The study involved four major activities to estimate the current size of the Prefilled Syringes Market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
The Prefilled Syringes Market includes major Tier I and II suppliers like Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), and West Pharmaceutical Services, Inc. (US), and Nipro Corporation (Japan). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Routine care for chronic diseases is an ongoing challenge amidst the global COVID-19 pandemic due to the change in routine care to virtual communication. Diabetes, chronic obstructive pulmonary disease, and hypertension were the most impacted conditions due to a reduction in access to care. Furthermore, currently, most global healthcare resources are focused on coronavirus disease (COVID-19), and this resource reallocation is expected to disrupt the continuum of care for patients with chronic diseases.
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According MarketsandMarkets™ Research – The report “Prefilled Syringes Market by Type [Conventional (Disposable, Reusable), Safety], Material (Glass, Plastic), Design (Single-Chamber, Dual-Chamber, Customized), Application (Diabetes, Cancer, Arthritis, Anaphylaxis, Ophthalmology) – Global Forecast to 2025”, is estimated to be USD 5.6 billion in 2020 and projected to reach USD 8.6 billion by 2025, at a CAGR of 9.0%.
Growth Opportunity: Growing healthcare infrastructure across emerging Prefilled Syringes Market;
Emerging countries continue to suffer from insufficient healthcare funding, which adversely affects access to healthcare, quality, and, ultimately, the health status of citizens. According to the World Bank, approximately 400 million people lack access to essential healthcare services, mostly in Africa and South Asia. Furthermore, accelerating medical inflation, i.e., the cost of medical treatments and a higher prevalence of non-communicable lifestyle-related diseases such as cancer, diabetes, or cardiac syndromes, have resulted in funding gaps.
According to a report published by Geneva Association, in the last two decades, the share of total aggregate global expenditure on healthcare in GDP has increased from about 8% to almost 10%, or an estimated USD 8 trillion per annum, which is driven by the accelerating cost of medical treatment, expanding treatment options and increasing customer demands.
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Geographical Segmentation in-detailed:
Asia Pacific is estimated to be the fastest-growing market for prefilled syringes during the forecast period. The Asia Pacific market is driven principally by the increasing demand for self-administered treatments, high penetration of self-injection devices, growing aging population, increasing prevalence of diabetes, and huge patient population.
Global Leaders:
Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), and West Pharmaceutical Services, Inc. (US) are the key players in the global prefilled syringes market.
Becton, Dickinson and Company (US) held the leadership position in the global syringes market with a share of 37.2% in 2019. The company’s dominant position in this market can be attributed to its broad product portfolio of prefilled syringes, strong geographical presence, and wide customer base. The company primarily focuses on the strategy of product launch.
Gerresheimer (Germany) held the second position in the global prefilled syringes market, with a share of 13.3% in 2019. The company’s customer base includes a large number of global blue chip pharmaceutical and healthcare companies (Sanofi, Bayer, AstraZeneca, Novo Nordisk, Johnson & Johnson, and Novartis). To maintain its position in the market, the company focuses on the strategies of product launches and partnerships.