Global Prefilled Syringes Market is Expected to Develop at a High 10.60% CAGR through 2031 | SkyQuest Technology
Westford, Sept. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Prefilled Syringes Market will attain a value of USD 16.84 billion by 2031, with a CAGR of 10.60% over the forecast period (2024-2031). Ease of use and growing demand for self-administration of medications are projected to primarily boost sales of prefilled syringes across the forecast period. Surging preference for home healthcare around the world and rising use of biosimilars will also create new opportunities for prefilled syringes companies going forward.
Prefilled Syringes Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 7.52 billion |
| Estimated Value by 2031 | $ 16.84 billion |
| Growth Rate | Poised to grow at a CAGR of 10.60%% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, Design, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Use of sustainable materials for manufacturing |
| Key Market Drivers | Growing popularity of home healthcare and self-administration of medications |
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Prefilled Syringes Market Segmental Analysis
Global Prefilled Syringes Market is segmented by Type, Design, Material, Application, and region.
Based on Type, the market is segmented into Conventional Prefilled Syringes, and Safety Prefilled Syringes.
Based on Design, the market is segmented into Single-chamber Prefilled Syringes, Dual-chamber Prefilled Syringes, and Customized Prefilled Syringes.
Based on Material, the market is segmented into Glass Prefilled Syringes, and Plastic Prefilled Syringes.
Based on Application, the market is segmented into Diabetes, Rheumatoid Arthritis, Anaphylaxis, Cancer, Thrombosis, Ophthalmology, and Others.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Ease of Use of Disposable Prefilled syringes Makes them a Popular Choice Among Patients
Disposable prefilled syringes can just be used and directly discarded without the need for sterilization of cleaning before use. This makes them a highly convenient choice for patients and caregivers as well. Use of disposable prefilled syringes also reduces the risk of infection and transmission of diseases, which also contributes to the high market share of this segment.
Plastic Prefilled syringes are Gaining Popularity Owing to their Easy Transportation Characteristics
Plastic prefilled syringes are easy to transport as they do not run the risk of breaking or cracking as glass syringes do. This ease of transport and low costs of manufacturing are key factors that are estimated to bolster prefilled syringes market growth via this segment in the long run. However, increasing bans on plastic use and improper disposal of plastic could hamper the market share of this segment going forward.
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Europe is Projected to Spearhead Sales of Prefilled Syringes on a Global Level through 2031
The presence of key prefilled syringes providers and rising recommendation of prefilled syringes by healthcare professionals allow Europe to become the top market in the world. Growing geriatric population, rising demand for home healthcare, and surge in prevalence of diabetes and other chronic diseases are also expected to promote the sales of prefilled syringes in this region. The United Kingdom, France, Italy, and Germany are slated to be top markets in Europe for prefilled syringes providers.
Prefilled Syringes Market Insights:
Drivers
- Growing popularity of home healthcare
- Rising preference for self-administration of medications
- Surge in incidence of diabetes and high demand for diabetes management
Restraints
- High costs of manufacturing as compared to traditional syringes
- Drug stability issues for longer period of storage
Prominent Players in Prefilled Syringes Market
- Becton, Dickinson and Company
- Gerresheimer AG
- SCHOTT AG
- West Pharmaceutical Services, Inc.
- Vetter Pharma International GmbH
- Nipro Corporation
- Catalent Pharma Solutions, Inc.
- Terumo Corporation
- Berry Global, Inc.
- Stevanato Group
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Key Questions Answered in Prefilled Syringes Market Report
- What drives the global prefilled syringes market growth?
- Who are the leading prefilled syringes providers in the world?
- Which region leads the demand for prefilled syringes in the world?
This report provides the following insights:
- Analysis of key drivers (growing popularity of home healthcare, rising preference for self-administration of medications), restraints (high costs manufacturing as compared to traditional syringes, concerns regarding drug stability), and opportunities (use of sustainable materials for manufacturing), influencing the growth of Prefilled Syringes market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Prefilled Syringes market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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