Rising geriatric population, the increasing incidence of targeted diseases to augment the prefilled syringes market growth

calendar_today 18 July, 2022 person_outline Growth Plus Reports

Prefilled Syringes Market by Type (Conventional Prefilled Syringes and Safety Prefilled Syringes), Design (Single-Chamber Prefilled Syringes, Dual- Chamber Prefilled Syringes, and Customized Prefilled Syringes), Material (Plastic Prefilled Syringes and Glass Prefilled Syringes), Application (Diabetes, Rheumatoid Arthritis, Cancer, Thrombosis, Anaphylaxis, and Ophthalmology)– Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+ Reports, the global prefilled syringes market was pegged at ~US$ 5.4 billion in 2020. The market is expected to witness a CAGR of ~8.7% from 2021 to 2031.

Various factors driving the growth of prefilled syringes market include new product launches, the rising geriatric population, the increasing incidence of targeted diseases, and growing awareness for self-administration of injectable medications. However, high cost, non-compatibility with various drugs, and challenges faced during the manufacturing of these syringes are some of the factors hindering the growth prefilled syringes market to a certain extent.

Prefilled syringes are used for delivering various vaccines, erythroproteins, blood stimulants, and therapeutic proteins. Most commonly used syringes include prefilled syringes for diabetes, rheumatoid arthritis, and thrombosis. The rising incidence of various diseases have led to increasing demand for prefilled syringes. According to the International Diabetes Federation, in 2019, worldwide approximately 463 million adults aged 20-79 years were living with diabetes and the number is anticipated to rise to 700 million by 2045. Increasing prevalence of diabetes and other chronic diseases has led to increasing demand for prefilled syringes.

Prefilled syringes have several advantages such as better patient safety as they reduce the inadvertent needle sticks, reduce dosing errors, reduce wastage of APIs, and increase the product life span. Owing to these advantages, the demand for prefilled needles is surged in the recent years. Manufacturers of prefilled syringes are constantly focused on developing and launching new prefilled syringes in the market. For instance, in September 2019, Hikma Pharmaceuticals Plc launched Heparin Sodium Injection in a new prefilled syringe capability in

the US. Similarly, in March 2020, Dr. Reddy’s launched naloxone hydrochloride injection in the dosage strength of 2 mg/2 mL (1 mg/mL). These injections are available in a 2 mL single-dose prefilled syringe.

COVID-19 pandemic has also had a prominent impact on pharmaceutical industry. Sterility of products, reduced risk of contamination, and ensuring minimal wastage and needlestick injuries have become a major priority of the healthcare system worldwide. This is further enabling high demand for prefilled syringes.

Players in the prefilled syringes market are adopting various inorganic growth strategies. These strategies include collaborations, agreements, or partnerships which enable them in supporting the development and distribution of advanced prefilled syringes. For instance, in October 2020, Credence MedSystems and Schott Ag formed collaboration for the application of Credence Companion technology with SCHOTT’s pre-fillable syriQ glass and SCHOTT TOPPAC polymer syringe systems. The two companies plan to integrate these technologies and provide the pharmaceutical industry with an innovative offering for the delivery of injectable medications via prefilled syringes.

Drug stability is one of the concerns while using prefilled syringes. Prefilled syringe manufacturers are focused on eliminating the interaction between drugs and packaging materials used for manufacturing the syringes. Moreover, the advancements in the design have increased the cost of prefilled syringes. Such factors have slowed down the growth of the prefilled syringes market.

Regionally, the global prefilled syringes market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is expected to grow at a higher CAGR during the forecast period. The rising geriatric population, the increasing prevalance of infectious diseases, and the growing adoption of prefilled injections among patients are some of the factors fueling the growth of this market. Moreover, technological advancements and newer product launches by players in the market are some of the other factors driving the growth of prefilled syringes market in Asia Pacific. North America, followed

by Europe dominate the global prefilled syringes market. Presence of well-defined healthcare infrastructure, improved reimbursements, and high availability of different drugs in prefilled syringes are key features of North America and Europe markets.

Some of the prominent players operating in the global prefilled syringes market include Becton Dickinson and Company, Baxter Healthcare Corporation, Gerresheimer AG, West Pharmaceutical Services, Inc., Schott AG, Medtronic PLC, Nipro Pharma Corporation, Terumo Corporation, SHL Medical AG, and Haselmeier, among others.

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