Prefilled Syringes Market to Hi $3,646.7 Million Revenue by 2030, says P&S Intelligence

NEW YORK, May 6, 2021 /PRNewswire/ -- Around the world, 463 million adults had diabetes in 2019, and by 2045, this number is expected to rise to 700 million, as per the International Diabetes Federation (IDF). Similarly, the incidence of cancer, chronic obstructive pulmonary disease (COPD), asthma, and heart diseases, is rising. This factor will likely propel the global market for prefilled syringes from $1,914.1 million in 2020 to $3,646.7 million by 2030, at a 6.8% CAGR between 2021 and 2030, according to P&S Intelligence.

Such diseases require a regular administration of drugs, for which prefilled syringes are increasingly being used. In this regard, the rising usage of injectable pharmaceutical drugs is also driving the prefilled syringes market growth, since parenteral administration is one of the quickest ways of getting the drug to the target area inside the body. Prefilled syringes minimize drug wastage and the infection risk, thus proving beneficial for the patient, as well as the caregiver.

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Though the manufacturing of prefilled syringes and drugs was impacted in the first and second quarters of 2020 owing to the COVID-induced lockdowns, the pharmaceutical industry witnessed a boom from the third quarter onwards. The rising demand for medical drugs for COVID patients and the increasing volume of injections are now impacting the prefilled syringes market positively during the pandemic.

The glass bifurcation will continue dominating the prefilled syringes market in the coming years, based on material type. Due to its inert nature, glass does not react with the drug contained in the syringe.

In the years to come, the highest CAGR in the prefilled syringes market, of 7.1%, under the design segment will be witnessed by the single chamber category. Single-chamber syringes have certain advantages over traditional vials, and they are available in a broad range. Additionally, the raw materials used to manufacture them are cost-effective.

Browse detailed report with COVID-19 impact analysis on Prefilled Syringes Market Research Report: By Type (Conventional, Safety), Material Type (Glass, Plastic), Design (Single-Chamber, Dual-Chamber, Customized), Application (Diabetes, Rheumatoid Arthritis, Anaphylaxis, Cancer) - Global Industry Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/prefilled-syringes-market

The diabetes category held the largest share in the prefilled syringes market in the past, on the basis of application. During 2000–2016, the premature mortality rate attributed to this chronic disease rose by 5%, as per the World Health Organization (WHO). Moreover, in 2019, diabetes was directly responsible for 1.5 million deaths. As this disease requires frequent administration of supplemental insulin, often multiple times a day, the demand for prefilled syringes among diabetics continues to be high.

Asia-Pacific (APAC) is projected to grow the fastest in the prefilled syringes market during this decade. The vast population of the region is increasingly suffering from chronic diseases, which is the healthcare expenditure in the region is skyrocketing. The rising prevalence of chronic diseases is, in part, attributable to the surging number of the elderly in regional countries.

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Major companies in the global prefilled syringes market are Becton, Dickinson and Company, Stevanato Group, Gerresheimer AG, Fresenius Medical Care AG & Co. KGaA, Owen Mumford Ltd., Baxter International Inc., SCHOTT AG, Catalent Inc., West Pharmaceutical Services Inc., Vetter Pharma-Fertigung GmbH & Co. KG, Elcam Medical, Terumo Corporation, Nipro Corporation, Pfizer Inc., and Shandong Weigao Group Medical Polymer Company Limited.

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SOURCE P&S Intelligence