The global prefilled syringes market was valued at $3,905.1 million in 2014, and it is expected to grow with a CAGR of 12.9% during 2015 – 2020. The global prefilled syringes market is growing, due to increasing demand for vaccines, growing geriatric population, increasing prevalence of chronic and lifestyle associated diseases, and increasing healthcare expenditure. In addition, the technological advancement in prefilled syringes, regulations regarding needlestick injuries increases popularity of prefilled syringes, increasing injectable drugs pipeline, and increasing demand for point-of-care administration are also driving the growth of the global market.
On the basis of type, the glass prefilled syringes segment is expected to be the largest market; while plastic prefilled syringes segment would witness the fastest growth during the forecast period with a CAGR of 20.2%.
The increasing number of self-injection patients and growing demand of biologics and biosimilars are playing a pivotal role in the growth of the global market. Prefilled syringe is a single use, and disposable format packet of parenteral drugs. These are syringes filled with medication, before they are supplied to patients and healthcare providers.
However, strict regulatory requirements, recall of prefilled syringes, interaction of prefilled syringe with drugs, alternative drug delivery methods, and manufacturing complexity and high cost of prefilled syringe act as hindrance in the growth of the global market of prefilled syringes. The increasing combination therapies and customized prefilled syringes are the latest trends observed in this market.
In 2014, Europe dominated the global market of prefilled syringes, among all the regions of the global market in terms of volume; whereas, the Asia-Pacific market is expected to witness the fastest growth, with a CAGR of 16.0% during the forecast period in terms of value.
The key companies operating in the global prefilled syringes market include Becton, Dickinson and Company, SCHOTT AG, Gerresheimer AG, Unilife Corporation, Nipro Corporation, Baxter International Inc., West Pharmaceutical Services Inc., Ypsomed Holding AG, Stevanato Group S.p.a., Vetter Pharma-Fretigung GmbH & Co., and Bespak Europe Ltd.
News Courtesy: P&S Market Research