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Prefilled Syringes Market Size Is Anticipated To Reach USD 10,738.72 Million at a CAGR of 10.3% By 2027 – Finds, Coherent Market Insights

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Global Prefilled Syringes Market– Insights

Prefilled syringes are one of the fastest growing choices for unit dose delivery and have emerged as one of the most convenient drug delivery methods in the recent years. The extensive use of prefilled syringes has enabled pharmaceutical companies to minimize drug-wastage and simultaneously increase the life-span of the product. Plastic disposable syringes created a revolution in the healthcare market which has been enhanced by the introduction of sterile, prefilled syringes that enable safe self-administration of injectable drugs without having to visit the hospital.

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According to the National Center for Biotechnology Information (NCBI), in 2014, 25% of expenditure on drugs was unused in the U.S., while 3-7% of medications intended for patients were unused. These massive revenues could be used in a useful way with the use of prefilled syringes in the market that can improve shelf life of the drug and also prevent wastage as syringes are filled with the exact volume and concentration of the drug. Prefilled syringes can be advantageous for pharmaceutical companies in terms of the cost of biopharmaceuticals, as syringes can reduce overfilling of drugs compared to vials.

The global prefilled syringes market size was valued at US$ 4,892.9 million in 2019, and is expected to witness a CAGR of 10.3% over the forecast period (2019–2027).

Increasing prevalence of chronic diseases globally is expected to drive growth of the Global Prefilled Syringes Market

There has been increasing prevalence of chronic diseases such as Type 1 Diabetes among a significant population across the globe. Patients with Type 1 Diabetes undergo regular intra-venous administration of insulin to control their sugar levels inability in natural insulin production. As there is ease in administration, pre-filled syringes can make self-administration more convenient and viable. According to the International Diabetes Federation, in 2017 around 425 million adults (20-79 years) had diabetes, and around 4 million deaths occurred globally due to diabetes.

Global Prefilled Syringes Market- Restraints

Growth of the prefilled syringes market is expected to be hampered over the forecast period, owing to increasing U.S. FDA recalls. For instance, in April 2017, the U.S. Food and Drug Administration recalled one lot of Hospira Inc.’s 25% Dextrose Injection, USP (Infant), due to particulate matter, identified as human hair, found within an internal sample syringe. Furthermore, in 2017 the U.S. FDA recalled one lot of Midazolam Injection, USP, 2 mg/2 mL packaged in 2 ml prefilled single-use glass syringes of Fresenius Kabi USA due to the labeling error.

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Global Prefilled Syringes Market- Regional Insights

Among regions, North America is expected to hold a dominant position in the global prefilled syringes market over the forecast period, owing to increasing prevalence of diabetes in the U.S. For instance, according to the Centers for Disease Control and Prevention, in 2015, around 30.3 million people in the U.S. were suffering from diabetes, accounting for 9.4% of the total population.

Asia Pacific is expected to witness rapid growth in the global prefilled syringes market, owing to increasing launches of prefilled syringes in India. For instance, in 2018 Hetero Healthcare launched a prefilled syringe, MaburaTM, for treatment of rheumatoid arthritis and other auto-immune disorders in the Indian market.

Global Prefilled Syringes Market- Competitive Landscape

Key players operating in the global prefilled syringes market are Becton Dickinson & Co., Gerresheimer, Baxter International, Medtronic, SCHOTT AG, West Pharmaceuticals, Vetter International, Unilife Corporation, Stevanato Group, and Terumo Corporation.

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

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Last Updated: 11-Aug-2020