Prefilled Syringes Market– Insights
Prefilled syringes are one of the fastest growing choices for unit dose delivery and have emerged as one of the most convenient drug delivery methods in the recent years. The extensive use of prefilled syringes has enabled pharmaceutical companies to minimize drug-wastage and simultaneously increase the life-span of the product. Plastic disposable syringes created a revolution in the healthcare market which has been enhanced by the introduction of sterile, prefilled syringes that enable safe self-administration of injectable drugs without having to visit the hospital.
According to National Center for Biotechnology Information (NCBI) 2014, 25% of expenditure on drugs is unused in the U.S. while 3-7% of medications intended for patients are unused. These massive revenues could be directed in a useful way with the use of prefilled syringes in the market that can improve shelf life of the drug and also prevent wastage as syringes are filled with the exact volume and concentration of the drug. Prefilled syringes can be advantageous for pharmaceutical companies in terms of the cost of biopharmaceuticals, as syringes can reduce overfilling of drugs compared to vials.
The global prefilled syringes market size was valued at US$ 4,892.9 million in 2019, and is expected to witness a CAGR of 10.3% over the forecast period (2019–2027).
Global Prefilled Syringes Market Share (%) Analysis, By Drug Type, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing prevalence of chronic diseases globally is expected to drive growth of the Global Prefilled Syringes Market
There has been increasing prevalence of chronic diseases such as Type 1 Diabetes among a significant population across the globe. Patients with Type 1 Diabetes undergo regular intra-venous administration of insulin to control their sugar levels inability in natural insulin production. Owing to ease of administration, pre-filled syringes can make self-administration more convenient and viable. According to the International Diabetes Federation, in 2017 around 425 million adults (20-79 years) had diabetes, and around 4 million deaths occured globally due to diabetes.
Global Prefilled Syringes Market- Restraints
Growth of the prefilled syringes market is expected to be hampered over the forecast period owing to increasing FDA recalls. For instance April 21, 2017, the U.S. FDA recalled one lot of Hospira Inc.’s 25% Dextrose Injection, USP (Infant) due to particulate matter, identified as human hair, found within an internal sample syringe. Furthermore, in 2017 the U.S. FDA recalled one lot of Midazolam Injection, USP, 2 mg/2 mL packaged in 2 ml prefilled single-use glass syringes of Fresenius Kabi USA due to the labeling error.
Global Prefilled Syringes Market- Regional Insights
On the basis of region, the global prefilled syringes market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the prefilled syringes market over the forecast period owing to increasing prevalence of diabetes in the U.S. For instance, according to the Centers for Disease Control and Prevention, in 2015, around 30.3 million people in the U.S. were suffering from diabetes, accounting for 9.4% of the total population.
Asia Pacific is expected to witness rapid growth in the prefilled syringes market owing to increasing launches of prefilled syringes in India. For instance, in 2018 Hetero Healthcare launched a prefilled syringe, MaburaTM, for treatment of rheumatoid arthritis and other auto-immune disorders in the India market.
Global Prefilled Syringes Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Global Prefilled Syringes Market- Competitive Landscape
Key players operating in the global prefilled syringes market are Becton Dickinson & Co., Gerresheimer, Baxter International, Medtronic, SCHOTT AG, West Pharmaceuticals, Vetter International, Unilife Corporation, Stevanato Group and Terumo Corporation.
Prefilled syringes are ready to use pharmaceutical products used to deliver parenteral drugs. These are mainly used for treatment of chronic conditions that require long-term and self-administration of medicines. Prefilled syringes can be ideal for single-dose drugs, owing to properties such as easy dosage. This, in turn, can help pharmaceutical companies control costs related to drug overfills, minimize microbial contamination, and reduce dosing errors. Prefilled syringes allow safer administration of drugs with the accurate dose for both doctors and patients
Growing adoption of self-injection devices are major factors that are expected to drive the prefilled syringes market growth over the forecast period. According to the World Journal of Pharmacy and Pharmaceutical Sciences, in 2016, more than 3.5 billion prefilled syringes were produced and used annually by patients and healthcare providers for treatment of a broad spectrum of conditions globally.
However, availability of alternatives such as nanopatches, microneedles, connected delivery devices, and limited shelf life and stability of drugs are major factors restraining the global prefilled syringes market growth.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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