Press release
Global Prefilled Syringes Market to Surpass US$ 35.7 Billion by 2031, Projected CAGR of 10.1% from 2022
Market Overview
In 2021, the global prefilled syringes market reached a valuation of US$ 13.6 billion. With a projected compound annual growth rate (CAGR) of 10.1% from 2022 to 2031, the market is anticipated to exceed US$ 35.7 billion by the end of 2031. This robust growth is fueled by the rising adoption of prefilled syringes across various medical applications.
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Key Developments
The prefilled syringes market is characterized by notable developments that underscore innovation and strategic collaborations:
In September 2022, Owen Mumford Pharmaceutical Services obtained regulatory approval in Asia for its safety device, 1mL UniSafe, designed for prefilled syringes. This approval enhances the availability of a combination product aimed at enhancing patient safety and medication delivery efficiency.
In October 2021, West Pharmaceutical Services introduced the NovaGuard SA Pro Safety System in India, catering to the domestic market's demand for safe and user-friendly prefilled syringe accessories.
In October 2020, SCHOTT AG and Credence MedSystems partnered to integrate Credence Companion technology with SCHOTT's TOPPAC and syriQ prefilled syringe systems, offering a novel solution for injectable medicine administration.
Market Segmentation
The prefilled syringes market is segmented based on various factors:
Type: Safety Syringes, Conventional Syringes
Design: Single Chamber, Dual Chamber, Multiple Chamber
Material: Glass, Plastic
Application: Chronic Disease Treatment, Vaccines, Anticoagulants, Acute Care, and Specialty Medications
Distribution Channel: Hospital Pharmacies, Retail Pharmacies, E-commerce
Regional Analysis
The market is analyzed across regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Each region presents distinct market dynamics influenced by factors such as healthcare infrastructure, regulatory frameworks, and consumer preferences.
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Market Drivers and Challenges
Market Drivers:
Growing Demand for Self-administrable Drug Delivery Systems
Rising Prevalence of Chronic Diseases and Vaccination Programs
Technological Advancements in Syringe Design and Manufacturing
Increasing Focus on Patient Safety and Convenience
Market Challenges:
Stringent Regulatory Requirements for Product Approval
Concerns Regarding Sterility and Stability of Prefilled Syringes
Competition from Alternative Drug Delivery Systems
Supply Chain Disruptions and Raw Material Shortages
Market Trends
Shift Towards Safety and Convenience: There is a notable trend towards the adoption of safety-engineered prefilled syringes, driven by a focus on reducing needlestick injuries and improving medication adherence.
Customization and Personalization: Manufacturers are increasingly offering customizable prefilled syringe solutions tailored to specific therapeutic needs and patient preferences.
Future Outlook
The prefilled syringes market is poised for continued growth, propelled by ongoing research and development activities, strategic collaborations, and the expanding applications of prefilled syringes across diverse medical sectors.
Key Market Study Points
Market Size and Growth Projections Across Segments
Regulatory Landscape and Compliance Requirements
Technological Innovations and Product Developments
Consumer Behavior and Healthcare Trends
Competitive Landscape
Leading players in the prefilled syringes market include 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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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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