Prefilled Syringes Market Research Report by Key Players Analysis 2024
By application, the vaccines segment dominated the global prefilled syringes market, accounting for a collective share of 34.3% in 2015. The segment is also projected to exhibit a strong growth rate from 2016 to 2024. In terms of percentage share contribution, the polymer-based prefilled syringes segment is expected to continue its lead in the global market through 2024. It will also register the highest growth in the coming years. By distribution channel, the hospitals segment is projected to account for the major share by the end of the forecast period. On the other hand, ambulatory surgical centers are likely to register a high growth rate by 2024.
North America dominates the global market, while Asia Pacific is expected to witness strong growth. The U.S. is the largest market for prefilled syringes, accounting for around 35.5% share of the global market.
The incidence of needle stick injuries has been a cause for concern over the years. According to the World Health Organization, almost two million healthcare professionals suffer from infectious diseases resulting from needle stick injuries each year.
“Various needle safety devices – such as passive needle guarding caps with a polymer shield and a retractable needle system – as well as advanced technologies – such as advanced barrel technology and multi-chamber syringes – are being developed to cope with this problem,” the author of the study finds. Therefore, improving safety standards and technological advancements have been primarily driving the global prefilled syringes market.
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There are several factors that pose a severe challenge to the growth of the global prefilled syringes market, the primary one being the high costs associated with temperature controlled packaging required for temperature-sensitive drugs. “In order to maintain specified temperatures and conditions throughout the shelf life of a drug, drug manufacturing companies require several complex machineries that need to be maintained regularly,” the TMR analyst states. This is a costly affair and as a result, restricts companies from manufacturing prefilled syringes.
Other factors inhibiting the market include product recalls due to breakages and leachables, the potential risk of interaction between prefilled syringes and drugs, and the availability of alternative drug delivery methods.
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Becton Dickinson and Company Group plc., Baxter International Inc., Terumo Medical Corporation, and Medtronic are the top four players that dominate over half the prefilled syringes market. Transparency Market Research has noted that the global prefilled syringes market is highly dynamic and competitive and while the nature of the market is consolidated in developed regions owing to the presence of large players, it remains fragmented in most of the emerging markets with many small regional players.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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