LONDON, Feb. 9, 2016 /PRNewswire/ -- The global prefilled syringes market accounted for $3,905.1 million value in 2014, and it is expected to grow with a CAGR of 12.9% during 2015-2020. Among the various types, the glass prefilled syringes segment dominated the global prefilled syringes market, with 90.1% share in 2014.
The global market of prefilled syringes is up surging with a significant rate, due to increasing geriatric population, increasing demand for vaccines, increasing prevalence of chronic and lifestyle associated diseases, and technological advancement in prefilled syringe. In addition, the increasing healthcare expenditure, increasing demand for point-of-care administration, regulations regarding needlestick injuries, and growing demand of biologics and biosimilars are also driving the growth of the global prefilled syringes market. The emerging market and increasing number of self-injection patients would pose growth opportunities for the 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. They are composed of plunger, barrel, needle guard activation clip, needle guard wings, elastomer stopper, needle and needle cap. Prefilled syringe cartridges are designed for fitting into specialized syringes, which are used to administer various fluid medications. It reduces therapy and injection costs, optimized number of doses for existing supply, and also result in Active Pharmaceutical Ingredient(API) cost saving. Some of the categories of drugs packaged in prefilled syringes are therapeutic proteins, interferons, vaccines, blood stimulants, and erythroproteins. According to Unilife Corporation, a company involved in the development, design and production of injectable drug delivery system, approximately 2 billion prefilled syringes are used each year globally. In addition, approximately 60 drugs and vaccines are available in a prefilled format for various therapeutic classes.
The restraints impacting the growth of the global market include 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. The increasing combination therapies and customized prefilled syringes are the latest trends observed in the global market.
Geographically, the growth of the North American market is getting driven by increasing adoption of prefilled syringes over traditional syringes and vials, owing to easy to use, increasing awareness of safe injectable technology, increasing prevalence of chronic and lifestyle associated diseases, increased healthcare expenditure, and growing demand of biosimilars and biologics. The U.S. accounted for the largest share in the North American prefilled syringes market. The aging population, growing demand for biologics, and increasing demand for point-of-care administration are some of the factors driving the growth of the market.
In Europe, new regulation would mandate the use of safety prefilled syringe to prevent needlestick injuries. Germany accounts for the largest share in the European market. The prefilled syringe market in the country is primarily driven by increasing reimbursement policies, and trend of having shorter period of hospitalization and care at home. However, the Asia-Pacific market is expected to witness the highest growth during the forecast period. This is mainly due to growing geriatric population, increasing healthcare expenditure, increasing prevalence of chronic and lifestyle associated diseases, increasing demand for vaccines, and growing demand for biosimilars and biologics in the region.
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.
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