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Prefilled Syringes Market Overview
The global prefilled syringes market generated $4.7 billion revenue in 2017 and is predicted to observe a tremendous growth, with a CAGR of 8.3% during 2018–2023. Technological advancements, growing biopharmaceutical industry, rising demand for injectable pharmaceutical products, and advanced applications of combination therapies for management of disease are the major factors responsible for notable growth of the market.
GLOBAL PREFILLED SYRINGES MARKET, BY APPLICATION, $M (2013-2023)
On the basis of material, the prefilled syringes market has been categorized into glass and plastic; where the market for plastic syringes is expected to generate $3.6 billion revenue by 2023, witnessing a CAGR of 9.0% during the forecast period. Introduction of advanced polymers, such as polypropylene and crystal-clear polymer, is driving the demand for plastic syringes, as these polymers are biocompatible with other components of the syringes.
Prefilled syringes available in the market come as single-chamber, dual-chamber, and customized, on the basis of design. The market for single-chambered syringes is projected to register fastest growth, representing a CAGR of 8.6% during the forecast period, characterized by the reduced raw material requirements, and advantageous features of single-chambered syringes over the other designs of syringes.
Prefilled syringes are mainly used in the treatment of diabetes, rheumatoid arthritis, anaphylaxis, and other diseases. During the forecast period, the prefilled syringes market is expected to witness the highest growth in the diabetes application area, at a CAGR of 9.0%. Other than diabetes, these syringes are used in the treatment of rheumatoid arthritis, the market for which is expected to advance at a considerable CAGR of 8.1% during the forecast period, mainly on account of rising number of patients suffering from rheumatoid arthritis worldwide.
Geographically, Europe will hold the largest share in the global prefilled syringes industry throughout the analysis period. This leading position of the region can be attributed to the increasing number of non-communicable diseases, appropriate reimbursement policies, and growing trend for home healthcare services in the region.
A number of conferences are also held in the Europe to support the growth of the prefilled syringes market in the region. For instance, in February 2018, Interest Group Meeting on Prefilled Syringes, by Parenteral Drug Association, was held in Italy, to discuss the challenges associated with the large volume injections, trends in manufacturing smaller batches of such syringes, and acquiring the knowledge about up-to-date approaches related to container/drug interaction and for avoidance of stopper movement during the air shipment of the products. Thus, increasing focus of the professionals on developing advanced syringes has increased the demand for these products in the region.
Prefilled Syringes Market Dynamics
The increasing adoption of ready-to-use elastomeric syringe components by drug manufacturers, and rising adoption of customized syringes are the major trends observed in the prefilled syringes industry. Injectable formulations are becoming more complex and need stringent quality assurance control to meet the requirements of the customers. The manufactures have started to focus on designing and production of syringes that can be used by an individual themselves. Thus, the focus of manufacturers is shifting toward the development of self-administration dose syringes, rather than syringes used by hospitals or other healthcare providers. These syringes are customized and their design is based on the medication and dosage required by the patient.
Increasing demand for injectable pharmaceutical products, advanced applications of combination therapies for managing diseases, rising prevalence of chronic and lifestyle associated diseases, benefits of prefilled syringes over traditional vial and syringe packaging systems, technological advancements, regulations associated with needlestick injuries, increasing demand for point-of-care drug administration, growing biopharmaceutical industry, and extensive pipeline of injectable drugs are the key factors boosting the growth of the global prefilled syringes industry.
Injectable drugs and vaccines are used for the prevention and treatment of various acute and chronic diseases. These injectable drugs and vaccines are now available in the form of prefilled syringes with improved operational efficiency to minimize risk of infections and improve patient safety during the clinical administration. Use of these syringes over multi-dose vials also reduces the chances of drug wastage by administering specific dose of drugs required by the patients. Moreover, drug administration through these syringes is easy and simple, due to the elimination of various preparation steps required with a vial, which in turn, leads to the high demand for syringes, globally.
Furthermore, such syringes don’t contain preservatives and are not overfilled. These syringes offer greater patient safety by reducing the potential for inadvertent needle sticks and exposure to toxic products; that can occur while drawing medication from conventional vials via syringes. Moreover, a standard syringe filled with medication from vial remains optimally effective, or sterile, for approximately 12 hours; whereas, medications stored in prefilled syringe cartridge remains sterile for approximately two to three years. Owing to these benefits of prefilled syringes over the traditional vial and syringes, the market is growing at a rapid pace, globally.
Prefilled Syringes Market - Competitive Landscape
Key players in the prefilled syringes industry are actively participating in the acquisitions and partnerships with other firms to establish their strong presence globally. For instance, in October 2017, Amgen Inc. announced the acquisition of Kirin Holdings (previous Kirin-Amgen joint venture for the development of EPOGEN, NEUOPOGEN, Neulasta, Aranesp, Nplate, and brodalumab in 1984) for $780 million.
Some of the other key players in the prefilled syringes industry are Becton, Dickinson and Company, Eli Lilly and Company, Bristol-Myers Squibb Company, Baxter International Inc., Bayer AG, Pfizer Inc., F. Hoffman-La Roche AG, Novartis AG, and AbbVie Inc.