Dublin, Oct. 22, 2020 (GLOBE NEWSWIRE) -- The "Global Prefilled Syringes Market by Type [Conventional (Disposable, Reusable), Safety], Material (Glass, Plastic), Design (Single-Chamber, Dual-Chamber, Customized), Application (Diabetes, Cancer, Arthritis, Anaphylaxis, Ophthalmology) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global prefilled syringes market size is projected to reach USD 8.6 billion by 2025 from USD 5.6 billion in 2020, at a CAGR of 9%.
The growth in the prefilled syringes market is majorly driven by the rising demand for prefilled syringes is attributed to the growing prevalence of chronic diseases, technological advancements, rising adoption of self-injecting parenteral devices, and supportive government regulations (especially needlestick legislations).
In addition, growing awareness on the benefits of prefilled syringes among patients and healthcare professionals, along with the growing number of biologics and biosimilars in the pharmaceuticals market, is supporting the growth of the prefilled syringes market. However, the adoption of prefilled syringes with integrated safety features has been low among end users, and the continuation of this trend during the forecast period will restrain the market growth.
The prefilled syringes market is impacted due to the pandemic, resulting in impact of the pandemic on drug manufacturing and supply chain is expected to affect the market for the short term. Furthermore, HCPs have adapted to new ways of delivering care using telemedicine to reduce face-to-face contact, and adopting new ways of virtual healthcare and digital technologies is imperative to allow HCPs to continue routine appointments.
Further, the use of apps can support self-management of chronic conditions, i.e., continuous glucose monitoring enables support with diabetes. Similarly, the contribution of community pharmacists to manage chronic conditions and promote medication adherence during this COVID-19 pandemic will be essential in easing the burden on already strained health systems.
Opportunity: Growing healthcare infrastructure across emerging markets
Emerging countries continue to suffer from insufficient healthcare funding, which adversely affects access to healthcare, quality, and, ultimately, the health status of citizens. According to the World Bank, approximately 400 million people lack access to essential healthcare services, mostly in Africa and South Asia. Furthermore, accelerating medical inflation, i.e., the cost of medical treatments and a higher prevalence of non-communicable lifestyle-related diseases such as cancer, diabetes, or cardiac syndromes, have resulted in funding gaps.
According to a report published by Geneva Association, in the last two decades, the share of total aggregate global expenditure on healthcare in GDP has increased from about 8% to almost 10%, or an estimated USD 8 trillion per annum, which is driven by the accelerating cost of medical treatment, expanding treatment options and increasing customer demands.
Moreover, the Global Burden of Disease Health Financing Collaborator Network (2017) estimates that global spending on health will almost triple to USD 24 trillion by 2040 with upper-middle-income countries are estimated to show the fastest increase at an average of 5.3% per year. This growth could be attributed to continued growth in GDP and the rise of the middle class and government spending.
Market Dynamics
Drivers
- Rising Target Disease Population
- Rapid Growth in Generic Products
- Rising Adoption of Self-Medication and Digitalization
- Affordable Cost with Increased Efficiency of Prefilled Syringes
- Technological Advancements
Restraints
- Dearth of Prefilled Syringes with Integrated Safety Features
Opportunities
- Growing Healthcare Infrastructure Across Emerging Markets
- Surge of Biologics and Biosimilars in Biopharma Industry
- Increasing Adoption of Wearable Drug Delivery Technologies
Challenges
- Availability of Cheaper Alternatives
- Challenges Associated with Manufacturing of Prefilled Syringes
Regulatory Scenario
- COVID-19 Impact
Companies Mentioned
- Baxter International Inc.
- Becton, Dickinson & Company
- Catalent, Inc.
- Datwyler Holding Inc.
- Elcam Medical
- Gerresheimer AG
- Haselmeier
- MedXL Inc.
- Micsafe
- Nipro Corporation
- Ompi (A Stevanato Group Company)
- Oval Medical Technologies Ltd.
- Owen Mumford Ltd.
- Schott AG
- SHL Medical AG
- Terumo Corporation
- Vetter Pharma International GmbH
- Weigao Group
- West Pharmaceutical Services, Inc.
- Ypsomed
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