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Global Pre Filled Syringes Market Outlook, Trends 2024-2033
Pre Filled Syringes Market Outlook
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According to The Business Research Company's, The pre filled syringes market size has grown rapidly in recent years. It will grow from $7.42 billion in 2023 to $8.51 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to growth in the pharmaceutical and biotechnology industry, expansion of biologics and vaccines, demand for user-friendly and precise drug delivery, increase in home healthcare and self-administration, regulatory standards for drug safety and packaging..
The pre filled syringes market size is expected to see rapid growth in the next few years. It will grow to $14.46 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to customized pre-filled syringe solutions for specific drugs, expansion of biodegradable and sustainable materials, innovation in connected and smart syringes, increased use in telemedicine and telehealth, adoption in long-acting injectable medications.. Major trends in the forecast period include regulatory compliance in pre-filled syringe safety, smart and connected syringes for precise dosing, biodegradable and eco-friendly syringe materials, personalized syringe solutions for patient populations, transparency and traceability in drug delivery..
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Market Drivers and Trends:
Rise in home-based healthcare is expected to boost the pre-filled syringe market during the forecast period. Home-based healthcare refers to the delivery of medical treatment and support to patients in their homes, intended to support patients in getting better, managing their illnesses and receiving care in the convenience of their own homes. The pre-filled syringe market is poised for substantial growth as it caters to the evolving healthcare landscape by ensuring precise dosing, reduced risk of contamination, and improved patient compliance, ultimately enhancing the quality of care delivered in the comfort of one's home. For instance, in February 2023, according to the National Association for Home Care and Hospice, a US-based non-profit organization representing the interests of chronically ill, disabled and dying US nationals, approximately 12 million Americans receive some kind of home healthcare each year and that number is expected to continue to grow. Thus, the rise in home-based healthcare is expected to fuel market growth during the forecast period.
Companies in the prefilled syringes market are increasingly investing in next-generation prefilled syringes, which allows healthcare professionals to track and access data. Next-generation pre-filled syringes refer to advanced, technologically enhanced syringes designed to improve drug delivery, enhance patient safety, and offer additional features such as connectivity and usability. For instance, in September 2022, Becton, Dickinson and Company (BD), a US-based medical technology company, unveiled a next-generation glass prefillable syringe (PFS) that meets stricter requirements for processability, cosmetics, integrity and contamination and raises the bar for vaccine PFS performance. Working along with top pharmaceutical companies, the innovative BD Effivax Glass Prefillable Syringe was created to address the intricate and changing requirements of vaccine production.
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Major Key Players of the Market:
Becton, Dickinson and Company, Gerresheimer AG, Schott & Associates Glass Technology Laboratory, West Pharmaceutical Services Inc., Baxter International, Nipro Corporation, Terumo Corporation, Vetter Pharma International GmbH, Stevanato Group SPA, Shandong Weigao Group Medical Polymer Company Ltd., Novartis AG, Catalent Inc., Unilife Corporation, Eli Lilly and Company, Applied Molecular Genetics Inc., Bayer AG, Pfizer Inc., Bristol-Myers Squibb Co., F. Hoffman-La Roche Ltd., AbbVie Inc., Owen Mumford Holdings Ltd., AptarGroup Inc., Medtronic Plc, Abbott Laboratories, Fresenius Kabi India Pvt. Ltd., Medical Protective Ltd., Mylan NV, Elcam Medical Inc., YPSOMED Holding AG, Oval Medical Technologies, SHL Medical, ACASI Machinery Inc., Bespak Holdings Ltd., BioPharma Solutions, Catalent Pharma Solutions, Credence MedSystems Inc., Hasemeier Inc., Intas Pharmaceuticals Ltd., Intelicure Lifesciences, Mycoscience Labs
Pre Filled Syringes Market 2024 Key Insights:
• The pre filled syringes market size is expected to see rapid growth in the next few years. It will grow to $14.46 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%.
• Surge In Home-Based Healthcare Fuels Pre-Filled Syringe Market Growth
• Next-Generation Pre-Filled Syringes Are Gaining Popularity
• Europe was the largest region in the prefilled syringes market in 2023
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