Prefilled Syringes Market to Surpass US$ 10,738.72 Million by 2027 - Coherent Market Insights

Global Prefilled Syringes Market, by Type (Conventional Prefilled Syringes and Safety Prefilled Syringes), by Material Type (Glass, Plastic & Polymer), by Design (Single-chamber, Dual-chamber, and Customized) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 4,892.95 in 2019, and is projected to exhibit a CAGR of 10.3% over the forecast period (2019 - 2027). Technological advancements by key players are expected to propel growth of the prefilled syringes market over the forecast period. For instance, in 2017, Gerresheimer introduced a metal-free Luer Lock Gx RTF Syringe, without tungsten as primary packaging material, for biotechnologically manufactured active ingredients that can eliminate the possibility of contamination with metal. Furthermore, in 2016, Teva Pharmaceutical Industries Ltd. earned significant revenue from the sale of its drug Copaxone which comes in a prefilled syringe. Manufacturers of prefilled syringe have developed innovative prefilled syringes and dual- and multi-chambered syringes for sensitive drugs to avoid reactions. Additionally, increasing number of product approvals by regulatory is driving the global prefilled syringes market growth. For instance, in June 2019, Ipsen Biopharmaceuticals, Inc. announced that the U.S. FDA has approved its new pre-filled syringe, Somatuline Depot (lanreotide). The syringe includes larger flanges that are designed to make administration of injections easier for healthcare providers.

Browse 29 Market Data Tables and 23 Figures spread through 170 Pages and in-depth TOC on "Prefilled Syringes Market, by Type (Conventional Prefilled Syringes and Safety Prefilled Syringes), by Material Type (Glass, Plastic & Polymer), by Design (Single-chamber, Dual-chamber, and Customized) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa - Global Forecast to 2027"

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The rising incidence of chronic diseases coupled with occurrence of needle-stick injuries and infections are expected to be major factors driving growth of the global prefilled syringes market. Various harmful diseases such as Hepatitis B which can spread through use of unsafe syringes. According to World Health Organization, in 2017, Hepatitis B accounted for 21.7 million new infections each year due to unsafe injections. Adoption of prefilled syringes can facilitate safety due to presence of retractable needles that eliminate the risk of needle-stick injuries.

Key Takeaways of the Prefilled Syringes Market:

• The global prefilled syringes market is expected to witness a CAGR of 10.3% during the forecast period (2019–2027) owing to increasing number of approvals from regulatory agencies
• Among material type, the glass material segment is expected to hold major revenue share in 2027, as glass is a non-crystalline, amorphous solid that provides thermal insulation, waterproofing, and energy conservation
• Major 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.