New Delhi: A recently published market intelligence report by an ESOMAR-certified market research and consulting firm establishes that the global prefilled syringes market is expected to grow at a CAGR exceeding 10% until 2031, reaching a valuation of US$ 7.2 Bn. In the short-run, the market is likely to expand at a rate of 9.6% until 2026.
Historically, the market performed well, clocking a CAGR of 9% from 2016 to 2020, reaching US$ 3.6 Bn by the end of the said period. As the COVID-19 pandemic unfolded, prospects further heightened as personalized medication for numerous infectious and chronic ailments acquired precedence. This increased reliance is expected to prevail even across the forthcoming decade.
Manufacturers are increasingly focusing on producing glass based prefilled syringes, as they deliver very viscous medicines. Furthermore, glass prefilled syringes may be used in a variety of therapeutic applications, including blood stimulants, vaccinations, and therapeutic proteins, while extending product life span, which will favorably affect segment growth. The market for glass prefilled syringes will grow significantly due to growing use of prefilled syringes in underdeveloped nations, where glass syringes provide reusability and lower cost.
Key Takeaways from the Market Study
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Global market for prefilled syringes to expand 2x until 2031
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By material, glass based syringes to surpass US$ 7.5 Bn by 2026, accounting for 40% of revenue by 2031
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By technology, safety prefilled syringes to expand at a CAGR of 5% through 2031
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Single chambered prefilled syringes likely to reach a value of US$ 8 Bn by 2026
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U.S prefilled syringes market likely to expand at a CAGR of 8% until 2031
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Europe to emerge as the largest market, being valued at US$ 1.04 Bn in 2020
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Asia to register a staggering 10.5% CAGR until 2031
“Glass is the preferred material for medication manufacturers because to its barrier features and regulatory simplicity, but polymers’ stability and inert properties, as well as their vast design options, make them an enticing alternative as well, “says a Senior Research Analyst.
Competitive Landscape
The market for prefilled syringes is moderately competitive, with intense price rivalry. The market includes both global and local companies. Most poor nations have local players who sell prefilled syringes at a reduced cost.
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In December 2020, Becton Dickinson & Company announced its decision to invest approximately US$ 1.2 billion over a 4-year period to expand and upgrade its manufacturing capacity and technology for pre-fillable syringes and advanced drug delivery systems
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Likewise, in September 2019, Terumo Corporation received approval in Japan for its TeriboneTM 28.2 µg formula to treat osteoporosis. This formulation is compatible with the company’s PLAJEXTM syringe, assembled as an auto-injector delivery device for single dose usage.
These insights are based on a report on Prefilled Syringes Market by Fact.MR.
