Prefilled Syringes Market 2022: Detailed analysis and growth trends

This new report from Stratview Research analyses the Prefilled Syringes Market over the forecast period from 2022 to 2028. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.

Prefilled Syringes Market Overview:

The prefilled syringes market was estimated at US$ 5.3 billion in 2021 and is expected to grow at a CAGR of 10.92% during 2022-2028 to reach US$ 10.98 billion in 2028.

The primary reasons driving the market expansion are an increase in the demand for effective and user-friendly drug delivery systems and an increase in the efforts made by healthcare professionals to lower hospital errors. During the projected period, the market expansion is anticipated to be driven by the rapid development of feature-rich devices with underlying technology breakthroughs enabling safer and convenient self-injections for patients.

Drivers

The following are the major players in the prefilled syringes market:

• Abbott
• Baxter
• Bayer AG
• BD
• Gerresheimer AG
• Haselmeier AG
• Medtronic plc
• Nipro Medical Corporation
• Owen Mumford
• Schott Group
• Terumo Medical Corporation
• Unilife Corporation
• Vetter Pharma GmbH

Prefilled syringes are receiving an increasing number of regulatory agency approvals from the U.S., FDA, and EU, combined with an expanding market, which is expected to significantly aid industry growth.

Segment Analysis

The market is divided based on design, material, application, and type. On the basis of design, the market is further segmented into single chamber, dual chamber, and customized.

On the basis of application, the market is segmented into anaphylaxis, rheumatoid arthritis, diabetes, others. The diabetes market segment dominated the sector when looking at the range of applications. Numerous factors, including a sizable patient population, a rise in the prevalence of diabetes, and the demand for efficient and safer insulin delivery devices, are anticipated to keep this market at the top during the projection period. For instance, the International Diabetes Federation research estimates that there will be 537 million persons with diabetes worldwide (aged 20 to 79) in 2021, rising to roughly 783 million by 2045.

Based on type, the market is bifurcated into disposable prefilled syringes, and reusable prefilled syringes. Due to its numerous uses, the disposable prefilled syringes market segment had the biggest share in 2021. These devices lessen the danger of contamination, which is expected to increase demand for them. Needlestick injuries are brought on by risky practises such repeatedly using a prefilled syringe and needle without taking the necessary safety procedures as advised by medical authorities. Additionally, while conventional disposable prefilled syringes protect the receiver, they do not guarantee patient safety. Therefore, a strong desire for patient safety has led to an increase in the use of disposable equipment in healthcare facilities including hospitals and nursing homes. These elements should accelerate segment growth.

Based on material, the prefilled syringes market has been divided into glass prefilled syringes, plastic prefilled syringes. The glass syringes category led the market in 2021. Glass syringes are currently the industry standard for prefilled syringes. Glass syringes are simple to use and, for medical experts, check for any particulate contaminants. Glass is a trustworthy choice because of its clarity and inertness, which guarantee the purity of the dose. However, it is projected that the use of glass syringes in the worldwide prefilled syringes market will be limited by rising consumer desire for safer goods that enable self-administration of medication and increased glass fragility during shipping.

The prefilled syringes market is broken down geographically into geographies, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Due to considerations like the increasing preference of healthcare professionals for prefilled injectable devices in order to reduce needle-related injuries, Europe held the largest market share for prefilled syringes in 2021. Major market companies including Gerresheimer AG, SCHOTT group, Stevanato Group, Haselmeier AG, and Owen Mumford Ltd. are also present in the area. Over time, several businesses have increased their local presence. Due to this circumstance, the market has become more competitive in the area, making it challenging for new competitors to enter. Due to these businesses' global expansion and dominance of the market, Europe receives the majority of global revenue. the use of single-use medical products to reduce infections, as well as other government initiatives fuels the market growth.

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