Medical Cartridges Industry Analysis, Growth, Development and Demand Forecast Report 2030

The global medical cartridges market had a valuation of $920.8 million in 2020, and it is predicted to progress at a CAGR of 6.4% between 2021 and 2030. Furthermore, the market will reach a value of $1,691.1 million by 2030, as per the forecast of P&S Intelligence, a market research company based in India. The factors fueling the surge in the market are the expanding pharmaceutical industry and the soaring requirement for injectable pharmaceutical products.

The booming pharmaceutical industry in several countries is positively impacting the demand for cartridges across the world. This industry produces biosimilar drugs and biologics for managing various chronic diseases such as diabetes, rheumatoid arthritis, and cancer. As some biopharmaceutical products are produced in the form of injectable therapeutic agents that are administered via cartridges, prefilled syringes, and vials, their growing production is pushing up the requirement for cartridges around the world.

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Apart from the aforementioned factors, the increasing incidence of chronic and acute diseases and the surging population of geriatric people are also propelling the expansion of the market across the world. Depending on material type, the medical cartridges market is classified into plastic and glass. Between these, the glass category held the larger share in the market between 2014 and 2020, and this trend is predicted to continue in the future years as well.

This is credited to the better characteristics of glass that prevent its reaction with the products stored within the containers made from it for eliminating the occurrence of adverse reactions. When size is taken into consideration, the market is divided into more than 10 ml, 6 to 10 ml, 3 to 5 ml, and less than 3 ml categories. Out of these, the less than 3 ml category is predicted to lead the market in the forthcoming years.

This is ascribed to the fact that the cartridges having capacities less-than-3 ml are primarily used in insulin pens. In addition to this, the growing incidence of diabetes and the surging affordability of insulin devices are propelling the sales of these cartridges globally. Globally, Europe contributed the highest revenue to the medical cartridges market in 2020. This was because of the presence of a large geriatric population and a well-established healthcare infrastructure and high incidence of diabetes in the region.

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As per the observations of the European Chronic Diseases Alliance (ECDA), nearly one-third of the total population around the world in the age bracket-15 years and above in Europe is diagnosed with at least one chronic ailment. On the other hand, in the years to come, the market is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region, primarily because of the surging geriatric population, the rising incidence of diabetes, and the soaring healthcare expenditure in the region.

Hence, it can be said with full confidence that the market will grow substantially in the coming years, mainly because of the increasing prevalence of chronic diseases such as diabetes and cancer and the surging population of geriatric people across the world.

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About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.