The Small Molecule Prefilled Syringes Market Is Estimated To Witness High Growth Owing To Growing Demand for Self-Admini
Posted by Roger on November 21st, 2023
The small molecule prefilled syringes market is estimated to be valued at US$ 18.98 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Small molecule prefilled syringes are medical devices used for self-administration of medications such as insulin, growth hormones, oncology, rheumatoid arthritis, and others. These syringes have dose-setting mechanism along with safety shield and needles already attached to the syringe, making the drug administration easy and convenient.
Market Dynamics:
The growing demand for self-administration of drugs is expected to drive the market growth during the forecast period. Self-administration offers benefits such as convenience, ease of drug delivery at home with no assistance required. Additionally, increasing use of biologics and large molecule drugs is also expected to aid in market growth. However, stringent regulations associated with drug delivery devices may hamper the market growth.
SWOT Analysis
Strength: Prefilled syringes offer accurate and precise dosing along with automated delivery of injectables, making them the preferred delivery method. They provide convenience to both patients and healthcare professionals by reducing preparation time and risks of contamination. Growing adoption of self-injection devices will further drive the demand.
Weakness: High costs associated with prefilled syringe manufacturing pose a challenge. Requirement of specialized equipment and stringent regulatory norms increase production costs. Limited reusability is another concern.
Opportunity: Increasing incidence of chronic diseases like cancer and diabetes requiring long-term injectable drugs present significant growth prospects. Rising geriatric population prone to such conditions will augment the market. Growing preference for home healthcare is boosting self-administration of drugs using prefilled syringes.
Threats: Alternative drug delivery methods like patches, pumps offer competition. Strict regulations pertaining to prefilled syringe design and production may delay product approvals.
Key Takeaways
The global small molecule prefilled syringes market is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is US$ 18.98 Bn.
Regional analysis: North America dominates currently due to higher adoption of injectable drug delivery systems. However, Asia Pacific is expected to witness the fastest growth owing to rising healthcare expenditures, increasing focus on generic drugs, and rapidly developing pharmaceutical manufacturing capabilities in the region.
Key players: Key players operating in the small molecule prefilled syringes market share are BD, Cytiva, Merck KGaA, Gaplast, Ascendia Pharmaceuticals, Sanofi, Viatris Inc. (Mylan N.V.), Pfizer Inc., Dr. Reddyâ€TMs Laboratories Ltd., Fresenius Kabi AG and McKesson Corporation.
