Pune, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The global Prefilled Syringes Market size is projected to reach USD 9.53 billion by 2026, exhibiting a CAGR of 10.4% during the forecast period. Rising incidence of cancer and other Non-Communicable Diseases (NCDs) is expected to be the primary factor fueling the prefilled syringe market growth. According to the World Health Organization (WHO), 9 million deaths are caused by cancer worldwide every year. In total, NCDs cause close to 41 million deaths, or 71% of the global deaths, annually, states the WHO. The National Cancer Institute estimates that in the US alone, 1,735,530 new cancer cases were reported in 2018; by 2030, this figure is anticipated to reach 23.6 million. Such widespread prevalence of cancer and other NCDs has generated the need for alternative solutions such as biological drugs. The administration of these drugs requires modern devices such as prefilled syringes, which is foreseen to augment the Prefilled Syringes Market potential in the forthcoming years.
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Fortune Business Insights™ provides the above information in its new report, titled “Prefilled Syringes Market Size, Share & Industry Analysis, By Material (Glass and Plastic) By Closing System (Staked Needle System, Luer Cone System, and Luer Lock Form System) By Product (Complete Syringe Set and Components & Accessories) By Design (Double-chamber, Multiple-chamber, and Single-chamber) By End-user (Pharmaceutical & Biotechnology Companies, Contract Research & Manufacturing Organizations, and Others) and Regional Forecast, 2019-2026”. The report states that the value of this market stood at USD 4.31 billion in 2018 and also shares the following information:
- Detailed assessment of the drivers and factors influencing the market;
- In-depth analysis of the restraints holding back the development of the market;
- Careful research into the various market segments; and
- Comprehensive evaluation of the regional and competitive landscape of the market.
Rising Instances of Opportunistic Infections and Injuries at Hospitals to Boost the Market
Infections and injuries caused by needle sticks can be hazardous as they can cause serious damage to the body. According to the National Institute for Occupational Safety and Health (NIOSH), USA, a needle stick injury is one that is caused by sharp and pointed objects such as blood collection and hypodermic needles. Increasing workload of healthcare professionals at medical facilities such as hospitals has upped the threat of opportunistic injuries for these people, thereby expanding the Prefilled Syringes Market size. For example, the US Centers for Disease Control and Prevention (CDC) numbered the injuries caused by sharp objects in US hospitals at 600,000. Thus, as patient care gets more complex and demanding, safety concerns regarding needle stick injuries are expected to gain prominence and lead the Prefilled Syringes Market trends in the upcoming years.
Europe to Lead the Pack; Asia-Pacific to Grow at a Remarkable Pace
Among regions, Europe is slated to dominate the Prefilled Syringes Market share during the forecast period, with the region’s market size having stood at USD 1.76 billion in 2018. Factors propelling the market in Europe include growing uptake of self-injectable drug devices and increasing preference for biological drugs for treating chronic diseases.
Asia-Pacific is forecasted to showcase high-paced growth on account of increasing prevalence of chronic diseases and a speedily growing patient population. North America is projected to hold the second-largest section of the prefilled syringe market share owing to a strong presence of major market players and rising incidence of cancer.
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Product Diversification to be the Focus Area for Competitors
Key players are putting in place different measures to gain a competitive edge, according to the Prefilled Syringes Market analysis. While some companies are looking for ways to widen their product offerings, other participants are engaging in merger and acquisition activities to expand their presence in the market.
Industry Developments:
- October 2019: The Aptar Group acquired the leader in patient onboarding and drug delivery devices, Nobel International, to diversify its service offerings for the biopharmaceutical industry. The acquisition will enable Aptar to support customers through all stages of their drug development process.
- December 2018: Terumo Corporation announced the launch of its product, Hulio®, which is a biosimilar to Humira® (adalimumab), in Europe. The drug is injected using Terumo’s PLAJEX™ pre-fillable syringe, giving the Japanese medical company an opportunity to make a footprint in the thriving Prefilled Syringes Market of Europe.
List of Top Players Identified in the Prefilled Syringe Market Report are:
- BD
- Gerresheimer AG
- AptarGroup, Inc.
- Helvoet Rubber & Plastic Technologies BV
- West Pharmaceutical Services Inc.
- SCHOTT AG
- Terumo Corporation
- Nipro PharmaPackaging International
- Other Prominent Players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Regulatory Scenario by Key Countries/Key Region
- Overview of Secondary Prefilled Containers such as Auto-injectors, Pens, etc.
- Prefilled Syringes Key Market Trends
- Overview of Contract Research and Manufacturing Service Providers for Prefilled Syringes
- Key Industry Developments (Mergers, Acquisitions, Strategic Partnerships, Collaborations, etc.)
- Global Prefilled Syringes Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Glass
- Plastic
- Market Analysis, Insights and Forecast – By Closing System
- Staked Needle System
- Luer Cone System
- Luer Lock Form System
- Market Analysis, Insights and Forecast – By Product
- Complete Syringe Set
- Components & Accessories (Backstops, Plunger Stoppers, and Plunger Rods)
- Market Analysis, Insights and Forecast – By Design
- Single-chamber
- Double-chamber
- Multiple-chamber
- Market Analysis, Insights and Forecast – By End User
- Pharmaceutical & Biotechnology Companies
- Contract Research & Manufacturing Organizations
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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