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(CityRegions.Com, May 23, 2020 ) [130 Pages Report] The Prefilled Syringes Market is expected to reach USD 6.36 Billion, at a CAGR of 10.1% during the forecast period.
Increasing prevalence of chronic diseases, large patient population base, and benefits associated with prefilled syringes are the major factors driving the growth of this market. In addition, growing initiatives undertaken by leading market players to establish production facilities in both mature and developing markets are further aiding to the growth prospects of this market. However, product recalls, and low market presence of prefilled syringes with integrated safety features can hinder the growth of this market.
Development of technologically advanced prefilled syringes and growing adoption of self-injection devices are the major trends in the prefilled syringes market. Key players in the prefilled syringes market are focusing on expanding their product portfolio with technologically advanced products in order to cater to the growing demand of these devices across the globe.
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Market Segmentation in Depth:
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. 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. 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.
On the basis of design, the market is segmented into single-chamber, dual-chamber, and customized prefilled syringes. The single-chamber prefilled syringes segment is expected to account for the largest share of the market. The increasing adoption of self-administered parental drugs and rising prevalence of chronic diseases are the key factors driving the growth of this segment.
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On the basis of region, the market is segmented into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, Europe is estimated to dominate the global market. Factors such as the rising prevalence of chronic diseases, growth in the biologics and biosimilars market, technological advancements, geographical expansion by key manufacturers, rising aging population, and high adoption of self-injection devices are driving the growth in the European market.
Several market players also adopted strategies such as acquisitions and partnerships to expand their presence and increase their visibility in the market. 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 operating in the global market.
Mr. Aashish Mehra