iCrowdNewswire Dec 30, 2020 5:08 PM ET
Prefilled Syringes Market Scope
MRFR (Market Research Future) expects the Prefilled syringes market to reach a size of USD 8397.23 million by 2024. The MRFR report also reveals the projected market growth rate to be 10.20% between 2015 and 2024 (review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on Prefilled Syringes Market
Interestingly, COVID-19 has added to the prefilled syringes market value, as the novel coronavirus pandemic has led the pharmaceutical sector to focus more on developing vaccine. Achieving a COVID-19 breakthrough has become extremely important, as the pandemic is still uncontrollable despite the strict lockdown. However, the scenario has resulted in a higher demand for prefilled syringes in the healthcare industry, given their provision of elevated safety and accurate dosing, ease of administration as well as lower contamination risk.
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Lately, the adoption of single-dose prefilled syringes has escalated, especially following the onset of SARS-CoV-2. Despite the pandemic’s detrimental impact on manufacturing, increasing efforts by prefilled syringes manufacturers to bolster their supply chains should ensure sustained market growth in the next few years.
Top Drivers and Challenges
Rising consumption of biological drugs has been favorable for the prefilled syringes industry in recent years. Biologics are helpful in treating a number of chronic diseases. However, biological drugs are highly sensitive to temperature and environmental conditions. Interaction with the pharmaceutical containers could produce undesirable substances. Therefore, prefilled syringes are increasingly being adopted as they offer correct dimensions and prevent the container from interacting with the drug. Plastic is the most preferred material used primarily for substances like pharmaceutical protein and peptide drug. Plastics do not have flexibility and breakage issues that are usually associated with glass, and they also exhibit impressive adsorption properties. With time, manufacturers have been opting for plastic materials for drug administration, instead of glass. Prefilled syringe combination products are the fastest emerging trends, as these offer convenience to the patients of at-home self-administration, resulting in substantial cost savings in comparison with a clinical setting.
Prefilled syringe sales and demand have been escalating owing to the increasing focus on developing parenteral drugs and their rising consumption across the world. The market is also expected to take flight with the rising inclination towards self-administrated techniques among patients, bringing down the dependency on medical professionals for regular medicine doses. Mounting knowledge level regarding the prefilled syringe filling process along with the rising patient pool opting for in-home settings instead of clinical settings in developed nations can bolster the market demand in subsequent years.
In view of the soaring demand, prefilled syringes manufacturers are striving to boost their production capabilities. Launch of new innovative products is one of the top marketing hacks adopted by key firms to capture a higher share in the global market. To illustrate, in November 2020, Cumberland Pharmaceuticals launched RediTrex, a new range of methotrexate prefilled syringes to treat active rheumatoid arthritis, severe psoriasis and polyarticular juvenile idiopathic arthritis (pJIA) in the US. RediTrex has been developed for easier handling as well as dosing accuracy for self-administration of methotrexate under the skin for patients with restricted hand dexterity.
Prefilled syringes industry has been studied with respect to key segments such as material, type, design and end-user.
Materials specified in the market study include plastic syringes and glass prefilled syringes. Some of the commonly used glass prefilled syringes types are silicone syringes and oil siliconized syringes.
Prefilled syringes by type are conventional prefilled syringes and safety prefilled syringes.
Design-wise, the market can be considered for customized prefilled syringes, dual-chamber prefilled syringes and single-chamber prefilled syringes.
Prefilled syringes by application are largely used in ambulatory surgical centers and hospitals/clinics, which are the top end-users.
The regional study of the prefilled syringes market includes Europe, the Middle East & Africa/MEA, the Americas and Asia Pacific/APAC.
Since 2017, Europe has been the market leader, after seizing 41.4% share of the global market that same year. Growing need for better healthcare facilities, sizeable investments in healthcare development and surging preference for home-based treatment have led to expansion of the prefilled syringes market size in Europe. The European market is also favored by the alarming rise in autoimmune diseases as well as diabetes in Italy and France. Mushrooming geriatric pool that is highly susceptible to chronic ailments also add to the market value in the region.
Charging forward at the fastest rate of nearly 10.78% is the APAC market, bolstered by the increasing use of plastic devices in Japan and the rising focus on healthcare development. The APAC market also benefits from the fast growth in the number of public as well as private hospitals, escalating diabetic cases in India and China paired with the strong demand for technically innovative drug delivery systems.
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Key vendors profiled in the market study include Gerresheimer AG, Weigao Group, AG, West Pharmaceutical, Vetter Pharma International GmbH, Abbott, Baxter, Terumo Corporation, Nipro Corporation, Becton, Dickinson and Company, OMPI (A Stevanato Group Company), Schott, Medtronic, and more.
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