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Valued at $4.7 billion in 2017, the global prefilled syringes market is expected to reach $7.5 billion by 2023, progressing at a CAGR of 8.3% during the forecast period (2018–2023).
It is projected that the prefilled syringes market in the APAC countries will experience the fastest growth, during the forecast period, mainly on account of increasing technological advances and increased demand for injectable drugs for the treatment of chronic and lifestyle-related diseases in India, China, and other countries.
Factors Governing Prefilled Syringes Market
Increasing adoption of ready-to-use elastomeric syringe components by drug manufacturers is a key trend observed in the prefilled syringes market. The introduction of ready-to-sterilize processes has helped drug manufacturers to concentrate on the drug development rather than component cleaning and standardized processing procedures for components. These ready-to-sterilize processes are thoroughly verified by the pharmaceutical good manufacturing practices (GMP) guidelines, and the manufacturing process is performed in compliance with the cGMP requirements. Market Players, such as Aptar Group Inc. and West Pharmaceutical Services Inc., have adopted ready-to-sterilize components in their production procedures.
Furthermore, the technological advancements in prefilled syringes are set to drive the prefilled syringes market. The majority of the prefilled syringes available in the market are made of glass, while those that are plastic material-based have become increasingly popular in recent years, especially in cases where there are high chances of interaction between glass and active pharmaceutical ingredients. For instance, West Pharmaceutical Services Inc.’s SmartDose technology comprises a silicone-free Daikyo Crystal Zenith cartridge and a Flurotec coated piston containment system and ensures self-administering property of medication for the prescribed treatment. Therefore, owing to the advances in prefilled syringe technology, patients as well as healthcare professionals are adopting these products, which fuels the market growth.
Owing to the increasing cases of chronic diseases in the emerging countries, the adoption rate of syringe and vials is high in comparison to prefilled syringes, which acts as an opportunity for the market players to invest in these regions. Therefore, players in the market have a huge opportunity to expand their presence in emerging economies, such as India, China, Saudi Arabia, South Africa, and Taiwan. For instance, in 2015, Becton, Dickinson and Company introduced Neopak and Uniject SCF (sterile, clean and ready to fill) prefilled syringes in the Indian market to expand its geographical presence and increase the adoption of prefilled syringes in the country.
Prefilled Syringes Market Segmentation Analysis
Plastic prefilled syringes are expected to witness faster growth in the market during the forecast period. This can be attributed to the introduction of advanced polymers, such as polypropylene and crystal-clear polymer, as these are biocompatible with other components of the prefilled syringes.
Single-chamber prefilled syringes in terms of design held the largest share in the prefilled syringes market in 2017, imputed to wider availability and increasing usage, across the globe.
The diabetes category is expected to be the fastest-growing application area in the prefilled syringes market during the forecast period, primarily due to the increasing prevalence of diabetes across the world.
Geographical Analysis of Prefilled Syringes Market
Globally, Europe accounted for the largest share in the prefilled syringes market in 2017, primarily due to the presence of key market players, increasing awareness about safe injectable technology, rising healthcare expenditure, and growing demand for biosimilars and biologics.
Moreover, the APAC region is expected to grow fastest during the forecast period, mainly on account of growing technological advancements and increasing demand for injectable drugs for the treatment of chronic and lifestyle-associated diseases in countries including India and China.
Competitive Landscape of Prefilled Syringes Market
The prefilled syringes market is consolidated in nature. Some of the major players operating in the market include Becton, Dickinson and Company, RPG Life Sciences Limited, Eli Lilly and Company, Amgen Inc., Baxter International Inc., Bayer AG, Pfizer Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Novartis AG, Gerresheimer AG, Catalent Inc., and AbbVie Inc.
Recent Strategic Developments of Prefilled Syringes Market Players
In recent years, major players operating in the global prefilled syringes market have taken several strategic measures, including product approvals to gain significant share. For instance, in June 2018, Bristol-Myers Squibb Company announced that the U.S. Food and Drug Administration (USFDA) has accepted its supplemental Biologics License Application (sBLA) for Opdivo (nivolumab) plus low-dose Yervoy (ipilimumab) for the treatment of first-line advanced non-small cell lung cancer (NSCLC) in patients with tumor mutational burden (TMB) ≥10 mutations per megabase (mut/Mb). Furthermore, the target Prescription Drug User Fee Act (PDUFA) date is February 20, 2019.
Similarly, in August 2018, AbbVie Inc. received USFDA approval for Imbruvica (ibrutinib) plus Rituxan (rituximab) for the treatment of adult patients with Waldenström's macroglobulinemia (WM), a rare and incurable type of non-Hodgkin's lymphoma (NHL).
Prefilled Syringes Market Size Breakdown by Segment
The Prefilled Syringes Market report offer comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Material
Based on Design
Based on Application