Global Prefilled Syringes Market Observes Shift from Glass to Polymers for Manufacturing Syringe Barrels
Published On : Apr 29, 2016 | Category : Healthcare
The global prefilled syringes market is currently one of the fastest growing segments of the global market for injectable drug delivery devices. According to a research report published by Transparency Market Research, the global prefilled syringes market will expand at a significant 13.3% CAGR over the period 2013-2019. If these projections hold true, the market, which had a valuation of US$2.09 bn in 2012, will likely rise to US$4.98 bn by 2019.
The several advantages of prefilled syringes over the conventional drug and ampoule-based syringes, such as cost-efficiency (especially in case of expensive biotech products), accurate dosage, reduced risks of needle-stick injuries, and ease and flexibility of use, are the primary factors leading to an increase in demand for prefilled syringes worldwide.
Use of Polymers for Manufacturing Prefilled Syringes Constantly Rises, but Glass Still Most Preferred
Glass has traditionally been the most preferred material used for manufacturing syringe barrels, and to date, remains highly popular among medical device and drug manufacturers. Over 90% of all applications in the global prefilled syringes market use glass in the present-day scenario. However, the market has started shifting to a variety of polymers for manufacturing prefilled syringe barrels. Though a large scale transformation in this regard will be a gradual process, the market for plastic/polymer prefilled syringes is projected to expand at an exponential 25% CAGR over 2013-2019. The flexibility in design allowed by polymers is the key factor that is making them more attractive in the pharmaceutical industry.
Europe Arises as Leading Regional Market, but North America to Lead in Future
Europe is currently the dominant regional market for prefilled syringes in the global market, in terms of both unit sales as well as revenues. However, North America is projected to dominate the global market in the near future, mainly owing to the presence of several international pharmaceutical giants in the region and the rising shift from vials to prefilled syringes. Over 2013-2019, the market for prefilled syringes is projected to expand at a 15% CAGR in North America, allowing it to swiftly take up the top position in the global market by 2019.
Asia Pacific, which is considered less of a leader than follower when it comes to the adoption of technological innovations in the healthcare industry, is also expected to become a lucrative marketplace for the global prefilled syringes market. Factors such strengthening economies, rising disposable incomes, and increased healthcare expenditure in the region will lead to the increased adoption of prefilled syringes in the near future. Factors such as the rising patient pool of people suffering from a variety of chronic diseases and modernizing healthcare infrastructures will also positively impact the market for prefilled syringes in the region.
The highly oligopolistic global market for prefilled syringes had the top five vendors collectively accounting for a dominant share of 85% in the global market in 2012. Some of the other major vendors operating in the global prefilled syringes market are companies such as Schott AG, Becton, Dickinson & Company, Stevanato Group, Nipro Corporation, and Gerresheimer AG.
Browse Full Global Prefilled Syringes Market Research Report With Complete TOC @ https://www.transparencymarketresearch.com/prefilled-syringes-market.html