Published: May, 2017
The prefilled syringes market features a fairly consolidated landscape with the top four players accounting for a combined share of more than 50.0% in the overall market in 2015, finds Transparency Market Research (TMR). The leading companies are-Medtronic, Terumo Medical Corporation, Baxter International Inc., and Becton, Dickinson and Company. TMR observes that the market is intensely competitive and dynamic. The market remains consolidated in developed regions with the presence of numerous large players holding a substantial market share. Owing to the presence of several small and medium players in various emerging regions, the market is to a large extent fragmented in these regions.
The prefilled syringes market is projected to rise at a CAGR of 9.3% from 2016 to 2024. In terms of sales, the global prefilled syringes market was valued at US$3.5 bn in 2015 and is expected to reach US$7.9 bn by the end of the forecast period. In terms of consumption, the market is projected to rise at 9.0% CAGR during the same period.
Glass Leads; Howbeit, Polymer Prefilled Syringes Soaring in Popularity
Geographically, North America is the dominant market for prefilled syringes and is led by the U.S. On the other hand, the Asia Pacific market for prefilled syringes is projected to register an impressive CAGR of 11.3% during 2016–2024. The robust growth of this regional market is primarily steered by a large number of pharmaceutical companies adopting prefilled syringes as the preferred method of delivery for drugs and vaccines, owing to their several advantages.
The primary materials used for manufacturing prefilled syringes are glass and polymer; of these, the glass prefilled syringes segment dominates the market and is expected to maintain its lead throughout the forecast period. The extensive demand for glass pre-filled syringes among drug makers is attributed to their marked unreactive nature and stability. However, polymer-based prefilled syringes are gaining popularity due to their ergonomic design and inert nature; and, unlike glass prefilled syringes, plastics are less prone to breakage.
Prefilled syringes Gaining Popularity in Healthcare and Pharmaceutical Industries
The market for prefilled syringes is mainly driven by the several unique benefits offered by this drug delivery method in the healthcare and pharmaceutical industries. The demand for prefilled syringes among drug manufacturers is propelled by the reduction in drug waste and enhancing the shelf-life of medications. The rapidly growing use of prefilled syringes in parenteral packaging and administration of drugs has boosted the market across various regions. Prefilled syringes are preferred over other drug delivery modes since they ensure better dose accuracy, reduce medication errors, lower injection cost, and help in better use of controlled drugs such as narcotics.
The extensive uptake of prefilled syringes among healthcare workers and doctors is driven by the ease of administration and other significant benefits. A notable benefit of using prefilled syringes is in the prevention of needlestick injuries. According to World Health Report 2002 by the WHO, a large number of healthcare workers—around 2 million-every year suffer from various infectious diseases, such as HIV/AIDS and Hepatitis B and C, due to needlestick injuries. Prefilled syringes have gained in prominence among clinicians since they reduce the chances of inadvertent needle sticks and fatal exposure to any toxic product due to extractables and leachables.
Improving Safety and Patient Convenience Key to Unlock Exciting Opportunities
The high cost associated with controlling the packaging required for various temperature-sensitive drugs and developing prefilled syringes for specific therapeutic areas are key factors expected to impede the market to an extent. Be that as it may, a growing number of patients are using prefilled syringes to self-inject a variety of medications at home, and without much expertise. This is expected to open up exciting opportunities for market players. Furthermore, extensive efforts to increase device compatibility by bringing technological advancements are likely to enhance patient compliance and safety in the use of prefilled syringes. This is expected to positively impact the prefilled syringes market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Prefilled Syringes Market (Material - Glass-based and Polymer-based; Distribution Channel - Hospitals, Ambulatory Surgical Centers, and Mail Order Pharmacies; Application - Vaccines and Monoclonal Antibodies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The prefilled syringes market is segmented based on:
- Glass-based prefilled syringes
- Polymer-based prefilled syringes
- Monoclonal Antibodies
- Ambulatory Surgical Centers
- Mail order pharmacies
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific (APAC)
- New Zealand
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- Rest of MEA
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