The Worldwide Prefilled Syringes Industry is Expected to Reach $2.4 Billion by 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Prefilled Syringes Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global prefilled syringes market is projected to witness growth at a CAGR of 11.48% during the forecast period to reach US$2,406.658 million by 2026, increasing from US$1,124.826 million in 2019.

Companies Mentioned

• Chemi SPA
• Catalent, Inc.
• Becton, Dickinson and Company
• Nipro Corporation
• Taisei Kako Co. Ltd.
• MEDEFIL, INC.
• Alfasigma S.p.A
• Aquabiliti
• Schott AG
• Vetter Pharma International GmbH

Prefilled syringes refer to the disposable syringe that is already loaded with the unit dose of the substance to be injected to which a needle has already been fixed by the manufacturer. The syringes are designed in such a way that it administers the accurate amount of dosage, thus, reducing the wastage of the medication. The rising preference for the prefilled syringes over the conventional syringe-vial combination because of the advantages offered by prefilled syringes such as increased patient safety and convenience, accuracy, etc. is the key factor driving the growth of the industry. In addition, the growth is attributed to the increasing prevalence of chronic diseases, reduced medication errors, and better use of controlled drugs such as narcotics using prefilled syringes.

The rapidly increasing number of patients suffering from chronic conditions, such as heart diseases, diabetes, and autoimmune diseases, which require patients to self-administer medications will bolster the demand for prefilled syringes in the market. According to the National Institute of Environmental Health Science, in 2017, 24 million people had a condition of autoimmune disease in the United States. To help the patients self-administer medications, for these chronic conditions the requirement for prefilled syringes has expanded in the market, which will drive the market growth of the prefilled syringes market. Furthermore, the supportive government regulations (especially needlestick legislation) will further boost the market growth. According to a report published by Geneva Association, in the last two decades, the total aggregate global expenditure on healthcare in GDP has increased from 8% to almost 10%, which is driven by the exorbitant cost of medical treatment, growing treatment options, and increasing customer demands. The increasing spending on medical expenditure by both developed and developing countries will augment the market growth of the global prefilled syringes market. Also, prefilled syringes are largely used for vaccination of the population against diseases such as polio, coronavirus, hypothesis, etc. will contribute to the market growth during the forecast period.

By material, the glass segment is expected to hold a dominant market share owing to the benefits of glass syringes over plastic syringes such as the prevention of oxygen and water vapor from interacting with drug compounds, and compatibility with different filling machines. By end-user, the home care settings segment is estimated to grow at the highest CAGR as the increasing number of patients inflicted with chronic diseases, worldwide use prefilled syringes as a part of their treatment. Geographically, Europe is projected to be the largest revenue-generating segment owing to the prevalence of chronic diseases, technological advancements, and geographical expansion by key manufacturers, aging population, and high adoption of self-injection devices. North America is expected to witness the fastest growth rate during the forecast period due to the rapid adoption of prefilled syringes in the region.

Impact of COVID-19

The Covid-19 pandemic positively impacted the global prefilled syringes market as due to the nationwide lockdown restrictions, the patients who required regular injections preferred to use prefilled syringes on their own as opposed to visiting the hospitals or clinics. This considerably increased the demand for the prefilled syringes in the market. Furthermore, due to the novel coronavirus outbreak, the number of people who suffered from chronic illnesses exponentially increased, subsequently accelerating the demand for prefilled syringes, across the globe.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Prefilled Syringes Market Analysis, By Material

6. Prefilled Syringes Market Analysis, By Application

7. Prefilled Syringes Market Analysis, By End-User

8. Prefilled Syringes Market Analysis, By Geography

9. Competitive Intelligence

8.1. Competitive Benchmarking and Analysis

8.2. Recent Investment and Deals

8.3. Strategies of Key Players

10. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/wqcsq5

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