Prefilled Syringes Key Market Trends to Boost Growth

 

Prefilled Syringes Market

The global Prefilled Syringes Market is estimated to be valued at US$ 6.44 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Prefilled syringes are medical devices used for subcutaneous drug delivery. These devices contain a single dose of vaccine or drug and reduce the risk of contamination and dosing errors. Prefilled syringes provide easy and accurate delivery along with improved safety. The growth and development of therapeutic biologics and self-injection procedures have increased the demand for prefilled syringes. Their benefits such as user-friendliness, precise dosing, and tamper-evident packaging have boosted their adoption across the pharmaceutical industry.

Market key trends:

Growing prevalence of chronic diseases like diabetes and cancer is a major factor fueling the prefilled syringes market growth. Self-injection therapies have gained prominence in the treatment of these conditions. Prefilled syringes enable patients to self-administer injections at home conveniently. Moreover, increasing demand for vaccine delivery is also driving the production of prefilled syringes. The ongoing Covid-19 pandemic has created a surge in the demand for vaccine delivery through prefilled syringes. Growing demand for prefilled syringes across developing regions also presents lucrative opportunities. Manufacturers are focusing on emerging markets of Asia Pacific and Latin America for further business expansion.

Porter’s Analysis

Threat of new entrants: Low investment needed to enter the market however stringent regulatory approvals pose high barrier.

Bargaining power of buyers: Large pharmaceutical companies have strong bargaining power over prefilled syringes manufacturers due to their large purchase volume.

Bargaining power of suppliers: Suppliers of raw materials like glass provide differentiated products thus wield significant bargaining power.

Threat of new substitutes: Alternatives like needle-free injectors pose threat but prefilled syringes are preferred for self-administration.

Competitive rivalry: Intense competition exists among established players to gain higher market share leading to pricing pressure.

Key Takeaways

The Global Prefilled Syringes Market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing preference for self-administration. The market was valued at US$ 6.44 billion in 2023.

Regionally, North America dominates the market and is expected to continue dominating over the forecast period. This is attributed to growing acceptance of self-injection devices and rising prevalence of chronic diseases in the region. Asia Pacific is anticipated to be the fastest growing market due to rising healthcare expenditure and increasing demand for injection-based drug delivery.

Key players operating in the prefilled syringes market are Gerresheimer AG, Becton, Dickinson and Company, West Pharmaceutical Services, Inc., Terumo Corporation, Nipro Europe Group Companies, B. Braun SE, Sanofi, GSK plc., Pfizer Inc., Bayer AG, Polymedicure, Amsino International, Inc., Leeford Healthcare Limited, Torrent Pharmaceuticals Ltd., Regeneron Pharmaceuticals Inc., Ypsomed AG, SOL-Millennium, Stevanato Group S.p.A.

Read More:

https://www.marketwebjournal.com/prefilled-syringes-market-growth-value-and-trends/