Factors driving the growth of this market include technological advancements in prefilled syringes, high prevalence of chronic diseases, presence of a large patient population base, rising adoption of self-injection devices, and implementation of needlestick legislations. In addition, initiatives undertaken by leading market players (such as Gerresheimer AG, SCHOTT AG, and Becton, Dickinson, and Company) to establish production facilities in both mature and developing markets have further added to the growth prospects of this market.
What the Market Looks Like?
Predicted to grow at a CAGR of 10.1% during the forecast period, the Global Prefilled Syringes Market is estimated to reach $6.36 Billion. Europe is expected to hold the largest share of the global Market, followed by North America
On the basis of material, the global Prefilled Syringes Market is divided into two broad segments, namely, glass prefilled syringes and plastic prefilled syringes. The glass prefilled syringes segment is expected to account for the largest share of the market in 2016. The growth of this segment can be attributed to the high use of glass in manufacturing syringes owing to its nonreactive nature and heat and chemical resistance.
On the basis of design, the market is further segmented into single-chamber prefilled syringes, dual-chamber prefilled syringes, and customized prefilled syringes. The single-chamber Prefilled Syringes Market is expected to command the largest share of the global market in 2016. The increasing adoption of self-administered parenteral drugs is the key factor responsible for the growth of the single-chamber Prefilled Syringes.
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What Drives the Market?
The growth of the global market for Prefilled Syringes is primarily influenced by the following factors:
· Technological Advancements
· High Prevalence of Chronic Diseases
· Benefits Associated with Prefilled Syringes
However, lack of safety features in prefilled syringes and product recalls are expected to limit the growth of this market in the coming years.
Geographical growth scenario of Prefilled Syringes Market:
Europe is expected to hold the largest share of the global market, followed by North America in 2016. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. Factors such as increasing demand for self-administered treatments, high penetration of self-injection devices, growing aging population, increasing prevalence of diabetes, and huge patient population are driving the growth of prefilled syringes in the Asia-Pacific region.
Leading market players and strategies adopted-
Becton, Dickinson and Company (U.S.), Gerresheimer (Germany), SCHOTT AG (Germany), West Pharmaceutical Services, Inc. (U.S.), Ompi (Italy), Catalent, Inc. (U.S.), Weigao Group (China), Vetter Pharma International GmbH (Germany), Nipro Corporation (Japan), and MedPro Inc. (U.S.) are some of the key players operating in the Prefilled Syringes Market. Leading players are also adopting the strategies of new product launches, acquisitions, and partnerships. The market players adopted these strategies to maintain its position in the global market. The market players are also focusing on increasing their product portfolios by expanding their production capabilities and distribution networks to cater to the growing demand for prefilled syringes.
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