DUBLIN, Jan. 17, 2022 /PRNewswire/ -- The "Prefilled Syringes Market Research Report: By Type (Conventional, Safety), Material Type (Glass, Plastic), Design (Single-Chamber, Dual-Chamber, Customized), Application (Diabetes, Rheumatoid Arthritis, Anaphylaxis, Cancer) - Global Industry Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for prefilled syringes will grow from $1,914.1 million in 2020 to $3,646.7 million by 2030, at a 6.8% CAGR between 2021 and 2030.
Though the manufacturing of prefilled syringes and drugs was impacted in the first and second quarters of 2020 owing to the COVID-induced lockdowns, the pharmaceutical industry witnessed a boom from the third quarter onwards. The rising demand for medical drugs for COVID patients and the increasing volume of injections are now impacting the prefilled syringes market positively during the pandemic.
The glass bifurcation will continue dominating the prefilled syringes market in the coming years, based on material type. Due to its inert nature, glass does not react with the drug contained in the syringe.
In the years to come, the highest CAGR in the prefilled syringes market, of 7.1%, under the design segment will be witnessed by the single chamber category. Single-chamber syringes have certain advantages over traditional vials, and they are available in a broad range. Additionally, the raw materials used to manufacture them are cost-effective.
The diabetes category held the largest share in the prefilled syringes market in the past, on the basis of application. During 2000-2016, the premature mortality rate attributed to this chronic disease rose by 5%, as per the World Health Organization (WHO). Moreover, in 2019, diabetes was directly responsible for 1.5 million deaths. As this disease requires frequent administration of supplemental insulin, often multiple times a day, the demand for prefilled syringes among diabetics continues to be high.
Asia-Pacific (APAC) is projected to grow the fastest in the prefilled syringes market during this decade. The vast population of the region is increasingly suffering from chronic diseases, which is the healthcare expenditure in the region is skyrocketing. The rising prevalence of chronic diseases is, in part, attributable to the surging number of the elderly in regional countries.
Increasing adoption of ready-to-use elastomeric syringe components by drug manufacturers
Rising adoption of customized prefilled syringes
Increasing demand for injectable pharmaceutical products
Advanced application of combination therapies for managing diseases
Rising prevalence of chronic and lifestyle associated diseases
Benefits of prefilled syringes over traditional vial and syringe packaging systems
Technological advancements in prefilled syringes
Regulations associated with needlestick injuries
Increasing demand for point-of-care administration
Growing biopharmaceutical industry
Extensive pipeline of injectable drugs
Impact analysis of drivers on market forecast
Stringent regulatory requirements
Adoption of alternative drug delivery methods
Complex manufacturing procedure and high cost of prefilled syringes
Interaction of prefilled syringe components with drugs
Impact analysis of restraints on market forecast
Emerging markets offer lucrative opportunities for prefilled syringe manufacturers
Impact of COVID-19
Porter's Five Forces Analysis
Major companies in the global prefilled syringes market are
Owen Mumford Ltd.
West Pharmaceutical Services Inc.
Shandong Weigao Group Medical Polymer Company Limited
Vetter Pharma-Fertigung GmbH & Co. KG
Fresenius Medical Care AG & Co. KGaA
Becton, Dickinson and Company
Baxter International Inc.
Definition of Market Segments
By Material Type
For more information about this report visit https://www.researchandmarkets.com/r/dpnqma
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/global-prefilled-syringes-market-report-2021-2030---emerging-markets-offer-lucrative-opportunities-for-prefilled-syringe-manufacturers-301462016.html
SOURCE Research and Markets