Pre-filled Syringes Market Growth Expected to Hit $3,512.4 Million by 2027
According to a report by Technavio a leading market research company, the global pre-filled syringes market is set to expand significantly, with a projected growth of USD 3,512.4 million from 2022 to 2027, at an impressive compound annual growth rate (CAGR) of 8.93% during this forecast period. This surge is primarily attributed to the shift from traditional glass pre-filled syringes to more innovative plastic alternatives, such as those made from advanced polymeric materials like polypropylene and clear polymers. These plastic pre-filled syringes are gaining popularity due to their biocompatibility with other syringe components and their resistance to common issues associated with glass pre-filled syringes, such as breakage and potential drug interactions.
In recent years, the healthcare industry has recognized the advantages of plastic pre-filled syringes, which are increasingly being adopted by manufacturers and healthcare providers. The advancements in polymer technology further contribute to the growing utilization of plastic pre-filled syringes. As a result, these developments are expected to be key drivers for the growth of the pre-filled syringes market in the coming years.
Company Landscape
The pre-filled syringes market is marked by fragmentation, and companies are employing both organic and inorganic growth strategies to stay competitive. Key players in this market include ApiJect Systems Corp., Baxter International Inc., and Fresenius SE and Co. KGaA, each offering a range of prefilled syringes catering to various medical needs.
Key Market Segmentation
The market is segmented by material (glass pre-filled syringes and plastic pre-filled syringes) and type (disposable and reusable). Notably, the market share for glass pre-filled syringes is expected to experience significant growth, with glass syringes being preferred for parenteral drugs due to their non-reactive and stable nature during storage.
Regional Market Outlook
Geographically, the market is segmented into North America, Europe, Asia, and the Rest of the World (ROW). North America is anticipated to contribute significantly to the global market’s growth during the forecast period. Factors such as the rising incidence of chronic diseases, technological advancements in prefilled syringes, and recommendations by the Centers for Disease Control and Prevention (CDC) are driving the market’s expansion in the region. Additionally, healthcare reform efforts in the United States aimed at reducing healthcare costs are expected to further boost market growth.
What’s New?
This report offers special coverage on various critical global issues, including the Russia-Ukraine war, global inflation, post-COVID-19 recovery analysis, supply chain disruptions, global trade tensions, and the risk of recession. It also provides insights into global competitiveness and key competitor positions, along with market presence across multiple geographical footprints.
Market Dynamics
Major Trends: One of the notable trends in the pre-filled syringes market is the innovation in syringe design, with many vendors offering features like built-in automatic needle shields and retractable needles. Some specialized manufacturers have even introduced dual syringes and multiple compartments for lyophilization, which is driving market growth.
Significant Challenges: Challenges facing the market include the potential impact on drug quality when stored in pre-filled syringes over time, as the drug comes into direct contact with the syringe’s packaging. Additionally, tungsten residues in prefilled syringes can degrade biotech drugs, leading to product recalls in some cases. These challenges may restrict market growth in the foreseeable future.
This growing demand for pre-filled syringes signifies the increasing importance of innovative and biocompatible solutions in healthcare, as the industry evolves to address the needs of both patients and healthcare providers. For more in-depth insights, you can view the sample report on this market.
Companies Mentioned:
• Ajinomoto Bio-Pharma Services
• ApiJect Systems Corp.
• AptarGroup Inc.
• Baxter International Inc.
• Becton Dickinson and Co.
• Catalent Inc.
• Fresenius SE and Co. KGaA
• Gerresheimer AG
• Haselmeier GmbH
• Nipro Corp.
• Novartis AG
• Owen Mumford Ltd.
• Recipharm AB
• SCHOTT AG
• STERINOVA
• Terumo Corp.
• Vetter Pharma Fertigung GmbH and Co. KG
• Viatris Inc.
• West Pharmaceutical Services Inc.
About Technavio: Technavio is a leading market research company that provides comprehensive reports and insights into various industries, enabling businesses to make informed decisions based on qualitative and quantitative evidence.
For more detailed information and a complete analysis, you can access the full report on the pre-filled syringes market from Technavio’s official website.
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