"Navigating the Prefilled Syringes Market Landscape"

September 06, 2023

September 6^th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Prefilled Syringes Market.

The Prefilled Syringes Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The prefilled syringes market was estimated at US$ 5.3 billion in 2021 and is expected to grow at a CAGR of 10.92% during 2022-2028 to reach US$ 10.98 billion in 2028. The primary reasons driving the market expansion are an increase in the demand for effective and user-friendly drug delivery systems and an increase in the efforts made by healthcare professionals to lower hospital errors. During the projected period, the market expansion is anticipated to be driven by the rapid development of feature-rich devices with underlying technology breakthroughs enabling safer and more convenient self-injections for patients.

Segments Analysis

By Application Type

The market is segmented into anaphylaxis, rheumatoid arthritis, diabetes, and others. The diabetes market segment dominated the sector when looking at the range of applications. Numerous factors, including a sizable patient population, a rise in the prevalence of diabetes, and the demand for efficient and safer insulin delivery devices, are anticipated to keep this market at the top during the projection period. For instance, the International Diabetes Federation research estimates that there will be 537 million persons with diabetes worldwide (aged 20 to 79) in 2021, rising to roughly 783 million by 2045.

By Type

The market is bifurcated into disposable prefilled syringes and reusable prefilled syringes. Due to its numerous uses, the disposable prefilled syringes market segment had the biggest share in 2021. These devices lessen the danger of contamination, which is expected to increase demand for them. Needlestick injuries are brought on by risky practices such as repeatedly using a prefilled syringe and needle without taking the necessary safety procedures as advised by medical authorities. Additionally, while conventional disposable prefilled syringes protect the receiver, they do not guarantee patient safety. Therefore, a strong desire for patient safety has led to an increase in the use of disposable equipment in healthcare facilities including hospitals and nursing homes. These elements should accelerate segment growth.

By Material Type

The prefilled syringes market has been divided into glass prefilled syringes and plastic prefilled syringes. The glass syringes category led the market in 2021. Glass syringes are currently the industry standard for prefilled syringes. Glass syringes are simple to use and, for medical experts, check for any particulate contaminants. Glass is a trustworthy choice because its clarity and inertness guarantee the purity of the dose. However, it is projected that the use of glass syringes in the worldwide prefilled syringes market will be limited by rising consumer desire for safer goods that enable self-administration of medication and increased glass fragility during shipping.

Regional Analysis

The prefilled syringes market is broken down geographically into geographies, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Due to considerations like the increasing preference of healthcare professionals for prefilled injectable devices in order to reduce needle-related injuries, Europe held the largest market share for prefilled syringes in 2021. Major market companies including Gerresheimer AG, SCHOTT group, Stevanato Group, Haselmeier AG, and Owen Mumford Ltd. are also present in the area. Over time, several businesses have increased their local presence. Due to this circumstance, the market has become more competitive in the area, making it challenging for new competitors to enter. Due to these businesses' global expansion and dominance of the market, Europe receives the majority of global revenue. the use of single-use medical products to reduce infections and other government initiatives fuels the market growth.

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Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Prefilled Syringes Market analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

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Author : Meha Prasad