Prefilled syringes are medical devices that are prefilled with vaccines or drugs to be administered subcutaneously or intramuscularly. They offer numerous benefits over traditional vials, such as accurate dosing, reduced contamination risk, user friendliness, and convenience of self-administration. Prefilled syringes find wide applications in the treatment of anaphylaxis, rheumatoid arthritis, multiple sclerosis, diabetes, and other chronic conditions that require frequent drug administration.

The global Prefilled Syringes Market is estimated to be valued at Us$ 10.35 Bn in 2023 and is expected to exhibit a CAGR Of 4.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising cases of chronic diseases and an increasing geriatric population are major drivers for the growth of the global prefilled syringes market. As per the WHO, chronic diseases accounted for approximately 63% of all deaths globally in 2020. Prefilled syringes enable convenient self-administration of drugs without medical supervision and eliminate risks associated with improper reconstitution of drugs. This advantage has driven the demand for prefilled syringes for home healthcare and treatment of chronic conditions like diabetes, autoimmune diseases, and cancer. Furthermore, technological advancements in prefilled syringe design which have improved product safety, efficacy and ease-of-use are also fueling market growth. Key developments include passive needle safety mechanisms, automated ultra-low dead space filling technology and aseptic assembly technology.

Segment Analysis

The global prefilled syringes market can be segmented based on type, material, design, therapeutic area and end user. Among types, conventional prefilled syringes dominate the market owing to their widespread adoption and availability for different therapeutic drugs. Based on material, glass prefilled syringes have the highest share due to good barrier properties of glass against moisture and gases. However, plastic prefilled syringes are gaining momentum due to properties like lightweight and break resistance. By design, single-chamber prefilled syringes account for the largest share as most pharmaceutical drugs are available in single dose formulations. Among areas of therapeutic use, immunotherapy and diabetes segments generate highest demand for prefilled syringes. Hospitals and other healthcare facilities form the key end users of prefilled syringes for parenteral drug delivery.

PEST Analysis

Political: Regulations around parenteral drug delivery and healthcare industries influence the prefilled syringes market. Some regions have implemented stringent quality norms to ensure patient safety.

Economic: Rising healthcare spending, increasing income levels, growing geriatric population are driving market growth in developing regions. Production cost of plastic syringes is lower compared to glass.

Social: Growing awareness about advantages of prefilled syringes like improving patient compliance, reduced risk of contamination is positively impacting the market.

Technological: Developments in materials, designs and automated production techniques are helping expand applications. Manufacturers focus on developing human- factors engineered products for ease of use.

Key Takeaways

The Global Prefilled Syringes Market Demand  is expected to witness high growth over the forecast period owing to rising adoption of self- administration drug delivery devices.

Regional Analysis:

North America currently leads the market and is expected to maintain its dominance in the coming years supported by factors like rising prevalence of chronic diseases, growing number of vaccination programs in the region. Europe is expected to hold the second largest market share on account of improved healthcare infrastructure and government support for innovations.

Key players operating in the prefilled syringes market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. PERI Group dominates the market with wide geographic footprint and expertise in formwork solutions. Doka and ULMA are other major players providing advanced technologies to construction companies.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it