Prefilled Syringes Market Size & Share Analysis Report 2023 - Global Growth Trends & Forecasts to 2028 Featuring Key Players - BD & Co, Terumo, Gerresheimer, SCHOTT, & West Pharmaceutical Services - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Prefilled Syringes Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The Prefilled Syringes Market is expected to grow from USD 7.87 billion in 2023 to USD 13.33 billion by 2028 at a CAGR of 11.11% during the forecast period (2023-2028).

The prefilled syringes market exhibits a fragmented landscape, characterized by the presence of numerous companies. These market participants are actively employing various organic and inorganic growth strategies to secure a larger share of the industry's revenue. Notable companies operating in the prefilled syringes market include Becton, Dickinson, and Company, Terumo Corporation, Gerresheimer AG, SCHOTT, West Pharmaceutical Services, Inc., and West Pharmaceutical Services, Inc., among others.

The global prefilled syringes market experienced a positive impact from the COVID-19 pandemic, primarily due to the potential use of prefilled syringes for COVID-19 vaccines. The pandemic accelerated the development of prefilled syringes, especially those suitable for low-temperature vaccine storage.

For instance, in September 2021, Becton, Dickinson, and Company (BD) seized a new COVID-19 vaccination opportunity by demonstrating the suitability of its glass prefilled syringes for mRNA COVID-19 vaccines that require ultralow-temperature storage. This transition from vials to prefilled syringes was aimed at addressing the cost and complexity of vaccine administration. Consequently, the outbreak of the COVID-19 pandemic in 2020 led to a global surge in prefilled syringe sales.

The market's growth is driven by increasing demand for efficient and user-friendly drug delivery devices and healthcare professionals' efforts to reduce hospital errors. The rapid development of feature-rich devices with advanced technology for safer and more convenient self-injection, coupled with the impact of COVID-19, is expected to propel market expansion in the forecast period.

Prefilled syringes have gained prominence as a rapidly growing option for unit-dose medication delivery, aligning with the pharmaceutical industry's quest for more convenient drug delivery methods. Notably, the World Health Organization's article on self-care interventions published in June 2022 highlighted the potential of self-injectable contraception to reduce unintended pregnancies, emphasizing the growing adoption of self-care. This trend is expected to drive demand for prefilled syringes, thereby stimulating market growth.

Furthermore, the increasing prevalence of conditions like diabetes and rheumatoid arthritis, coupled with the rising adoption of biosimilars in developed regions, is expected to fuel market expansion. According to a January 2022 report by SingleCare, over 14 million people suffer from rheumatoid arthritis globally each year, with more than 1.36 million adults affected in the United States annually. As prefilled syringes offer safety without added costs, their usage is anticipated to increase in the future.

In addition to these factors, a surge in new product launches is predicted to significantly contribute to industry growth. For instance, in May 2022, Terumo Corporation introduced a prefillable polymer syringe for low-dose applications, offering a safe, user-friendly, and effective treatment option. Government investments in advanced syringe production will further boost market growth.

An investment of USD 84.53 million in Hungary in March 2022 aims to address the growing global demand for prefillable glass syringes, with completion expected by 2024, supporting future product demand. However, factors such as product recalls and the availability of alternative drug delivery methods may pose challenges to market growth.

Prefilled Syringes Market Trends

Diabetes Segment Holds Significant Market Share and Expected Growth

The diabetes segment commands a substantial market share and is poised for continued dominance during the forecast period. Diabetes, a chronic disease characterized by insufficient insulin production or utilization, drives extensive use of prefilled syringes for administering multiple daily insulin doses. The segment's enduring dominance is attributed to a large patient base, the rising global diabetes prevalence, and the demand for effective and safer insulin delivery devices.

The worldwide surge in diabetes prevalence is a primary driver of market expansion, with diabetes emerging as a significant global public health concern. According to the International Diabetes Federation (IDF), approximately 537 million adults aged 20 to 79 were living with diabetes in 2021. The IDF predicts that this number will increase to 563 million by 2030 and 783 million by 2045.

Major companies like BD are developing prefilled syringes exclusively for chronic disease therapy to strengthen their market presence. For example, BD announced plans in May 2021 to create a separate, publicly-traded company ('NewCo') for its Diabetes Care division. BD Diabetes Care plays a pivotal role in insulin syringe adoption and other products, supporting around 30 million patients by producing roughly 8 billion injection devices annually. These factors are expected to drive product demand in the foreseeable future.

Moreover, in March 2022, Novo Nordisk introduced smart insulin pens in the UK, allowing NHS-treated diabetes patients access to devices capable of monitoring and recording dosing information. Similarly, in November 2020, Medtronic PLC launched InPen, the first and only FDA-cleared smart insulin pen for multiple daily injections (MDI) integrated with real-time Guardian Connect CGM data. These advancements are expected to drive segmental growth in the market during the forecast period.

Company Profiles

• Becton, Dickinson and Company
• Terumo Corporation
• Gerresheimer AG
• SCHOTT
• West Pharmaceutical Services, Inc.
• Stevanato Group S.p.A.
• NIPRO
• Plas-Tech Engineering, Inc.
• Taisei Kako Co.,Ltd.
• Laboratoire AGUETTANT (AGUETTANT LTD)

Key Topics Covered:

1 INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Growing Adoption of Self-care Devices

4.2.2 Benefits Associated with Prefilled Syringes

4.3 Market Restraints

4.3.1 Product Recalls

4.3.2 Availability of Alternate Drug Delivery Methods

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION (Market Size by Value - USD million)

5.1 By Material

5.1.1 Glass Prefilled Syringe

5.1.2 Plastic Prefilled Syringe

5.2 By Application

5.2.1 Diabetes

5.2.2 Anaphylaxis

5.2.3 Rheumatoid Arthritis

5.2.4 Oncology

5.2.5 Other Applications

5.3 By Type

5.3.1 With Needle

5.3.2 Without Needle

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/nzp8io

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900