 2021 and is expected to grow at a mid-single digit CAGR while Therapeutic Drugs PFS segment is the fastest emerging segment that is expected of growing at a low teen CAGR from 2021 to 2028. Even though Europe dominates the PFS market currently and is expected to grow at a mid-single digit CAGR, Asia-Pacific region is the fastest emerging region that is expected of growing a double digit CAGR during the forecasted period.

Technological advancements have aided in the transformation of prefilled syringes from being an off-the-shelf commodity device to a highly customizable product incorporated with value-enhancing human factor engineering features. The steadily growing space of PFS market is substantiated by the ever expanding patent portfolio of PFS product companies, the huge number of clinical trials for therapeutic drugs PFS and vaccine PFS and the constantly increasing sales volume or number of units of PFS and heparin PFS across the various regions and countries of the globe, especially in APAC region. U.S. and China spearheaded the sales volume analysis of PFS units and heparin PFS units respectively.

The global COVID-19 pandemic which has been a blessing in disguise for the PFS industry has led to significant increase in revenue of most of the players in the market owing to the increased utilization of various PFS products for enabling need-of-the hour easier, safer and convenient self-administration or home-based care and increased demand for saline flush syringes during the pandemic, has triggered several research studies evaluating the feasibility of prefillable syringes for packaging or encasing the high-in demand COVID-19 vaccine with very low temperature storage requisites and for facilitating safer, efficient and quicker mass immunization programs and also led to the launch of advanced connected PFS products to further support efficient home-based care.

The report also exemplifies and highlights the various organic and inorganic market perpetuation strategies of leading players in the market.

Some of the prominent players in the fragmented PFS global market are Becton, Dickinson And Company (U.S.), Gerresheimer AG (Germany), Schott AG (Germany), Nipro Corporation (Japan), Terumo Corporation (Japan), Stevanato Group S.p.A (Italy), Shandong Weigao Group Medical Polymer Company Limited (China), Owen Mumford LTD (U.K.), Elcam Medical (Israel), Ypsomed Holdings AG (Switzerland) and others.

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This release was published on openPR.