Global Prefilled Syringes Market – Analysis, Application, Size, Development, and Forecast 2024 | VynZ Research
Prefilled syringe is a single use syringe filled with parenteral drug. It helps to exclude various numbers of procedures mandatory for administering a formulation. The global prefilled syringes market is growing at significant rate, due to mounting demand for biologics and biosimilars and emergent injectable drugs pipeline. Different types of syringes contributed to the market size. The market has witnessed high demand for conventional syringes over the last few years due to increasing adoption of self-administered injectable drug.
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The rapid increase in aging population, growing demand for vaccine, increasing prevalence of chronic diseases, increasing healthcare expenditure, growth in disposable income, and increasing usage of home use devices are the primary growth drivers for prefilled syringes market. Moreover, increasing demand for vaccine, large pool of population base and benefits associated with syringes are also up surging its demand, as parentral administration is second most common mode of drug delivery. According to the World Health Organization (WHO), globally approximately 16 billion injections are administered every year in developing and transitional countries.
Geographically, Europe is the largest prefilled syringe market as in the region the prevalence of chronic disease is increasing. The increasing prevalence of diabetes is a major concern in Europe. According to International Diabetes Federation (IDF) in 2015, approximately 59.8 million people were suffering from diabetes in Europe. In addition, the healthcare expenditure is increasing in Europe, which has increased the accessibility and affordability of treatment among the individuals. Growing geriatric population, increasing demand for biosimilars and biologics and technological advancement of products are also up surging growth of the European prefilled syringes market.
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Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of growing demand for vaccine for the management of chronic diseases and mounting use of biologics and biosimilars. In addition, high penetration of self-administration devices, large population base and increasing demand for self-administered treatments are also creating a positive impact on the prefilled syringes market growth in the region.
Key players in the prefilled syringes industry are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. According to Unilife Corporation, a company involved in the development, design and production of injectable drug delivery system, approximately 2 billion prefilled syringes are used each year globally. Becton, Dickinson and Company, Weigao Group, Gerresheimer AG, SCHOTT AG, Catalent, Inc., West Pharmaceutical Services, Inc., Ompi, Vetter Pharma International GmbH, Nipro Corporation, and MedPro Inc. are the key players offering prefilled syringes.