Driving Advancements: Key Trends in the Prefilled Syringes Market
Prefilled Syringes Market Overview
Market Research Future (MRFR) studied the global prefilled syringes market Size valued at USD 79.5 billion in 2022 and is projected to grow from USD 83.6 Billion in 2023 to USD 1124.59 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.1% during the forecast period (2023 - 2032).
The Prefilled Syringes Market is witnessing robust growth due to increasing demand for convenient drug delivery systems and advancements in biotechnology. These syringes, pre-filled with precise doses of medication, reduce dosing errors, enhance patient compliance, and minimize healthcare costs. Key drivers include the rising prevalence of chronic diseases, aging populations, and the need for self-administration of drugs. Additionally, the COVID-19 pandemic has accelerated market growth, with a focus on vaccine distribution. However, challenges such as regulatory hurdles and concerns regarding product compatibility and stability persist. Nonetheless, technological innovations and strategic collaborations among pharmaceutical companies are expected to drive market expansion.
Competitive Analysis
Medtronic, Terumo Corporation, OMPI (A Stevanato Group Company¸ Vetter Pharma International GmbH, Abbott¸ Gerresheimer AG, Nipro Corporation, Baxter, Schott AG, West Pharmaceutical, Becton, Dickinson and Company, and Weigao Group, among others are some top-notch companies that are operating in the prefilled syrings market companies as listed by MRFR.
Market Segmentation
The segment assessment of the prefilled syringes market Outlook is based out type, end users, material, and design.
The type-based segments of the prefilled syringes market Trends are conventional prefilled syringes and safety prefilled syringes. The conventional prefilled syringes segment is expected to hold the largest share of market by 2024.
The material-based segments of the prefilled syringe market are glass prefilled syringes and plastic prefilled syringes. The plastic syringes segment is expected to garner substantial revenue for the market. The expansion of the plastic syringe segment can be attributed to their increasing utility the pharmaceutical packaging. The glass prefilled syringes segment studies oil siliconized syringes and baked on silicone.
The design-based segments of the market are customized prefilled syringes, dual-chamber prefilled syringes, and single-chamber prefilled syringes. The Dual-chamber prefilled syringes segment can expand at 10.31% CAGR in the forecast tenure. The single-chamber prefilled syringes segment is likely to secure about 56% share for the overall prefilled syringe market by 2024.
The end-user-based segments of market are hospitals & clinics, and ambulatory surgical units among others. The hospitals segment is likely to grow with the rapid CAGR in the study period as the number of private and public hospitals are increasing.
The pre-filled syringes market has witnessed exponential growth driven by the increasing demand for convenience and safety in drug delivery systems. Pre-filled injection devices offer several advantages over traditional vial and syringe systems, including reduced risk of contamination, improved accuracy in dosing, and enhanced patient compliance. These sterile injection systems are prefilled with a precise dosage of medication, eliminating the need for manual filling and reducing the chances of dosing errors. With advancements in technology and the rising prevalence of chronic diseases requiring long-term medication regimens, the adoption of pre-filled syringes is expected to continue rising significantly.
Regional Analysis
In Europe, the prefilled syringe market can hold a decent share of the global market. Expansion of geriatric population, growing demand for better quality healthcare services and solutions, ongoing trend of home-based treatment, and hike in healthcare expenditure are causes that are likely to boost EU market. Similar causes are also observed as growth inducers in the Americas region. The Americas is likely to hold the second-largest market portion, following the Asia Pacific region. APAC prefilled syringe market can rise at 10.78% expansion rate in the forecast period. Moreover, factors such as, rapid adoption of plastic devices and modern healthcare developments are, expected to benefit the market in the review period. In the Middle East Asia, the surge in number of public hospitals and private clinics can promote the regional prefilled syringe market. market.
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