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Prefilled Syringes Market

Prefilled Syringes Market

Prefilled Syringes Market By Function Type (Single Chambered Prefilled Syringes, Dual/Multi Chambered Prefilled Syringes), By Technology Type (Conventional Prefilled Syringes, Safety Prefilled Syringes), By Distribution Channel, By Material Type - Forecast 2021-2031

Prefilled Syringes Market
FACT603MR
  • Dec-2021
  • List of Tables : 113
  • List of Figures : 93
  • 170 Pages
  • Healthcare

Prefilled Syringes Market Outlook

The global market for prefilled syringes is expected to grow at a value CAGR of nearly 10% from 2021 to 2031. Short-term forecast appears equally lucrative, registering a growth rate of 9.6% until 2026.

As the pharmaceutical industry explores innovative and more convenient drug delivery systems, pre-filled syringes have emerged as one of the fastest-growing options for unit dosage medicine. Revenues in the prefilled syringes industry are expected to double throughout the forecast period.

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Key Points Addressed in Prefilled Syringes Industry Analysis

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • Recommendation on Key Winning Strategies

Prefilled Syringes Market Consumption Analysis 2016-2020 Vs Future Outlook 2021-2031

From 2016 to 2020, the global prefilled syringes market expanded at an impressive rate, registering a CAGR of around 9% to reach US$ 3.6 Bn by the end of the said historical period. Fast track approvals of innovative biologic drugs held demand in good stead.

Advancements in packaging technology across the healthcare and pharmaceutical sector have paved the way for prefilled syringes. As stakeholders look to attain efficiency with regards to drug delivery and distribution, regulatory authorities are approving numerous syringe designs, albeit post consideration of safety of administration.

By 2026, over 10 Mn units of prefilled syringes are estimated to be sold in various healthcare institutions across the world, while long term forecast also appears significantly promising. From 2021 to 2031, sales of prefilled syringes are expected to reach US$ 7.2 Bn.

An Adaptive Approach to Modern-day Research Needs

How are Innovations in the Healthcare Industry Spurring Prefilled Syringes Sales?

As countries worldwide beef up healthcare infrastructure, emphasis on innovative drug administration and delivery approaches is acquiring center stage. A major trend prevailing across all countries is the rising popularity of self-medication, especially for chronic ailments.

Patients suffering from diseases such as diabetes, cardiac disorders and autoimmune diseases require constant medication. Therefore, parenteral administration of drugs is being increasingly relied upon to produce quick onset of action and 100% bioavailability.

As per the National Center for Biotechnology Information, over 20 pharmaceutical companies manufacture prefilled syringes for at least 50 injectable drugs. This use of prefilled syringes is only expected to accelerate over the coming decades.

Is the Scramble for Faster Drug Delivery Enhancing Usage of Prefilled Syringes?

Contemporary healthcare is all about providing efficient and swift diagnosis and treatment for numerous ailments. Prominent pharmaceutical giants have extensively invested in research & development initiatives to develop swift acting medicines for several conditions.

Experts have concluded that injection-based drug delivery has exhibits higher potential in providing relief to patients, compared to oral medicine administration. Furthermore, this approach bypasses side-effects such as nausea and unconsciousness, particularly in emergency clinical episodes.

Based on these trends, demand for prefilled syringes is expected to climb even further across the upcoming decade. Companies are striving to develop drug delivery systems, including prefilled syringes, which can reduce total number of injections and help achieve pharmacoeconomy.

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Country Wise Analysis

How is the U.S Generating Demand for Prefilled Syringes?

The market for prefilled syringes in the U.S is anticipated to expand at a CAGR of 8% across the 2021-2031 forecast period. Stringent regulations regarding use of appropriate parenteral drug administration routes is encouraging sales across the country.

According to the Final Rule: “Current Good Manufacturing Practice Requirements for Combination Products” published by the FDA, manufacturers of parenteral drug administration equipment have to clear regulatory requirements for quality systems used to design, develop, and manufacture combination products, as well as assisting in the consistent and appropriate application and enforcement of these requirements.

In the prefilled syringe industry, there is a high concentration of suppliers offering both end products and original components. The existence of competent suppliers ensures the use of prefilled syringes in the U.S.

Why is Europe the Largest Market for Prefilled Syringes?

Europe's prefilled syringes industry is expected to grow at a rapid pace through the forecast period, emerging as the largest investment hub for key manufacturers. The industry's growth can be linked to home market development in healthcare and the advantages of utilizing standard prefilled syringes.

According to the study, the market was estimated at US$ 1.04 Bn in 2020 and is anticipated to expand at a CAGR of 5.77 % during the forecast period. Growth is further impelled by the ever increasing incidences of chronic ailments.

How Advancements in Healthcare is Driving the Market in Asia?

The Asian market for prefilled syringes was valued at US$ 2.4 Bn in 2020 and is expected to rise to US$ 3.95 Bn by 2025, at a CAGR of 10.5 % during the projected period.

Extensive expenditure on sprucing up regional healthcare infrastructures is majorly pivoting growth. Prospects are especially bright across the Indian and Chinese markets. According to the World Bank, India spent 3.5% of its GDP on boosting its healthcare infrastructure, while China spent 5.3% as of 2018.

Patients afflicted with such conditions as diabetes and cardiac problems are especially relying more on self-medication across both countries. This is majorly stimulating demand for prefilled syringes.

Category Wise Insights

Why are Sales of Glass-based Prefilled Syringes on the Incline?

Glass-based prefilled syringes are expected to remain top selling across the forthcoming decade, attributed to significant advantages such as high stability, prevention of interaction between the drug and oxygen or water vapor and high compatibility.

Additionally, glass prefilled syringes are also more heat resistant. According to projections put forth by Fact.MR, the glass-based prefilled syringes segment is anticipated to account for a revenue share worth 40% throughout the forecast period.

Why is there a Tilt towards Safety Prefilled Syringes?

The safety prefilled syringes segment is expected to witness the highest growth, primarily due to the rising geriatric population and availability of biological therapies for patients with chronic conditions and outsourcing of low-risk medical procedures for chronic patients alleviates some of the pressure on hospitals.

Pharmaceutical practitioners are becoming increasingly aware about the possible impacts of non-sterilized prefilled syringes. Hence, they are shifting towards the usage of safety syringes which are single-use. A CAGR worth 5% is projected for this segment.

Competitive Landscape

The market for prefilled syringes is moderately competitive, with intense price rivalry. The market includes both global and local companies. Most poor nations have local players who sell prefilled syringes at a reduced cost.

  • In December 2020, Becton Dickinson & Company announced its decision to invest approximately US$ 1.2 billion over a 4-year period to expand and upgrade its manufacturing capacity and technology for pre-fillable syringes and advanced drug delivery systems
  • Likewise, in September 2019, Terumo Corporation received approval in Japan for its TeriboneTM 28.2 µg formula to treat osteoporosis. This formulation is compatible with the company’s PLAJEXTM syringe, assembled as an auto-injector delivery device for single dose usage.

Report Scope

Report Attribute

Details

Market size value in 2020

USD 3.6 Billion

Market forecast value in 2031

USD 7.2 Billion

Growth Rate

CAGR of 10% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Japan
  • APEJ
  • MEA

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • GCC
  • South Africa

Key Market Segments Covered

  • Function Type
  • Technology Type
  • Distribution Channel
  • Material Type
  • Region

Key Companies Profiled

  • Becton Dickinson and Company
  • Terumo Medical Corporation
  • Baxter International Inc.
  • Medtronic Plc.
  • Gerresheimer

Pricing

Available upon Request

Key Segments Covered

  • Function Type

    • Single Chambered Prefilled Syringes
    • Dual/Multi Chambered Prefilled Syringes
  • Technology Type

    • Conventional Prefilled Syringes
    • Safety Prefilled Syringes
  • Distribution Channel

    • Prefilled Syringes across Hospitals
    • Prefilled Syringes across Specialty Clinics
    • Prefilled Syringes across Online Pharmacies
    • Prefilled Syringes across Other Distribution Channels
  • Material Type

    • Glass based Prefilled Syringes
    • Polymer based Prefilled Syringes

- FAQs -

As of 2020, sales of prefilled syringes reached a value of US$ 3.6 Bn according to Fact.MR

Sales of prefilled syringes expanded at an impressive 9% CAGR from 2016 to 2020

According to Fact.MR’s estimates, global sales of prefilled syringes are expected to reach US$ 7.2 Bn by 2031

Prefilled syringe sales are likely to expand 2x, registering a CAGR of over 10% until 2031

Increased reliance self-medication for chronic ailments is spurring demand for prefilled syringes

The prefilled syringes market in the U.S is expected to grow at a CAGR of 8%

Europe is poised to be the largest prefilled syringe market, estimated at US$ 1.04 in 2020

Asia is expected to generate a value of US$ 3.95 Bn by 2025, growing at 10.1% CAGR

Demand for glass-based prefilled syringes is expected to rise, accounting for 2/5th of global demand

Becton Dickinson & Company, Terumo Corporation and Baxter International Plc. are some prominent producers of prefilled syringes

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