The demand within the global market for prefilled syringes has been rising on account of the need to regularly administer drugs to patients suffering from chronic diseases, finds Transparency Market Research (TMR). The global market for prefilled syringes has witnessed the emergence of several new players in recent times, majorly due to the lucrative growth dynamics of this market. The market vendors have shown a propensity towards improving the quality of syringes and ensuring that the drugs are filled in right quantities. The global market for prefilled syringes boasts of an extremely competitive vendor landscape wherein each vendor is continually elevating its manufacturing standards. The leading vendors in the global market for prefilled syringes are expected to overhaul their business strategies in order to retain their supremacy in the market.
The small- and medium-sized market players are following a conservative approach to business growth by sticking to the basics of quality, marketing, and sales. The distribution channels chosen by market vendors are also expected to play a decisive role in the growth of vendors. It is projected that strategic partnerships and alliance would be an important highlight of the global market for prefilled syringes.
The global market for prefilled syringes is expected to reach a value of US$7.9 bn by 2024-end from a value of US$3.5 bn in 2015, growing at a healthy CAGR of 9.30% over the period between 2016 and 2024. Based on application, prefilled syringes are widely used for the purpose vaccination; on the basis of geography, the market for prefilled syringes in North America has witnessed tremendous growth in the past few years.
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Prefilled syringes are safer for drug administration as against vials because there is no risk of under-dosage or over-dosage in the former. This is because the quantity of drugs in prefilled syringes is duly measured, in contrast to vials that could remain under-filled or become over-filled. Owing to this factor, the demand within the global market for prefilled syringes is projected to reach new heights in the years to come. A number of medical practitioners have come to trust the effectiveness of prefilled syringes for drug administration, and this factor has further enhances the growth prospects of the global market for prefilled syringes in recent times.
Although prefilled syringes are costlier than vials and other drug administration aids, their demand is expected to outdo the demand of the latter due to the rising incidence of chronic diseases. Needle-stick injuries can further aggravate the health of patients suffering from chronic diseases, and this necessitates safe and painless administration of drugs. Furthermore, the efforts of market vendors to manufacture biodegradable syringes with improved quality have also opened growth avenues for the global prefilled syringes market. The emergence of improved distribution channels has also become a key reason behind the growth of the global market for prefilled syringes.
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