Global Prefilled Syringes Market Size, Share, Development, Growth and Demand Forecast (2013-2023): Emerging Markets Offer Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 27, 2019--The “Prefilled Syringes Market by Material, by Design, by Application, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” report has been added to ResearchAndMarkets.com’s offering.
Prefilled syringes market is expected to attain a size of $7.5 billion by 2023.
Increasing demand for injectable pharmaceutical products, advanced applications of combination therapies for the management of diseases, rising prevalence of chronic and lifestyle associated diseases, benefits of prefilled syringes over traditional vial and syringe packaging systems, and technological advancements in syringes are the major factors driving the growth of the prefilled syringes market globally.
On the basis of material, the prefilled syringes market has been categorized into glass and plastic material. In 2017, glass syringes held a larger share, of 53.4%, in the global prefilled syringes market. This is characterized by minimal risk of infections with the use of glass-based drug delivery syringes.
Based on design, these products are classified into single-chamber, dual-chamber, and customized syringes. Single-chamber prefilled syringes held the largest share in the global prefilled syringes market, accounting for 77.1% market share in 2017. Wider availability and increasing use of single-chamber syringes are significant factors for the growth of this category, globally.
Prefilled syringe drug delivery systems are frequently used in the treatment of diabetes, rheumatoid arthritis, anaphylaxis, and other diseases, such as multiple sclerosis, anemia, and psoriasis. The application of prefilled syringes for diabetes is expected to lead the global market, advancing at a CAGR of 9% during the forecast period. Increasing prevalence of diabetes across the world is the key factor contributing in the growth of the prefilled syringes market. This is substantiated by the fact that, according to the World Health Organization (WHO), the prevalence of diabetes among adults over 18 years of age has risen from 4.7% in 1980 to 8.5% in 2014, globally.
During the forecast period, the prefilled syringes market is forecasted to witness the fastest growth in APAC, at a CAGR of 9.6%. This growth is attributed to the rising geriatric population, and surge in the prevalence of different chronic diseases in the region. According to the UN publication, World Population Aging Report 2017, the population aged 60 years and above is expected to increase from 10% in 2010 to approximately 25% by 2050. This increase in the aging population is expected to create high demand for prefilled syringes, to eliminate the occurrence of various chronic diseases among the aged population.
Moreover, China is expected to observe significant growth in the APAC prefilled syringes market, owing to the presence of large number of local players and growing geriatric population in the country. Moreover, various immunization programs implemented by the Chinese government is also contributing to the growth of market. For instance, the Chinese government implemented Polio Endgame Strategic Plan 2013-2018 to eliminate measles, and minimize hepatitis B cases in the country. Due to increasing immunization programs implemented by the government officials in China, there is a high demand for syringes in the country.
The companies operating in the prefilled syringes industry are getting government approvals for various drugs used in syringes to increase their market share. For instance, in August 2018, Bristol-Myers Squibb Company received United States Food and Drug Administration (USFDA) approval for Opdivo (nivolumab), as the first and only Immuno-Oncology treatment option for patients with metastatic small cell lung cancer (SCLC), whose cancer has progressed after platinum-based chemotherapy.
In the same month, AbbVie Inc. also received USFDA approval for IMBRUVICA (ibrutinib) plus rituximab (RITUXAN) for the treatment of adult patients with Waldenström’s macroglobulinemia (WM), a rare and incurable type of non-Hodgkin’s lymphoma (NHL).
Some of the other key players operating in the prefilled syringes industry are Becton, Dickinson and Company, Eli Lilly and Company, Amgen Inc., Baxter International Inc., Bayer AG, Pfizer Inc., F. Hoffman-La Roche AG, and Novartis AG.
- Increasing Adoption of Ready-To-Use Elastomeric Syringe Components by Drug Manufacturers
- Rising Adoption of Customized Prefilled Syringes
- Increasing Demand for Injectable Pharmaceutical Products
- Advanced Application of Combination Therapies for Managing Diseases
- Rising Prevalence of Chronic and Lifestyle Associated Diseases
- Benefits of Prefilled Syringes Over Traditional Vial & Syringe Packaging Systems
- Technological Advancements in Prefilled Syringes
- Regulations Associated With Needlestick Injuries
- Increasing Demand for Point-of-Care Administration
- Growing Biopharmaceutical Industry
- Extensive Pipeline of Injectable Drugs
- Stringent Regulatory Requirements
- Adoption of Alternative Drug Delivery Methods
- Complex Manufacturing Procedure and High Cost of Prefilled Syringes
- Interaction of Prefilled Syringe Components With Drugs
- Product Recalls
- Emerging Markets offer Lucrative Opportunities for Prefilled Syringe Manufacturers
- Becton, Dickinson and Company
- Eli Lilly and Company
- Amgen Inc.
- Baxter International Inc.
- Bayer AG
- Pfizer Inc.
- Bristol-Myers Squibb Company
- F. Hoffman-La Roche AG
- Novartis AG
- AbbVie Inc.
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Related Topics:Infusions and Injectables,Needles and Syringes
INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL MEDICAL SUPPLIES
SOURCE: Research and Markets
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PUB: 02/27/2019 09:41 AM/DISC: 02/27/2019 09:41 AM