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Prefilled Syringes Market Share And Industry Trends, Forecasts Till and Million Insights

08-16-2022 02:13 PM CET | Health & Medicine

Press release from: Transparency Market Research

Prefilled Syringes

Prefilled Syringes

Prefilled Syringes Market Outlook 2031

The global prefilled syringes market was valued at US$ 13.6 Bn in 2021

The global market is projected to advance at a CAGR of 10.1% from 2022 to 2031

The global prefilled syringes market is anticipated to reach more than US$ 35.7 Bn by the end of 2031

Report Overview: https://www.transparencymarketresearch.com/prefilled-syringes-market.html

Global Prefilled Syringes Market Introduction

Prefilled syringe is a disposable syringe that already contains the substance to be injected. Prefilled syringe has emerged as one of the most convenient drug delivery methods in the last few years. It is one of the rapidly growing options for unit dose delivery. Plastic disposable syringes have ushered in a revolution in the healthcare industry. Introduction of sterile, prefilled syringes that allow safe self-administration of injectable drugs without the need for hospitalization is driving the prefilled syringes market.

Chronic diseases, such as type 1 diabetes, are becoming more common in large populations around the world. Patients with type 1 diabetes receive insulin intravenously on a regular basis to control their blood sugar levels. Prefilled syringes can make self-administration more convenient and viable due to their ease of usage. According to the International Diabetes Federation, approximately 537 million adults (20-79 years) had diabetes in December 2021, and approximately 6.7 million deaths occurred globally due to diabetes in 2021.

The COVID-19 pandemic has had a positive impact on the global prefilled syringes market. In September 2021, BD, a U.S.-based multinational medical technology company, demonstrated the suitability of its glass prefilled syringes for use with mRNA COVID-19 vaccine shots that require ultralow temperature storage. According to the company, switching from vials to prefilled syringes can reduce the complexity and cost of vaccine administration.

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Preference for Self-administrable Devices Bolstering Demand for Prefilled Syringes

Rise in incidence and prevalence of chronic and lifestyle diseases worldwide is a major driver of the prefilled syringes market. Furthermore, demand for self-injection devices, such as saline syringes, is increasing owing to the convenience and safety associated with their usage. Diabetes affected 436 million individuals worldwide in 2019 (prevalence 9.3%). By 2045, the number is projected to climb to 700 million (prevalence 10.9%). Additionally, more than 1.1 million children and teenagers have type 1 diabetes (Source: International Diabetes Federation).

Insulin-dependent diabetics are increasingly turning to dependable and risk-free methods of self-injection such as prefilled insulin syringes. For instance, NovoLog FlexPen prefilled syringe is a fast acting insulin that is used to improve blood sugar control in adults and children with diabetes mellitus. Integration of autoinjectors and pen injectors with prefilled syringes is one of the major factors influencing the need for self-administrable devices.. Thus, preference for self-administration is anticipated to boost the prefilled syringes market size in the next few years.

Reduction of Overfill Waste and Mitigation of Risk of Misuse Augmenting Prefilled Syringes Market

Introduction of needlestick safety-equipped devices, advanced lubrication technology, and the type of multi-chamber syringes are all major technological developments in the syringe industry. Widespread usage of prefilled syringes has enabled pharmaceutical companies to reduce drug waste, while also increasing product lifespan. Prefilled syringes are regarded as the best method for storing medications, as they promote self-administration, reduce overfill waste, and mitigate the risk of misuse. This benefits patients, healthcare practitioners, and manufacturers in equal measure.

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Increase in Cases of Needlestick Injuries Propelling Demand for Safety Syringes

In terms of type, the safety syringes segment is projected to dominate the global market with 77% share by 2031. Safety syringes have removable or permanently connected needles as well as an internal safety device. Several countries have passed laws mandating the usage of safety syringes. Safety syringes are being used in order to reduce needlestick injuries. Several hospitals, diagnostic centers, and general practitioners employ safety prefilled syringes for drug delivery, as these offer less overfills and better safety to patients.

Technological Advancements in Single Chamber Prefilled Syringes

Prefilled syringes are available in various designs. These include single chamber prefilled syringes, dual chamber prefilled syringes, and multiple chamber prefilled syringes. Based on design, the single chamber segment dominated the global market with around 70% share in 2021. Single-chamber prefilled syringes are used for injecting prefilled vaccine products and biological or pharmaceutical products. They are available at various sales channels such as hospital pharmacies, retail pharmacies, and online pharmacies. Major companies offering single-chamber prefilled syringes are focusing on developing technological solutions for the single-chamber prefilled syringe market. For instance, in 2019, Biocorp, a medical device manufacturing company based in France, released Injay, a single-chamber prefilled syringe that uses a Near Field Communication (NFC) chip to store information such as drug name, batch number, and expiration date, and transfers this data when scanned with the provided code. This information is transmitted to the doctor from the patient's phone at the specified date and time when the patient injected the drug. Such developments are expected to propel the segment in the next few years.

Demand for dual chamber prefilled syringes is also increasing at a steady pace across the globe. This is estimated to augment the dual chamber prefilled syringes market during the forecast period.

Rise in Adoption of Highly Compatible and Heat Resistant Glass Prefilled Syringes

In terms of material, the glass segment led the global prefilled syringes market with around 60% share in 2021. Demand for glass-based prefilled syringes is expected to rise in the next few years, owing to significant advantages of these syringes. Glass prefilled syringes offer high stability, prevention of drug interaction with oxygen or water vapor, and high compatibility. Furthermore, glass prefilled syringes are more heat resistant.

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Growth in Number of Hospital Pharmacies to Boost Global Prefilled Syringes Market

In terms of distribution channel, the hospital pharmacies segment is projected to dominate the global market with 50% share by 2031. Hospitals are key consumers of prefilled syringes. Hospital pharmacies have remained the most popular and convenient location for vaccinations and cancer treatments. Increase in number of diseases and surge in geriatric population across the globe are anticipated to drive the hospital pharmacies segment in the near future.

Regional Outlook of Global Prefilled Syringes Market

North America dominated the global prefilled syringes market in 2021. The market in the region is anticipated to grow at a CAGR of 6.8% from 2022 to 2031 due to the increase in research and development activities in research labs and pharmaceutical companies; and government initiatives for various vaccination programs. Furthermore, the prefilled syringes market in North America is expected to be driven by the increase in adoption of safety prefilled syringes and emphasis on needlestick injury prevention.

The market in Asia Pacific is growing at a rapid pace owing to the increase in rate of diabetes, infectious diseases, and cancer. This is driving the demand for specific treatments, which in turn is augmenting the demand for prefilled syringes. Furthermore, technological advancements and product launches in Asia Pacific, particularly in Japan (Daikyo-Crystal Zenith) and China; and improved reimbursement policies are propelling the prefilled syringes market in Asia Pacific. The Government of China's health care reforms, favorable regulatory environment, increase in pharmaceutical development, aging population, healthcare innovations, and presence of the highest number of diabetic patients in the country are also propelling the market in the region.

Analysis of Key Players in Global Prefilled Syringes Market

The global prefilled syringes market report concludes with the company profiles section, which includes information about key players in the global prefilled syringes market. Leading players analyzed in the report are B. Braun Melsungen AG, Baxter International, Inc., Becton, Dickinson and Company (BD), Catalent, Inc., Elcam Medical, Gerresheimer AG, Nipro Corporation, SCHOTT AG, Terumo Corporation, Vetter Pharma, Weigao Group, and West Pharmaceutical Services, Inc.

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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