The global prefilled syringes market is projected to reach up to $7.5 billion by 2023, from $4.7 billion in 2017, growing at a CAGR of 8.3% during the forecast period (2018–2023). During the forecast period, the plastic material category is expected to witness faster growth during the forecast period, mainly on account of introduction of polypropylene and crystal-clear polymer, which are biocompatible with other components.
Rising Adoption of Customized Prefilled Syringes is Gaining Momentum in Prefilled Syringes Market
Injectable formulations are more complex and require strict quality control assurance in order to satisfy the patients’ requirements. The manufacturers in the prefilled syringes market have started to concentrate on designing and producing prefilled syringes, which can be personalized for individual patients. The attention of manufacturers, therefore, moves to the production of self-administering dose syringes. These syringes are personalized and their composition is based on the patient’s prescription and dosage. Such prefilled syringes are cost-effective and can also be used to administer minimal doses at frequent intervals of time, to reduce wastage of drugs.
Rising Prevalence of Chronic and Lifestyle-Associated Diseases to Drive the Growth of the Prefilled Syringes Market
The healthcare industry has witnessed an increasing prevalence of chronic diseases, such as cardiovascular disorders, cancer, respiratory diseases, and diabetes, due to the alteration in lifestyle and lack of access to preventive care, especially in developing nations. According to the Autoimmunity Research Foundation, the prevalence of inflammatory chronic diseases is driven by the misuse of antibiotics, vitamin supplementation, presence of environmental factors, which suppress immunity, novel vectors for sharing pathogens including blood donation, and widespread adoption of compulsory mass vaccinations. This has led to the advancements in the development of various types of customized prefilled syringes with varied doses and drug composition for the treatment of chronic inflammatory diseases in the prefilled syringes market. For instance, Rpo 6000 IU by RPG Life Sciences Limited and Aranesp SingleJect prefilled syringe by Amgen Inc. are available in the market for the treatment of anemia and chronic kidney disease, respectively.
Segmentation Analysis of Prefilled Syringes Market
Geographical Analysis of Prefilled Syringes Market
Europe and North America, together, were the major revenue contributors, accounting for over 70% share in the global prefilled syringes market, in 2017, where Europe held the largest share. The key factor driving the market in the region is rising prevalence of chronic diseases. Non-communicable diseases, such as diabetes, cancer, respiratory diseases, and cardiovascular disorders cause most of the deaths in the region. According to the WHO, cancer is the second major cause of morbidity; with approximately 3.7 million new cases of cancer and 1.9 million deaths reported in Europe, every year. The increase in the number of cancer cases has led to the development of various drug delivery options, including prefilled syringes in the region.
On the other hand, the APAC region is likely to witness fastest growth during the forecast period in the prefilled syringes market, owing to the rising aging population and the increasing prevalence of chronic diseases. According to the United Nations (UN) publication, World Population Aging Report 2017, the population aged 60 years and above is expected to increase from 10% in 2010 to approximately 25% by 2050. This increase in the aging population is predicted to create high demand for prefilled syringes and to eliminate various chronic diseases in the aged population. Japan accounted for the largest market in the APAC market in 2017, mainly due to the increasing adoption of prefilled syringes, rising prevalence of diabetes, and growing aging population.
Competitive Landscape of Prefilled Syringes Market
The prefilled syringes market is consolidated in nature. Several players, across the globe, are actively working in the field of prefilled syringes, including Eli Lilly and Company, Baxter International Inc., Pfizer Inc., F. Hoffmann-La Roche Ltd., RPG Life Sciences Limited, Gerresheimer AG, Catalent Inc., AbbVie Inc., Becton, Dickinson and Company, Amgen Inc., Bayer AG, Bristol-Myers Squibb Company, and Novartis AG.
In recent years, these players have taken several strategic measures to secure their position in the prefilled syringes market. For instance, in July 2018, AbbVie Inc. provided patent license agreements with Mylan N.V. over its proposed biosimilar Humira (adalimumab). Under the terms of the agreements, AbbVie Inc. granted Mylan N.V. a non-exclusive license on specified dates to AbbVie’s intellectual property relating to Humira in the U.S. and in various other countries around the world in which AbbVie Inc. has intellectual property, excluding Europe.
Similarly, in June 2017, Novartis AG entered into a clinical research collaboration with Bristol-Myers Squibb Company. Under this collaboration, Bristol-Myers Squibb Company investigated the safety, tolerability, and efficacy of Mekinist (trametinib) in combination with Opdivo (nivolumab) and Opdivo + Yervoy (ipilimumab) regimen as a potential treatment option for metastatic colorectal cancer in patients with microsatellite stable tumors, where the tumors are proficient in mismatch repair (MSS mCRC pMMR).