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.
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The Global prefilled syringes market is expected to reach USD 6.36 Billion, at CAGR of 10.1%
Major Drivers For Prefilled Syringes Market:
· Technological Advancements
· High Prevalence of Chronic Diseases
· Benefits Associated With Prefilled Syringes
· Rising Adoption of Self-Injection Devices
· Implementation of Needlestick Legislations
· Product Lifecycle Management Through Device Customization
The growing adoption of self-injection devices is further aiding market growth. This can be majorly attributed to the multiple benefits offered by them over syringes and vials. Self-injection devices comprise accurate dosage volumes and already reconstituted drugs, which help eliminate confusion regarding dosage volumes and wastage of drugs.
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On the basis of type, the prefilled syringes market is segmented into conventional prefilled syringes and safety prefilled syringes. The conventional prefilled syringes segment is expected to account for the largest share during the forecast period. This growth can be primarily attributed to the comparatively low penetration of safety syringes.
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Europe is expected to hold the largest share of the global prefilled syringes market, followed by North America. However, the Asia-Pacific market is expected to grow at the highest CAGR. Factors such as increasing demand for self-administered treatments, high penetration of self-injection devices, growing the aging population, increasing the prevalence of diabetes, and huge patient population is driving the growth of prefilled syringes in the Asia-Pacific region.
Becton, Dickinson and Company (U.S.), Gerresheimer (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 prefilled syringes market.
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