PUBLISHER: SkyQuest | PRODUCT CODE: 1270661
PUBLISHER: SkyQuest | PRODUCT CODE: 1270661
Global Prefilled Syringes Market size was valued at USD 18.43 billion in 2021 and is poised to grow from USD 20.63 billion in 2022 to USD 56.99 billion by 2030, growing at a CAGR of 11.95% in the forecast period (2023-2030).
The demand for efficient and user-friendly medication delivery systems is rising, and healthcare professionals are working harder than ever to reduce hospital errors. These factors are the main factors fueling the market's rise. The demand for prefilled syringes is growing as a result of a number of factors, including the growth of home healthcare services, an increase in the usage of injectable pharmaceuticals, an increase in the incidence of chronic diseases, and a surge in awareness of the benefits of prefilled syringes over conventional vials. Technology advancements linked to prefilled syringes also contribute to the market's growth. It is projected that obstacles to market growth include the availability of alternative pharmaceutical distribution methods, stringent governmental controls, and product recalls. However, the development of biologics and biosimilars, as well as the surge in demand for injectable drugs in prefilled forms, offer lucrative market expansion possibilities.
Top-down and bottom-up approaches were used to estimate and validate the size of global Prefilled Syringes Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Prefilled Syringes Market is segmented based on the Type, Material, Application, distribution channel, and region. Based on the Type, the Global Prefilled Syringes Market is segmented as Disposable and Reusable. Based on the Material, the Global Prefilled Syringes Market is segmented as Glass Syringes and Plastic Syringes. Based on Application, the Global Syringes Market is segmented as Anaphylaxis, Diabetes. Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies & drug stores, and e-commerce. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
For the treatment of chronic conditions like diabetes, heart issues, and autoimmune disorders when patients can self-administer medication, prefilled syringes are routinely utilised. Because chronic and life illnesses are becoming more prevalent and frequent globally, the market for prefilled syringes is growing as a result. Additionally, there is an increase in demand for self-injection equipment due to its comfort and safety.
Recalls of products, the potential for medicine and prefilled syringe components to react, as well as other issues, are the main barriers to the global expansion of the prefilled syringes industry. For instance, the plunger stopper in a certain batch of Lucentis 10 mg/ml solution for injection in pre-filled syringes had to be replaced by Novartis Pharmaceuticals UK in December 2021. As a result, customers began to comment more frequently about how challenging it was to depress the plunger.
In the global market for life science products, biologics and biosimilars are quickly displacing chemical-based drugs. Biologics are excellent for targeted administration and boost inclination because they have a lower chance of interfering with other medications. Due to the rise in biologics used to treat chronic diseases, producers of pharmaceuticals and packaging are under pressure to create more sophisticated ways of container sealing and drug delivery. As a result, there has been a major rise in the use of these syringes for the safe administration of biologics and biosimilars. According to the Central Drugs Standard Control Organisation (CDSCO), 98 biosimilars have, for instance, already been approved in India.