The global Small Molecule Prefilled Syringes Market is estimated to be valued at US$ 18.98 Bn or Billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Small molecule prefilled syringes are used for injecting small molecule drugs and biosimilars. They enable standardized and accurate drug delivery which reduces dosing errors during administration. Small molecule prefilled syringes improve patient compliance compared to traditional vials and ampoules. They provide a sterile and non-reconstituted presentation of the drug which eliminates infection hazards. Their single-dose format also prevents cross-contamination risks between multiple patients.
Market key trends:
One of the major trends in the small molecule prefilled syringes market is the growing preference for safety features. Prefilled syringes equipped with safety mechanisms help prevent needlestick injuries and accidental needle pricks. Passive safety syringes automatically cover the needle immediately after use to avoid exposure. Active safety syringes additionally lock the safety shield permanently in the extended position. Regulatory bodies are promoting the adoption of safety syringes to protect healthcare workers from blood borne pathogens. Manufacturers are also focusing on developing ergonomic designs and improving usability to enhance patient experience and encourage compliance with prescribed therapies.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate in the small molecule prefilled syringes market as setting up manufacturing facilities requires large capital investments and an established distribution network. However, potential new entrants can enter through mergers and acquisitions.
Bargaining power of buyers: The bargaining power of buyers is high as the market has several pharmaceutical companies and suppliers providing similar product portfolios, giving buyers options and ability to negotiate for best prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have to depend on a limited number of biologics and pharmaceutical manufacturers. However, the market has several raw material suppliers who can significantly affect the prices.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes available for prefilled syringes. Alternatives are traditional vials and ampoules but prefilled syringes offer benefits in terms of easy administration, dose accuracy and safety.
Competitive rivalry: The competitive rivalry among players is intense owing to presence of major established global players offering similar product ranges. Major players focus on expanding their geographic footprint and portfolio through mergers and acquisitions to gain market share.
Key Takeaways:
The global small molecule prefilled syringes market size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand for self-administered injectables and higher convenience offered by prefilled syringes. The market size for 2023 is estimated to be US$ 18.98 Bn.
Regional analysis: North America is expected to dominate the global small molecule prefilled syringes market during the forecast period owing to rising prevalence of chronic and lifestyle associated diseases. Europe is anticipated to witness significant growth due to growing adoption of self-administered injectable medications. Asia Pacific exhibits immense growth potential attributable to increasing healthcare expenditure and active government support for medical devices in countries like China and India.
Key players: Key players operating in the small molecule prefilled syringes market include BD, Cytiva, Merck KGaA, Gaplast, Ascendia Pharmaceuticals, Sanofi, Viatris Inc. (Mylan N.V.), Pfizer Inc., Dr. Reddyâ€TMs Laboratories Ltd., Fresenius Kabi AG and McKesson Corporation. These players focus on product innovations and expanding geographical presence to maintain their market shares.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.