Pre Filled Syringes Global Market Report 2023: Connected Syringes to Reshape Industry Moving Forward

DUBLIN, April 4, 2023 /PRNewswire/ -- The "Pre Filled Syringes Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

The global pre filled syringes market grew from $6.39 billion in 2022 to $7.29 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The pre filled syringes market is expected to grow to $12.19 billion in 2027 at a CAGR of 13.7%.

Europe was the largest region in the prefilled syringes market in 2022. The regions covered in the prefilled syringes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The high demand for pre-filled syringes to administer COVID-19 vaccines is expected to boost the pre-filled syringes market during the forecast period. Pre-filled syringes are preferred for administering COVID-19 vaccines to reduce the risk for needle stick infections. To cater to the growing demand for administering COVID-19 vaccines, the companies are focusing on increasing the production of pre-filled syringes.

For instance, in May 2020, the US Department of Defense awarded a contract of $138 million with ApiJect Systems America for "Project Jumpstart" and "RAPID USA" to facilitate pre-filled production syringes for the COVID-19 vaccine. Project Jumpstart supported the supply chain for prefilled syringes that manufacture 100 million prefilled syringes. The contract also accelerated the launch of RAPID USA to facilitate the production of 500 million pre-filled syringes by 2021. Thus, the high demand for pre-filled syringes to administer COVID-19 vaccines is expected to fuel the market growth during the forecast period.

Product recalls attributed to factors such as breakages, leachability, defects in packaging, and contamination hindered the pre-filled syringes market's growth in the historic period. A product recall is a process of retrieving or replacing the products already in the market wherein the company bears the cost of replacing and fixing defective products or reimbursing affected consumers. Product recalls and affecting a market substantially as they can affect the company's performance within the market, change its financial profile, and negatively impact its reputation.

For instance in 2021, according to the American Hospital Association, a US-based a health care industry trade group, an estimated 267 million prefilled saline syringes were recalled by Cardinal Health due to the risk that the plunger could reintroduce air into the syringe and result in major negative effects. Therefore, the product recalls due to various factors in the manufacturing process or packaging restrained the growth of the market in the historic period.

Companies in the prefilled syringes market are increasingly investing in connected prefilled syringes, which allows healthcare professionals to track and access data. A connected pre-filled syringe is a drug delivery device that can be connected to a smartphone that tracks data and reports to healthcare professionals accordingly. In 2020, Biocorp launched Injay, a connected pre-filled syringe based on NFC technology wherein the technology helps transfer data to a smartphone or specific transmitters, depending on specific use cases and environment.

The countries covered in the pre-filled syringes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Scope
Markets Covered:

1) By Type: Conventional Prefilled Syringes; Safety Prefilled Syringes
2) By Material: Glass Prefilled Syringes; Plastic Prefilled Syringes
3) By Design: Single-Chamber Prefilled Syringes; Dual- Chamber Prefilled Syringes; Customized Prefilled Syringes
4) By Application: Diabetes; Rheumatoid Arthritis; Anaphylaxis; Cancer; Thrombosis; Ophthalmology; Other Applications

Key Topics Covered:

1. Executive Summary

2. Pre-filled Syringes Market Characteristics

3. Pre-filled Syringes Market Trends And Strategies

4. Pre-filled Syringes Market - Macro Economic Scenario

5. Pre-filled Syringes Market Size And Growth

6. Pre-filled Syringes Market Segmentation

7. Pre-filled Syringes Market Regional And Country Analysis

A selection of companies mentioned in this report includes

• Becton Dickinson and Company
• Gerresheimer AG
• Schott Group
• West Pharmaceutical Services Inc.
• Baxter International Inc
• Nipro Corporation
• Terumo Corporation
• Vetter Pharma International GmbH
• Stevanato Group
• Weigao Group
• Novartis
• Catalent Inc.
• Unilife Corporation
• Eli Lilly and Company
• Amgen
• Bayer AG
• Pfizer Inc.
• Bristol-Myers Squibb Company
• F. Hoffman-La Roche AG
• AbbVie Inc.
• Owen Mumford
• AptarGroup Inc.
• Medtronic
• Abbott
• Fresenius Kabi
• Medpro
• Mylan
• Elcam Medical
• YPSOMED
• Oval Medical Technologies
• SHL Medical AG

For more information about this report visit https://www.researchandmarkets.com/r/3k3a0o

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