Prefilled syringes are essentially single-dose containers of parenteral medication equipped by the manufacturer with a needle. Prefilled syringes enhance patient safety by reducing the risk of accidental needle pricking and hazardous product exposure during medication withdrawal from vials.
The market for prefilled syringes is driven by a number of factors, including the prevalence of chronic diseases, the demand for self-administration devices, and the need for more effective drug delivery systems. Increasing demand for biologics and biosimilars drives market expansion, as these products frequently necessitate specialized delivery devices.
The global prefilled syringe market reached US$ 6.4 billion in 2022 and is expected to reach US$ 14.4 billion by 2030, growing with a CAGR of 10.9% during the forecast period 2023-2030.
The prefilled syringes market is a rapidly growing segment of the pharmaceutical and healthcare domain. In recent years, the prefilled syringe market has witnessed a series of product launches and approvals that have contributed to its growth.
DataM Intelligence's in-depth market analysis reveals the major market drivers, challenges, and trends. Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the prefilled syringe market.
Global Prefilled Syringes Key Market Drivers:
Increasing Product Launches by Market Players
Major companies operating in the global prefilled syringes market are focused on organic growth strategies such as product launches, which are expected to drive global prefilled syringes market growth over the forecast period.
For instance, in October 2022, Hikma Pharmaceuticals PLC, a pharmaceutical company, launched Succinylcholine Chloride Injection in a prefilled syringe (PFS) form. Succinylcholine Chloride is an important medicine used in hospitals for general anesthesia, to facilitate tracheal intubation, and provide muscle relaxation during surgery or mechanical ventilation. The U.S. FDA-approved 100mg/5mL prefilled syringes for medication to be introduced in the U.S.
Global Prefilled Syringes Key Market Trends:
In the global life science industry, biologics and biosimilars are quickly replacing pharmaceuticals based on chemicals. Biologics are excellent for focused administration and greater inclination since they are less prone to interfere with other medications. The rise of biologics used to treat chronic illnesses has put pressure on producers of medicines and packaging to create more sophisticated container closures and drug delivery systems.
Consequently, these syringes are now widely used to deliver biologics and biosimilars safely. For instance, the Central Drugs Standard Control Organization (CDSCO) reports that 98 biosimilars have so far been approved in India.
Market Key Players:
The major global players in the market include
- Gerresheimer AG
- Terumo Corporation
- West Pharmaceutical Services, Inc.
This report aims to provide a comprehensive presentation of the global market for Prefilled Syringes, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Prefilled Syringes.
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