(Health-NewsWire.Net, January 16, 2021 ) The study involved four major activities to estimate the current size of the prefilled syringes market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the complete market size.
According MarketsandMarkets Research – 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 9.0% during the forecast period.
Driver: Rising target disease population;
Prefilled syringes are mainly used for the treatment of chronic conditions, such as heart diseases, diabetes, and autoimmune diseases, which require patients to self-administer medications. As a result, the increasing incidence and prevalence of chronic and lifestyle diseases across the globe is a major factor contributing to the growth of the prefilled syringes market. Moreover, there is a growing demand for self-injection devices, considering the convenience and safety associated with their use.
Following are some of the key statistics related to the growing incidence and prevalence of chronic diseases:
# Globally, in 2019, approximately 436 million adults (prevalence 9.3%) were suffering from diabetes, and it is expected to rise to 700 million (prevalence 10.9%) by 2045. Moreover, more than 1.1 million children and adolescents are living with type 1 diabetes (Source: International Diabetes Federation)
# In 2018, total number of cancer cases globally was recorded at 18 million. Most common cases being lung, breast, and colorectum cancer with incidence rate in double digits (Source: WHO)
# According to the National Institute of Environmental Health Science, in 2017, 24 million people had a condition of autoimmune disease in the US. Moreover, 8 million people had auto-antibodies—blood molecules that indicate a person’s chance of developing autoimmune disease
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Increasing adoption of self-administered injectable drugs is expected to result in the segment occupying the majority of the prefilled syringes market share
The conventional market is estimated to have the largest market share by value. Growth of this segment can be attributed to the the advantages offered, such as safe administration, ease of use for both healthcare professionals and end users, reduced risk of contamination of the product, less waste of costly API, ease of manufacturing, improved dosing accuracy, and enhanced product differentiation when compared to vials is expected to drive the market growth
Plastic Prefilled Syringes estimated to be the fastest-growing market
Plastic prefilled syringes are estimated to be the fastest-growing segment in the prefilled syringes market. The growth of this segment can be attributed to the rising development of newer polymers (which possess various physical and chemical properties such as high heat & break resistance, tolerance of freeze-drying & liquid nitrogen exposure, high transparency, and solvent resistance.
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Europe is one of the major revenue-generating regions in the prefilled syringes market. Rising prevalence of chronic diseases, growth of the biologics and biosimilars market, technological advancements, geographical expansion by key manufacturers, aging population, and high adoption of self-injection devices are driving the demand for self-injectable prefilled syringes. are the major factors driving the growth of the syringes market in Europe.
Key Market Players;
Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), West Pharmaceutical Services, Inc. (US), Baxter International Inc (US), Ompi (Italy), Catalent, Inc. (US), Weigao Group (China), Vetter Pharma International GmbH (Germany), Nipro Corporation (Japan), Elcam Medical (Israel), YPSOMED (Switzerland), Oval Medical Technologies (UK), SHL Medical AG (Switzerland), Terumo (Japan).
Mr. Aashish Mehra