Parenteral drugs are the second most preferred type of drugs after oral solid dosage forms and also holds second largest market share in terms of revenue in overall pharmaceutical market. Various benefits such as ease in administration, better patient compliance and 100% bioavailability are the few important factors that are expected to favor growth of the prefilled syringes market over the forecast period (2016–2024). Prefilled syringes segment is the one of the most important of the parenteral products market. However, volume sales in the market is rather low as it is a fairly novel product. The market is expected to gain traction over the forecast period, with increasing number of products and growing awareness among the populace about the benefits of the product. There are various factors such as ease in administration and minimum contact with the exposed environment that are expected to favor growth of the prefilled syringes market in the near future. Use of syringes with prefilled drugs would be especially useful in emergency situations. According to Drug Development & Delivery, around 3.5 billion of prefilled syringes are produced each year and the existing numbers are expected to grow by the rate of around 9.0 – 10% annually.
Prefilled Syringes market taxonomy:
By Material Type
Rising demand for biologics and self-injection products to augment market growth
A large number of newly approved biologics and drugs demand for PFS delivery devices for the subcutaneous (SC) self-injection of biopharmaceuticals. Also, the need for simpler self-injection procedures and improved patient compliance for auto injectors, large-volume patch injectors and pens is on the rise. This in turn is expected to favor growth of the prefilled syringes market over the forecast period (2016–2024). Patient exposure towards the routine injection can affect patient compliance, as it can cause significant discomfort to the user. Introduction of large volume biologics though, have helped rise in adoption rate of prefilled syringes. This in turn is expected to favor the market over the forecast period. Some factors such as growth in adoption of injectable drugs, success and growth of biologics, increased global vaccination, increased drug self-administration trend, technological advancements in the manufacture of PFS, and development of advanced PFS would further augment market growth.
Rise in number of applications is to favor the expansion of global prefilled syringes market:
Prefilled syringes market is expanding rapidly globally due to its various applications in overall healthcare sector. Nowadays, PFS manufacturing companies are focused on promoting use of the product in various application especially in homecare settings, which further is projected to favor increase in customer base in various regions. Furthermore, manufacturers are working towards developing PFS vaccines to help in indications such as various infectious disease and cancer. PFS are also being efficiently used in emergency medical services and in emergency section of hospitals. According to Frederick Furness Publishing Ltd, around 70% of atropine syringes prepared by the hospital staff are pre-filled and can be immediately used in emergency conditions.
Highly consolidated market is expected to favor the sales revenue of prefilled syringes market:
There are around 20 pharmaceutical companies that are involved in manufacturing and marketing of prefilled syringes as preferred delivery device of around 50 injectable drugs and vaccines, which contributes significantly to the sales revenue of these players. Furthermore, there are few recent acquisitions by the big brands in market of prefilled syringes such as in 2012, Becton Dickinson and Company acquired Safety Syringes, Inc., which is further expected to favor the company’s syringes manufacturing efficiency and increase its product portfolio. Key players operating in the prefilled syringes market include Becton Dickinson & Co., Gerresheimer, Medtronic, Baxter International, SCHOTT AG, West Pharmaceuticals, Vetter International, Unilife Corporation, Stevanato Group, and Terumo Corporation
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.