New York, US, July 28, 2021 (GLOBE NEWSWIRE) -- Prefilled Syringes Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Prefilled Syringes Market Information Material, Type, Design and End User- Forecast till 2027” the market is predicted to cross USD 9.0 Billion by 2027 at 9.0% CAGR.
Prefilled Syringes Market Scope:
In recent years, the medical business has grown at a quick pace, which has aided in the enormous rise of the prefilled syringes market. Furthermore, as the pharmaceutical industry seeks innovative and more effective techniques for unit dose distribution, the demand for convenient drug delivery systems is giving rise to the growth of the prefilled syringes market. Prefilled vials improve patient safety by lowering the risk of accidental needle sticking and harmful product exposure that can occur while drawing medication from vials. Prefilled syringes can also help eliminate dosing errors and improve patient compliance by pre-measuring dosage. Unlike vials, which are overfilled by as much as 20-30% to allow for potential waste, prefilled syringes can completely eliminate the need for manufacturers to overfill.
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Prefilled Syringes Market Competitive Landscape:
The Formidable Companies in the Prefilled Syringe Market are:
- Medtronic
- OMPI (A Stevanato Group Company)
- Terumo Corporation
- Abbott
- Nipro Corporation
- Vetter Pharma International GmbH
- Gerresheimer AG
- Schott AG
- Baxter, Becton, Dickinson, and Company
- West Pharmaceutical
- Weigao Group
Market Drivers:
The rising demand for prefilled syringes can be linked to a variety of factors, including technological advancements, the prevalence of chronic conditions, needle-stick or other government regulations, and self-injecting or adopting devices. With the expanding number of biosimilars and biologics in the pharmaceuticals industry, healthcare professionals and patients are becoming more aware of the benefits of prefilled syringes.
Market Restraints:
The biggest disadvantage faced by the prefilled syringes market is the reduced cost of disposable syringes. Prefilled syringes, as a result, are costly due to the manufacturing procedure.
Browse In-depth Market Research Report (157 Pages) on Prefilled Syringes: https://www.marketresearchfuture.com/reports/prefilled-syringes-market-6167
COVID 19 Analysis:
The COVID 19 pandemic had a tremendous impact on the market for prefilled syringes. It had a short-term impact on the supply chain and the drug production process, which influenced the market. HCPs have evolved various approaches to give the care to minimize the spread of COVID 19 and comply with regulations. To lessen the risk of needle-stick injuries, demand for prefilled syringes grew far faster than that for glass ampoules. To satisfy the demand for COVID 19 vaccination, producers are boosting their production capacity. Recently, AcelRx Pharmaceuticals Inc has agreed to offer Laboratoire Aguettant a license to market Dzuveo in Europe in exchange for two prefilled syringe product candidates in the United States. Aguettant will have the right to market Dzuveo in Europe under the terms of the Dzuveo licensing deal. AcelRx will receive up to $55 million in up-front and sales-based milestone payments, as well as revenue sharing payments ranging from 35% to 45% of net sales.
Market Segmentation
Based on type, the conventional prefilled syringes segment reported the largest market share. By material, plastic syringes have garnered the most considerable growth rate due to their use in many functions of pharmaceutical packaging. By design, the Dual-chamber prefilled syringes are anticipated to lead the prefilled syringes market. The end-user segment is likely to be directed by the hospitals' segment, which is expected to grow at the fastest CAGR due to growing public and private hospitals.
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Regional Analysis
In the forecast period, the European regional market had the largest market share of around 41.4 percent. It is likely to continue to lead the prefilled syringes market internationally. The rising senior population, need for quality healthcare, and the growing trend of home-based treatment, in addition to high healthcare expenditure, are all contributing to the higher percentage. Fentanyl Citrate Injection, USP 50mcg/mL, has been launched by Fresenius Kabi in its proprietary Simplist® ready-to-administer prefilled syringe. The new formulation is intended to promote waste and diversion reduction and diversion activities at hospitals across the country. No assembly or point-of-care preparation is required with the Simplist ready-to-administer prefilled syringes. The medicine comes in a 1mL prefilled syringe with 50mcg of fentanyl citrate and 24-month shelf life. The Americas area accounts for the second largest market share, while the Asia Pacific region is expected to grow at a rapid rate of roughly 10.78 % over the forecast period. The region is predicted to be one of the fastest expanding areas, with plenty of opportunities and quickly developing economies. Furthermore, factors such as Japan's rapid acceptance of plastic devices in conjunction with modern healthcare innovations and the growing number of commercial and governmental hospitals are boosting the market growth.
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