Prefilled Syringes Market: Low market pressure may cause restraint to the market
Posted by Shiva on July 2nd, 2019
Prefilled Syringes Market Size was worth USD 3.99 billion in 2018 and estimated to grow at a CAGR of 10.7%, to reach USD 6.63 billion by 2023. These syringes are very useful in self-administration of drugs and the demand for these syringes has been rising over the past few years. The growing number of healthcare facilities is adopting this format of parental drug delivery system. A “prefilled syringe” is a syringe filled with a constant quantity of a therapeutic drug. It is more safe, cheap, clean, accurate, convenient and accessible as compared to conventional drug delivery methods in which vials were used for storing the pharmaceutical drugs. These vials were prone to dosing errors and contamination while prefilled syringes have no such drawbacks.
Market Drivers and Restraints:
Global Prefilled Syringes Market Growth is majorly driven by factors such as the growing prevalence of chronic diseases, steadily increasing patient population base and its superior performance in drug delivery at a reasonable price. Furthermore, the initiatives taken by leading players in the market in setting up production facilities in both nascent and mature markets are also upgrading its development prospects. Lately, there has been a few products recalls which could lower the sales and could hinder the market growth. Furthermore, the low market presence of prefilled syringes with integrated safety features could lead to loss of confidence and is another barrier to this market.
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Report segmented as:
By Distribution Channels:
Europe is presently ruling the global market owing to increasing demand for prefilled syringes in the region. Furthermore, the substantial presence of leading market players such as Gerresheimer AG, Schott Group, and Owen Mumford Ltd. is also probable to help develop the region’s growth. The European Board of Anesthesiology recommends the use of prefilled syringes for anesthesia. The growing number of surgeries due to various factors and faster approval procedures by various regulatory authorities are the factors anticipated to drive the Europe regional market. The Asia Pacific market is estimated to grow at a lucrative CAGR during the forecast period. Quickly developing economies, such as India and China, and availability of untapped growth opportunities are the significant features fueling the region’s expansion. Besides, the large patient population and the growing prevalence of various chronic diseases are anticipated to fuel the segment growth in the region.
Important Market Players:
This market is hugely encouraged with several large and developing players operating in the business. The key companies ruling the global Prefilled Syringes market are Becton, Dickinson and Company (U.S.), Gerresheimer AG (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.).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the AuthorShiva
Joined: June 11th, 2019
Articles Posted: 88
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