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Prefilled Syringes Market to Gain US$7.9 Billion by 2024; Rising Demand of Products in North America Boosts Market Growth - TMR
ALBANY, New York, March 14, 2019 /PRNewswire/ -- According to the new TMR report, the global prefilled syringes market is expected to reach US$7.9 bn by 2024 end. The market is predicted to grow at a robust 9.3% CAGR during 2016-2024. Rising demand for prefilled syringes in North America, coupled with growing awareness about vaccination is expected to fuel this growth. Vaccine filled syringe are expected to dominate the global market in the near future.
Plastic Syringes and Advancements Drive Robust Market Growth
Earlier, glass and metal syringes were widely used in the healthcare sector. However, growing risks such as an HIV infection has caused changes in the medical practices. This has given rise to disposable plastic syringes. Additionally, prefilled syringes eliminate human errors in filling up syringes, which provides an accurate dose of medicine to patients. The additional reliability and safety provided by disposables is expected to further drive growth of the prefilled syringes market.
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Additionally, advancements in the pharmaceutical and biotechnology sectors is expected to fuel growth in the near future. Growing number of compounds, and subsequent growth in number of injectable products is at an all-time high. Moreover, rising number of products in the prefilled syringes market are expected to open several new opportunities for market players. However, such a growing demand has resulted in supply shortage recently and continues to pose a challenge to the growth of the prefilled syringes market. More robust deliver mechanisms are also expected by end-users, due to rising sophistication in requirements from the pharmaceutical companies.
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Rising Number of Chronic Illnesses Promises Lucrative Opportunities
Rising number of cancers and other major chronic illnesses are expected to offer many rewarding opportunities for the prefilled syringes market in the near future. Increased consumption of tobacco and unhealthy diets, and lifestyle changes leading to limited exercise are expected to drive growth of various chronic illnesses like cancers. Prefilled syringes market offers products which are ideal for patients to use at home, removing the need to depend on hospitalization. Improvements in product shelf life due to innovations are also expected to result in higher revenues during the forecast period.
Additionally, growing scrutiny in some key medical applications by regulators requires the use of prefilled syringes. This has led to the growth of packaged and injectable drugs and diluents. Additionally, manufacturers are investing in eliminating the needle stick injuries. However, due to costly nature of such systems, the growth of such systems remain limited. However, growing demand in emerging regions such as Asia Pacific is expected to drive growth for the prefilled syringes market.
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The global prefilled syringes market mainly depicts a competitive and consolidated landscape, due to a few players accounting for a major market shares. The competition in the market is anticipated to soar in the near future, due to growing demand for administering drugs to patients with chronic illnesses, reports Transparency Market Research (TMR). A large number of market players in the global market are expected to open new avenues for growth in the near future. Main players in the global prefilled syringes market are West Pharmaceuticals, Stevanato Group, Becton Dickinson & Co., Baxter International, and Unilife Corporation.
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Major manufacturers in the global prefilled syringes market are currently faced with growing product demands, numerous product design-related requests, and urgency in the advancement of drug delivery systems. The market is also witnessing a surge of demand for new compound-filled syringes. Such requests include syringes filled with blood stimulants, vaccines, proteins, therapeutics, etc. Additionally, growing scrutiny of the interaction of drugs with syringes is forcing manufacturers to pay more attention to the stability of their products. Growing demand and increasing scrutiny is forcing major players to invest in more research and development to gain a competitive edge in the global prefilled syringes market.
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The review presented above is based on a TMR report, titled, "Prefilled Syringes Market (Material - Glass-based and Polymer-based; Distribution Channel - Hospitals, ASCs, and Mail Order Pharmacies; Application - Vaccines and Monoclonal Antibodies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024".
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