Prefilled Syringes Market is Projected To Expand at a CAGR of 11.2% Over The Forecast Period: Grand View Research Inc.
San Francisco, 12 December 2018: The Report Prefilled Syringes Market Size, Share & Trends Analysis Report By Distribution Channel, By Type (Disposable, Reusable), By Material (Plastic, Glass), By Application (Diabetes, Anaphylaxis), And Segment Forecasts, 2018 – 2025
According to a report published by Grand View Research, Inc.; the global prefilled syringes market is expected to reach a valuation of around USD 22.5 billion by 2025. Growing efforts for reducing human errors in drug delivery and high demand for efficient and easy-to-use drug delivery devices among healthcare professionals can drive market over the forecast period (2014 to 2025).
Prefilled syringes are increasingly replacing traditional syringe-vial combinations as they offer patient safety and convenience in dose preparation and delivery. High prevalence of chronic diseases such as rheumatoid arthritis and diabetes is projected to propel adoption of autoinjectors and pen injectors over the forecast period. Rising development of advanced devices offering safe and continent self-injections is projected to supplement market growth in near future.
In addition, introduction of Bluetooth connectivity and Wi-Fi technology for effective management of patient health records is also likely to augment product demand. These syringes are supposed to be ideal for vaccines and other biotech drugs. Technological developments in biopharmaceutical industry can have positive impact on demand as these syringes help in reducing the loss of potency at the time of transportation of biopharmaceuticals in different containers.
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The worldwide prefilled syringes market can be segmented on the basis of type, material, application, distribution channel, and region. As per type, the market can be classified into disposable and reusable. In 2018, disposable segment dominated the market and is likely to maintain its dominance over the forecast period due to high emphasis on patient safety. These devices help reduce contamination risks, which is expected to boost demand. The reusable segment is expected to grow swiftly over the study period on account of introduction of auto-injectors.
Based on material, the market for prefilled syringes can be bifurcated into glass and plastic. In 2016, the glass segment led the market due to easy to use characteristics and reduced risk at the time of injection. However, the plastic segment is anticipated to acquire larger revenue in later phase of forecast period due to development of biocompatible materials, such as Polypropylene (PP) and crystal-clear polymer.
On the basis of application, the market can be divided into anaphylaxis, diabetes, rheumatoid arthritis, and others. In 2016, diabetes held for the larger market share due to increasing demand for effective and safer insulin delivery devices. Based on distribution channel, the market can be split into hospitals, mail order pharmacies, and ambulatory surgery centers.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In 2015, Europe dominated the market on account of high adoption of prefilled syringes owing to patient safety concerns. Presence of prominent players is likely to drive the market in the forthcoming years. The European Board of Anesthesiology recommends use of these syringes for anesthesia. Thus, rising number of surgical procedures and faster product approvals by various regularity bodies are expected to boost regional market.
North America is likely to exhibit rapid growth over the forecast period due to rapid adoption of these syringes. Asia Pacific is expected to display lucrative CAGR over the projected period. This growth can be attributed to rapid development in emerging countries like China and India. Presence of untapped opportunities in these counties is expected to further drive regional growth. In addition, existence of large patient base and high prevalence of chronic diseases are likely to further propel regional market growth in near future.
Key companies operating in the prefilled syringes market include Nipro Corporation, Owen Mumford Ltd, Unilife Corporation, Haselmeier AG, and Becton, Dickinson and Company. Major companies are focusing on increasing their manufacturing capacity and developing technologically advanced products. Increasing demand is likely to attract new participants to provide contract service for these syringes. New entrants are also concentrating on development of better products with latest technologies. All these factors are expected to boost business opportunities for the market participants in near future.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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