USD 18.43 billion
Report ID: SQSG35B2013 | Region: Global | Published Date: December, 2022 | Pages: 274 | Tables: 114 | Figures: 65
Global Prefilled Syringes Market was valued at USD 18.43 billion in 2021 and it is expected to grow to USD 45.31 billion by 2028 at a CAGR of 11.90% over the forecast period (2022-2028).
The primary reasons driving the market expansion are an increase in the demand for effective and user-friendly drug delivery systems and an increase in the efforts made by healthcare professionals to lower hospital errors. The market for prefilled syringes is expanding as a result of factors including the expansion of home healthcare services, rising use of injectable medications, an increase in the prevalence of chronic diseases, and a surge in the advantages of prefilled syringes over conventional vials. In addition, prefilled syringe-related technology developments aid in the market's expansion. The availability of alternate medicine delivery techniques, strict government regulations, and product recalls are anticipated to impede industry expansion. On the other hand, the development of biologics and biosimilars as well as the rise in demand for injectable medications in prefilled forms present profitable potential for market expansion.
Global Market Size
USD 18.43 billion
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The Global Prefilled Syringes Market is segmented based on the Type, Material, Application, distribution channel, and region. Based on the Type, the Global Prefilled Syringes Market is segmented as Disposable and Reusable. Based on the Material, the Global Prefilled Syringes Market is segmented as Glass Syringes and Plastic Syringes. Based on Application, the Global Syringes Market is segmented as Anaphylaxis, Diabetes. Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies & drug stores, and e-commerce. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Due to its numerous uses, the disposable prefilled syringes category had the biggest market share by type in 2021. These devices lessen the danger of contamination, which is expected to increase demand for them. Needlestick injuries are brought on by risky practises such repeatedly using a prefilled syringe and needle without taking the necessary safety procedures as advised by medical authorities. Additionally, while conventional disposable prefilled syringes protect the receiver, they do not guarantee patient safety. Therefore, a strong desire for patient safety has led to an increase in the use of disposable equipment in healthcare facilities including hospitals and nursing homes. These elements should accelerate segment growth.
Analysis by Material
With a major share of the market's revenue, the glass syringes sector led all other product categories. Glass syringes are currently the industry standard for prefilled syringes. Glass syringes are simple to use and, for medical experts, check for any particulate contaminants. Glass is a trustworthy choice because of its clarity and inertness, which guarantee the purity of the dose. However, it is projected that the use of glass syringes in the worldwide prefilled syringes market will be limited by rising consumer desire for safer goods that enable self-administration of medication and increased glass fragility during shipping.
Analysis by Application
With a majority of the revenue share, the diabetes segment topped the market when the range of applications was taken into account. Throughout the projection period, dominance of this market is anticipated to be sustained by a sizable patient population, a rise in the prevalence of diabetes, and the demand for efficient and safer insulin delivery devices.
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Globally, Europe held the largest share of the prefilled syringes market in 2021, owing to factors such the increasing preference of healthcare professionals for prefilled injectable devices to reduce needle-related injuries. Major market companies including Gerresheimer AG, SCHOTT group, Stevanato Group, Haselmeier AG, and Owen Mumford Ltd. are also present in the area. Over time, several businesses have increased their local presence. Due to this circumstance, the market has become more competitive in the area, making it challenging for new competitors to enter. Due to these businesses' global expansion and dominance of the market, Europe receives the majority of global revenue. Due to the emergence of rapidly expanding economies and the existence of a sizable untapped market, Asia Pacific is anticipated to see the quickest CAGR between 2022 and 2030. The region's market is anticipated to increase as a result of favourable demographic variables including the huge population and rising prevalence of various chronic diseases. The prefilled syringes market is developed and includes nations like China.
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Prefilled syringes are a market with a high level of competition and intense price competition. Global and local businesses are present in the industry. Local businesses that sell prefilled syringes for less are common in poor nations. Global corporations, however, have a significant market share. Only a small number of businesses are anticipated to enter the market in the near future, but they are anticipated to hold a sizable portion of the prefilled syringes industry.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Prefilled Syringes Market Analysis, The market for prefilled syringes is anticipated to grow as a result of factors like expanding self-care device usage, benefits of prefilled syringes, and strong demand for better injection safety. Prefilled syringes make injections rapid, accurate, and safe for patients and healthcare professionals. Prefilled syringes have experienced the fastest rise among unit dose medication options as the pharmaceutical industry searches for novel and more useful drug delivery methods.
|Market size value in 2021||USD 18.43 billion|
|Market size value in 2028||USD 45.31 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Prefilled Syringes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Prefilled Syringes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35B2013