April 13, 2024
Prefilled Syringes Market

The Rising Prefilled Syringes Market Is In Trends By Sustained Demand For Self-Administrable Drugs

The prefilled syringes market has witnessed significant growth owing to the increasing popularity of self-administrable drugs for treatment of chronic diseases. Prefilled syringes provide convenient drug delivery and ensure accurate dosage. These syringes eliminate complicated assembly processes and reduce chances of contamination. They improve patient adherence and compliance as most self-injectable drugs are sensitive to light, temperature and humidity.

The Global Prefilled Syringes Market Size is estimated to be valued at US$ 11.93 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the prefilled syringes are The Kraft Heinz Company, Starbucks Coffee Company, The J.M. Smucker Company, Luigi Lavazza SPA, Nestle SA, The Coca-Cola Company, JAB Holding Company, Tata Global Beverages, Tchibo GmbH, and Strauss Group Ltd. These players are focusing on geographical expansion and new product launches to gain market share.

The growing demand for self-administrable drugs and rising prevalence of chronic diseases are fueling the demand for prefilled syringes. Advancements in prefilled syringes such as automatic needle insertion and retraction further support adoption. Prefilled syringes improve patient compliance by enabling convenient drug delivery with accurate dosing.

Global expansion of key players and large untapped opportunities in developing markets are propelling the overall growth of the prefilled syringes market. Asia Pacific region in particular holds promising growth prospects for prefilled syringes owing to rising healthcare investments, increasing affordability and growing patient awareness.

Market key trends

Sustained demand for self-administrable drugs and convenience of prefilled syringes especially for biologics and vaccines is a key trend in the market. Advancements in syringe design and material to provide efficient drug delivery are also influencing the prefilled syringes market positively. Moreover, growing popularity of home healthcare is augmenting the demand for prefilled syringes.

Porter’s Analysis

Threat of new entrants: It is moderate as prefilled syringes manufacturing requires substantial capital investments and expertise.

Bargaining power of buyers: It is moderate as buyers have bargaining power due to availability of alternative delivery devices.

Bargaining power of suppliers: It is low as there are numerous suppliers of raw materials and components.

Threat of new substitutes: It is moderate as alternative delivery devices like vials with separate syringes pose threat.

Competitive rivalry: It is high as the market is dominated by a few large players.

Geographically, North America holds the largest share in the prefilled syringes market in terms of value due to increasing prevalence of chronic diseases and technological advancements in drug delivery systems. The Asia Pacific region is expected to witness the fastest growth in the market during the forecast period owing to high demand for self-injection devices and growing healthcare industry in emerging countries like India and China.

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