Portland, OR, March 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global prefilled syringes market generated $5.62 billion in 2020, and is expected to reach $15.73 billion by 2030, witnessing a CAGR of 10.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Surge in home-based healthcare activities, adoption of injectable drugs, increase in incidence of chronic diseases, and benefits of prefilled syringes over conventional vial drive the growth of the global prefilled syringes market. However, stringent government regulations and availability of alternative drug-delivery methods restrain the market growth. On the other hand, technological advancements, rise in number of biologics & biosimilars, and increase in demand for injectable drugs in prefilled forms create new opportunities in the coming years.
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Impact of Covid-19 on Prefilled Syringes Market-
- There has been a considerable rise in the demand for prefilled syringes over glass ampoules or any other additional needles as they lower the risk of needle-stick injuries. This led manufacturers to raise the production capacity of the prefilled syringes for the production of Covid-19 vaccines.
- The U.S. government signed a deal worth $138 million with the prefilled syringe manufacturers to facilitate the production of nearly 100 million prefilled syringes for Covid-19 vaccines by 2020. Many governments signed new deals with syringe makers to ensure the sufficient availability of Covid-19 vaccines in their countries.
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The report offers detailed segmentation of the global prefilled syringes market based on material, design, therapeutic, application, and region.
Based on material, the glass-based segment contributed to the highest share in 2020, accounting for nearly four-fifths of the total market share, and is projected to continue its lead position during the forecast period. However, the plastic-based segment is expected to manifest the highest CAGR of 11.7% from 2021 to 2030.
Based on application, the diabetes segment held the largest share in 2020, accounting for more than one-third of the global prefilled syringes market, and is expected to maintain its dominance in terms of revenue by 2030. However, the rheumatoid arthritis segment is projected to witness the largest CAGR of 11.9% during the forecast period.
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Based on region, Europe accounted for the highest share in 2020, contributing to around two-fifths of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 12.8% during the forecast period.
Leading players of the global prefilled syringes market analyzed in the research include Abbott Laboratories, Baxter International, Bayer AG, Becton, Dickinson and Company, Gerresheimer AG, Medtronic PLC, Nipro Corporation, Terumo Medical Corporation, Vetter Pharma International GmbH, and West Pharmaceutical Services Inc.
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