Prefilled Syringes Market to exceed value of US$ 35.7 Bn by 2031, TMR Study
2022-07-26
Increasing adoption of risk-free and dependable prefilled insulin syringes by patients of type 1 diabetes leads to swelling demand
Key technological advancements of introduction of needlestick safety-equipped devices and multi-chamber syringes to amplify prefilled syringes market growth
WILMINGTON, Del., July 26, 2022 /PRNewswire/ -- The prefilled syringes market is projected to expand at a CAGR of 10.1% for the forecast period from 2022 to 2031. Factors such as growing home medical care, rising prevalence of chronic diseases, increase in use of injectable medications, and advantages over conventional vials are fuelling the growth of prefilled syringes market.
Emergence of prefilled syringe as one of the most convenient drug delivery methods underpins transformation of the self-medical care scenario. Introduction of sterile, prefilled syringes that allows safe self-administration of injectable drugs without the need for hospitalization to sway prefilled syringes market outlook. Furthermore, product advancement wherein pen injectors and autoinjectors are integrated with prefilled syringes for patient convenience to accentuate demand.
Demand for self-injection devices such as saline syringes that offer convenience and safety for the rising prevalence of chronic and lifestyle diseases is expected to influence the prefilled syringes market size in the future. For example, prevalence of diabetes is estimated to increase to 700 million by 2045 from 466 million in 2019, which will create sizeable demand for prefilled syringes.
Critical advantages to store medication, promote self-administration, mitigate risk of misuse, and reduce waste label prefilled syringes as best method to store medication. These attributes are beneficial for patients, healthcare practitioners, and manufacturers alike.
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Prefilled Syringes Market – Key Findings of the Report
High prevalence of chronic diseases such as type 1 diabetes that requires insulin to be administered intravenously on a regular basis boosts demand for prefilled syringes
Increasing adoption of dependable and risk-free methods of self-injection from diabetics underpins massive revenue potential in prefilled syringes market. For instance, NovoLog FlexPen prefilled syringe is a fast acting insulin that improves blood sugar in adults and children with diabetes mellitus.
Significant technological advancements in the syringe industry such as introduction of needlestick safety-equipped devices, multi-chamber syringes, and advanced lubrication technology to strengthen demand
Safety syringes product type is projected to hold the leading 77% prefilled syringes market share by 2031. Product feature of removable or permanently connected needles as well as internal safety device account for dominance of safety syringes. Demand for safety prefilled syringes from hospitals, diagnostic centers, and general practitioners for drug delivery to soar due to advantages of less overfill and better safety to patients
Single-chamber prefilled syringe segment equipped with next-gen technology that transfers critical patient information of time of injection of drug to health caregiver substantiates its dominance
North America stood at the forefront of the prefilled syringes market in 2021. Increase in R&D in research labs and pharmaceutical companies, and government-led vaccination programs fuel the prefilled syringes market of the region
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Prefilled Syringes Market – Growth Drivers
Critical advantage of convenient and safe self-administration of injectable drugs for patients of chronic diseases propels prefilled syringes market
Design and functional features to reduce overfill waste, mitigate the risk of misuse, and promote self-administration accentuates demand for prefilled syringes
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Prefilled Syringes Market – Key Players
Some of the key players operating in the prefilled syringes market are;
Becton, Dickinson and Company
The prefilled syringes market is segmented as follows;
Prefilled Syringes Market, by Type
Conventional Syringes
Prefilled Syringes Market, by Design
Single Chamber
Multiple Chamber
Prefilled Syringes Market, by Material
Glass
Plastic
Prefilled Syringes Market, by Application
Chronic Disease Treatment Syringe
Acute Care and Specialty Syringes
Others
Prefilled Syringes Market, by Distribution Channel
Hospital Pharmacies
Retail Pharmacies & Drug Stores
E-commerce
Prefilled Syringes Market, by Region
North America
Europe
Latin America
Middle East & Africa
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Insulin Pen Needles Market: The global insulin pen needles market is expected to represent a value of over US$ 3,800 Mn by the end of 2026.
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