Prefilled Syringes Market to Reach to a Valuation of US$7.9 bn in 2024, Says TMR
ALBANY, New York, August 14, 2018 /PRNewswire/ --
According to the report, the prefilled syringes market is likely to rise to a revenue opportunity of US$7.9 bn in 2024 from a valuation of US$3.5 bn in 2015, registering an impressive 9.3% CAGR over the period between 2016 and 2024.
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Glass Remains Most Preferred Material for Manufacturing Prefilled Syringes
Of the variety of materials utilized for manufacturing prefilled syringes, the segment of glass is envisaged to serve the most demand, accounting for a significant share of the overall revenue of the market by the end of the report's forecast period. Glass continues to remain the primary choice of prefilled syringe manufacturers owing to its unreactive nature and excellent stability. Geographically, the market in North America is the most lucrative regional market and is likely to continue to hold the dominant share in the overall market; the market in Asia Pacific, however, is expected to surge and lead in terms of growth prospects, clocking a 11.3% CAGR over the forecast period.
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Lower Risk of Needle-stick Injuries Drive Demand
The leading factors that have resulted in a breakthrough progress and increased adoption of prefilled syringes are the vast advantages that prefilled syringes present over traditional ampoules and vials. As compared ampoule- and vial-based injections, the drugs contained in prefilled syringes merely require the unpacking of the syringe to inject a formulation. Their disposable, single-use format, coupled with the fact that prefilled syringes are filled with specified dosages of drugs mechanically, makes them easier and error-free for use.
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Prefilled syringes also cut down the risks of needle-stick injuries, which are more likely to occur with the traditional drug administration formats as they keep the tip of injectors/needles exposed for longer durations. The precise amount of drug contained in prefilled syringes eliminate the chance of the excess formulation going to waste, which can be a costly matter when expensive biotech products are considered. This makes prefilled syringes extremely cost-efficient solution to ampoule and vials, which need to be filled more liquid than the prescribed quantity for withdrawing the correct amount.
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The highly consolidated vendor landscape of the global prefilled syringes market had the leading four companies, namely Baxter International Inc., Medtronic, Becton, Dickinson and Company, and Terumo Medical Corporation, accounting for a collective share of over 50% of the market in 2015, observes Transparency Market Research in its report. These market leaders command a strong control due to their diverse portfolios and impressive global presence.
In emerging markets, however, the market is slightly fragmented wherein regional players account for a large share in the overall market. Low costs and well-established distribution networks allow regional players a better control on local markets, making it difficult for international players to get hold on the growth opportunities. As a number of new regional players foray into the market, the level of competition is likely to remain intense in the next few years as well.
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This analysis of the global prefilled syringes market is based on a recent market research report by Transparency Market Research, titled "Prefilled Syringes Market (Material - Glass-based and Polymer-based; Distribution Channel - Hospitals, ASCs, and Mail Order Pharmacies; Application - Vaccines and Monoclonal Antibodies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
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