LOS ANGELES, April 07, 2021 (GLOBE NEWSWIRE) -- The Global Prefilled Syringes Market is expected to grow at a CAGR of around 9.9% from 2020 to 2027 and reach the market value of over US$ 11.6 Bn by 2027.
Prefilled syringes are designed to dispense a predetermined dose of the drug as well as to provide an advantage to its end users like the omitted requirement of mixing and transferring drugs into containers. Some of the major factors that are supporting the growth of prefilled syringes include ease of administration, convenience for healthcare professional and end-user, easy home use, help in reducing medication errors, misidentification, and stronger dose accuracy, increased assurance of sterility, better use of controlled drugs such as narcotics, lower injection cost by less preparation, fever material, easy storage and disposal, elimination of vials overfill for products transferred to syringes for direct diluents, and removal of preservatives.
The global prefilled syringes market is segmented on the basis of type, material, design, application, and geography. Based on type, the market is divided into conventional prefilled syringes (disposable prefilled syringes, reusable prefilled syringes), safety prefilled syringes. By material, market segments include glass prefilled syringes and plastic prefilled syringes. Based on the design, the market is bifurcated into single-chamber prefilled syringes, dual-chamber prefilled syringes, and customized prefilled syringes. Additionally, prefilled syringes have application across diabetes, rheumatoid, arthritis, anaphylaxis, cancer, thrombosis, ophthalmology, and others.
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On the basis of material, glass prefilled syringes are having a potential share in the global prefilled syringes market owing to their benefits and effective features. The glass material used for prefilled syringes provides non-reactive storage that helps in the long life span of loaded drugs. The glass is inert, pure, and made up of 100% all-natural material, which are the factors supporting its usage and dominance in the market. Moreover, the increasing usage of plastic for the manufacturing of prefilled syringes is projected to support the fastest growth of plastic prefilled syringes in the forecast period from 2020 to 2027.
By design, the single-chamber prefilled syringes segment is leading the market with maximum revenue share. The simple storage and ease of usage associated with the single-chamber prefilled syringes are supporting its growth in the market.
Based on type, conventional prefilled syringes along with their sub-segments disposable prefilled syringes, and reusable prefilled syringes is leading the market in 2019. Additionally, the safety prefilled syringes segment is estimated to exhibit the fastest growth over the forecast period from 2020 to 2027
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In 2019, the Asia Pacific region is anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027. The developing economies along with their accelerating healthcare sector are supporting the regional market growth. The presence of major players in the region is another factor supporting its growth in the market.
Some of the leading competitors are Baxter International Inc, Becton, Dickinson and Company, Catalent, Inc., Elcam Medical, Gerresheimer, Nipro Corporation, Ompi, Oval Medical Technologies, SCHOTT AG, SHL Medical AG, Terumo, Vetter Pharma International GmbH, Weigao Group, and West Pharmaceutical Services, Inc. Prefilled Syringes companies have announced mergers and acquisitions, partnerships and collaborations, and new product development to expand their position in the prefilled syringes industry. Major players are also moving into new regions or advanced technologies.
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Some of the key observations regarding the prefilled syringes industry include:
- In 2021, Germany headquartered Schreiner MediPharm has developed a label with a comprehensive first-opening indication for pre-filled syringes. The new Syringe-Closure-Wrap comes with the enhanced patient safety and features a label that wraps around the syringe barrel and the complete cap.
- Spain based Technological Centre for Plastics (Andaltec) has participated in the development of an innovative syringe carrier for use by healthcare personnel in emergency situations. The device is invented by the nurse Ana Cintora that ensures the proper alignment and positioning of the prefilled syringes for the administration of medication.
- BD has stumped up $1.2 billion to expand its pre-filled syringe capacity. The company is planning to start a new plant in Europe, additionally planning to upgrades six of the company’s existing sites in the U.S., Mexico, Europe, and Japan. The company has also teamed up with the BARDA on a $70 million project for expanding its operations.
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