(PharmaNewsWire.Com, August 27, 2020 ) According to the new market research report "Prefilled Syringes Market by Material (Glass, Plastic), Type (Conventional, Safety), Design (Dual & Single-Chamber, Customized ), Region (North America (U.S.), Europe (Germany, UK, France), Asia-Pacific (Japan, India, China)) - Forecast" published by MarketsandMarkets™.
The Prefilled Syringes Market is expected to reach USD 6.36 Billion, at a CAGR of 10.1% during the forecast period.
Major Market Growth Drivers:
- Technological Advancements - High Prevalence of Chronic Diseases - Benefits to Healthcare Professionals - Benefits to Patients - Rising Adoption of Self-Injection Devices - Implementation of Needlestick Legislations
Major Growth Opportunities:
- Surge of Biologics and Biosimilar in the Pharmaceutical Market - Increasing Launch of Injectable Drugs in Prefilled Forms
The rising demand for prefilled syringes can be attributed to the growing prevalence of chronic diseases, technological advancements, rising adoption of self-injecting parenteral devices, and implementation of needlestick legislations. In addition, growing awareness on the benefits of prefilled syringes among patients and healthcare professionals, along with the growing number of biologics and biosimilars in the pharmaceuticals market is supporting the growth of the prefilled syringes market.
On the basis of material, the market is segmented into glass prefilled syringes and plastic prefilled syringes. The glass prefilled syringes segment is expected to account for the largest of the market in 2016. The growth of this segment can be attributed to the high use of glass in manufacturing syringes owing to its nonreactive nature and heat and chemical resistance.
On the basis of type, the market is categorized into conventional prefilled syringes and safety prefilled syringes. The conventional prefilled syringes segment is expected to account for the largest share of the market in 2016. The increasing adoption of self-administered injectable drugs, rising prevalence of chronic diseases, and the benefits offered by prefilled syringes over traditional vial syringe systems are the key factors responsible for the growth of this segment.
Geographically, the global prefilled syringes market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, Europe commanded a major share of the syringes market. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to the increasing demand for self-administered treatments and high penetration of self-injection devices, growing aging population, and increasing prevalence of diabetes.
Becton, Dickinson and Company (U.S.), Gerresheimer AG (Germany), SCHOTT AG (Germany), West Pharmaceutical Services, Inc. (U.S.), Ompi (Italy), Catalent, Inc. (U.S.), Weigao Group (China), Vetter Pharma International GmbH (Germany), Nipro Corporation (Japan), and MedPro Inc. (U.S.) are some of the key players in the prefilled syringes market.
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