(MENAFN- PR Newswire) VANCOUVER, BC, Oct. 19, 2020 /PRNewswire/ -- The Global Prefilled Syringes Market will be worth USD 9.11 Billion by 2027, according to a current analysis by Emergen Research. Market growth can be attributed to the rising prevalence of chronic illnesses, such as diabetes, Rheumatoid Arthritis, and other autoimmune diseases. The surging demand for biological drugs is speculated to drive market growth during the forecast period. The growing adoption of convenient self-injection devices is anticipated to fuel the demand for prefilled syringes. Increasing investments in the research and development for the launch of new innovative prefilled syringe technologies would fuel the industry's growth in the forecast period. Besides, the emergence of technologically advanced pen injectors and auto-injectors has augmented the industry's growth.
Covid19 Impact
The pandemic has both a positive as well as a negative effect on the healthcare industry. It has disrupted the supply chain and raw material supplies in the sector. The increasing number of people affected by the virus has also led to an increase in demand for medical supplies like disposable syringes and injections. The rising demand for prefilled syringes is because there is a reduced risk of needle-stick injuries. Besides, the growing requirement for the rapid production of vaccines has also resulted in the increasing demand for prefilled syringes. In order to meet the growing demand for medical supplies, manufactures have increased their production capacity. They are adopting safety regulations and preventive measures without hampering the manufacturing process.
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Key Highlights from The Report
- In October 2019, Becton, Dickinson and Company launched a two-step-disposable auto-injector named BD Intevia™ 1 ml. The device can combine prefilled syringe and auto-injector into one integrated system.
- Disposable prefilled syringes held the largest market share of 59.5% in 2019 as home care settings and hospitals increasingly use them.
- The Plastic segment is estimated to grow with the fastest CAGR of 9.0% during the forecast period due to the increasing investments in R & D of plastic syringes by manufacturers.
- The Diabetes segment contributed to the largest market share in 2019 due to the increasing adoption of self-injection devices among diabetic patients.
- Hospitals dominated the market in 2019 due to the increasing utilization of prefilled syringes in emergency treatments by healthcare providers.
- Europe dominated the market for Prefilled syringes in 2019 due to the presence of key market players in the region and the increasing adoption of technologically advanced injectable drug delivery devices.
- The Asia Pacific region is projected to be the fastest-growing region in the forecast period due to the rising prevalence of chronic diseases and the growing geriatric population.
- Key participants include SCOTT AG, Becton, Dickinson and Company, GERRESHEIMER AG, Medtronic PLC, WEST PHARMACEUTICAL SERVICES, INC., SHANDONG WEIGAO GROUP, Unilife Corporation, CATALENT, INC., Stevanato Group, and NIPRO CORPORATION, among others.
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Emergen Research has segmented the Global Prefilled Syringes Market on the basis of Type, Material, Application, Distribution Channel, and region:
- Type Outlook (Revenue, USD Billion; 2017-2027)
- Material Outlook (Revenue, USD Billion; 2017-2027)
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Diabetes
- Rheumatoid Arthritis
- Anaphylaxis
- Cancer
- Others
- Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)\
- Ambulatory Surgery Centers
- Hospitals
- Mail Order Pharmacies
- Biotechnology & Pharmaceutical Companies
- Others
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America1. U.S. 2. Canada
- Europe1. Germany 2. U.K. 3. France 4. BENELUX 5. Rest of Europe
- Asia Pacific1. China 2. Japan 3. South Korea 4. Rest of APAC
- Latin America1. Brazil 2. Rest of LATAM
- Middle East & Africa1. Saudi Arabia 2. UAE 3. Rest of MEA
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About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
With market-leading insights and an in-depth understanding of leading and niche technologies, our solutions address the most pertinent questions for your business needs. A major technological shift has been witnessed towards creating a 'Circular Economy,' fuelled by factors, such as the increased adoption of bio-based materials, along with other methods for achieving carbon neutrality. We are conversant in technologies, viz., Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Robotic Process Automation (RPA), Smart Manufacturing, Internet of Things (IoT), Big Data Analytics, Machine learning, Nanotechnology, Edge Computing, Blockchain Technology, Cloud Computing, Vehicle Electrification, Advanced Maintenance Analytics, and Predictive Maintenance, among other prevalent and emergent technologies.
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