New York, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Prefilled Syringes Market” for the forecast period, i.e., 2023-2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Prefilled Syringes market size
The global prefilled syringes market is predicted to acquire around USD 16,100 million by 2033 and to grow at a CAGR of ~12% over the forecast period. In addition, the market garnered revenue of around USD 5,900 million in 2022. The market is majorly being driven by the increase in HIV and hepatitis infection rates. In 2019, there were 296 million individuals worldwide suffer from hepatitis B, and 58 million suffer from hepatitis C according to the Centers for Disease Control and Prevention (CDC).
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Prefilled syringe demand is accelerating as there is a greater chance of contracting an infection through needles. Around 900 healthy kids under the age of 12 in Pakistan were given HIV-infected needles by a doctor and they have been added to the list of affirmed cases of HIV. Furthermore, the market for prefilled syringes is projected to expand owing to the increase in chronic diseases such as diabetes, cardiovascular issues, arthritis, and others. According to World Health Organization (WHO) statistics, cardiovascular disorders claimed the lives of close to `18 million individuals.
Global Prefilled Syringes Market: Key Takeaways
- The European region gains the largest portion of the revenue
- The diabetes segment to influence the revenue graph
- The single-chamber segment retains a sizable presence in the market
Mounting HIV and Hepatitis-B cases and Soaring Biological Drug Adoption to Boost the Market Growth
The self-filling needles used with individuals who have HIV and hepatitis have frequently been misused. Prefilled syringes are the ideal treatment to use for HIV and hepatitis patients. At the end of 2021, there were an estimated 38.5 million HIV-positive individuals worldwide, with 26 million of them residing in the African region. As HIV and hepatitis cases increase, the adoption of prefilled syringes rises on account of safety reasons.
Furthermore, biological drugs are now being used to treat conditions including cancer, asthma, allergies, and more as a result of rising demand. For instance, the sales of biologics have been predicted to surpass those of small molecules for the next 5 years and by 2027, biologic medication sales are anticipated to be USD 120 billion more than those of small molecules. In 2019, 460,000 individuals died from asthma, which is thought to have afflicted 263 million people. The rising prevalence of asthma further increases the need for prefilled syringes in the market.
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Global Prefilled Syringes Market: Regional Synopsis
The global prefilled syringes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Investments and Growing Immunization Rate to Fuel the European Market
By the end of 2033, it is anticipated that Europe to hold the biggest market share. Increased investment in injectable medications is predicted to drive market growth. For example, Baxter International, Inc. spent roughly USD 100 million in 2021 to increase the production of sterile fill in Germany. The region’s increased immunization campaign is expected to fuel the market expansion in Europe. As of August 2022, over 171.5 million doses of the COVID-19 vaccination had been delivered in Russia whereas Germany had delivered more than 185 million doses of the COVID-19 vaccination.
Developing Healthcare Infrastructure and the Rising Number of Hospitals to Fuel the Asia Pacific Market
On the other hand, the Asia Pacific (APAC) market is projected to witness lucrative growth over the forecast period. The APAC market is expected to be driven by improvements in healthcare infrastructure, an increase in the number of hospitals with cutting-edge equipment, and increased demand for the COVID-19 vaccination. The rising healthcare expenditure in China develops the healthcare infrastructure and increases the number of hospitals with advanced treatment facilities and propels the market in the region. The healthcare expenditure per capita in 2018 was USD 501.6 which rose to USD 535.13 in 2019 in China. Moreover, the total hospital population in China has grown dramatically during the past 10 years. In 2020, there were around 25,500 hospitals which rose from 23,500 hospitals, 10 years back.
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The study further incorporates the Y-O-Y growth, demand & supply, and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, QATAR, Oman], North Africa, South Africa, Rest of Middle East and Africa)
Global Prefilled Syringes Market, Segmentation by Application
- Diabetes
- Multiple Sclerosis
- Anaphylaxis
- Cancer
By the end of 2033, the diabetes segment is predicted to have the greatest market size. The diabetes segment is anticipated to rise as a result of the increased demand for insulin medications. In 2018, approximately 150-200 million persons worldwide needed insulin therapy. The rising prevalence of diabetes worldwide drives the expansion of the segment. The WHO estimates that 1.5 million fatalities and 422 million people globally suffer from diabetes.
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Global Prefilled Syringes Market, Segmentation by Design
- Single- Chamber
- Dual Chamber
- Customized
The single-chamber segment is estimated to hold a substantial market share during the forecast period. The rising incidence of chronic diseases, growing demand for prefilled syringes, and increased benefits from prefilled syringes are all contributing factors to the expansion of the segment. For instance, one or more chronic diseases such as diabetes, cancer, cardiac disorders, and stroke affect 6 out of 10 U.S. citizens. The primary cause of fatalities and disability in the U.S. are rising chronic diseases. In addition, according to the CDC statistics, cardiac disorders claimed the lives of almost 697,000 persons in 2020 accounting for 1 in 5 fatalities in the U.S. The elevating incidence of chronic diseases increases the demand for single-chamber syringes.
Global Prefilled Syringes Market, Segmentation by Material
- Glass-Based
- Plastic-Based
A few of the well-known market leaders in the global prefilled syringes market that are profiled by Kenneth Research are Abbott, Bayer Pharmaceuticals, Baxter BioPharma Solutions, BG (Becton, Dickinson and Company), Gerresheimer AG, Medtronic, Nipro Pharma Corporation, Terumo Medical Corporation, Vetter Pharma International GmbH, West Phaemaceutical Services, Inc., and others.
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Recent Developments in Global Prefilled Syringes Market
- On April 2021, Nipro Pharma Corporation declared that the Schreiner MediPharm Needle-Trap is compatible with Nipro D2F prefilled syringes.
- On February 2022, Abbott established a corporation with the major health tech firm Sugar. fit, HealthifyMe, Fitterfly, BeatO, PharmaEasy, GOQii, 1 MG, and Zyla Health in February 2022. Abbott hopes to provide a glucose monitoring solution to 8 million patients with diabetes through the agreement.
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