According to the new market research report “Prefilled Syringes Market by Type [Conventional (Disposable, Reusable), Safety], Material (Glass, Plastic), Design (Single-Chamber, Dual-Chamber, Customized), Application (Diabetes, Cancer, Arthritis, Anaphylaxis, Ophthalmology) – Global Forecast to 2025″, published by MarketsandMarkets™, is estimated to be USD 5.6 billion in 2020 and projected to reach USD 8.6 billion by 2025, at a CAGR of 9.0%.
Opportunity: Growing healthcare infrastructure across emerging markets;
Emerging countries continue to suffer from insufficient healthcare funding, which adversely affects access to healthcare, quality, and, ultimately, the health status of citizens. According to the World Bank, approximately 400 million people lack access to essential healthcare services, mostly in Africa and South Asia. Furthermore, accelerating medical inflation, i.e., the cost of medical treatments and a higher prevalence of non-communicable lifestyle-related diseases such as cancer, diabetes, or cardiac syndromes, have resulted in funding gaps.
According to a report published by Geneva Association, in the last two decades, the share of total aggregate global expenditure on healthcare in GDP has increased from about 8% to almost 10%, or an estimated USD 8 trillion per annum, which is driven by the accelerating cost of medical treatment, expanding treatment options and increasing customer demands. Moreover, the Global Burden of Disease Health Financing Collaborator Network (2017) estimates that global spending on health will almost triple to USD 24 trillion by 2040 with upper-middle-income countries are estimated to show the fastest increase at an average of 5.3% per year. This growth could be attributed to continued growth in GDP and the rise of the middle class and government spending.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=16618331
The Rising target disease population, rapid growth in generic products, rising adoption of self-medication and digitalization, affordable cost with increased efficiency, and technological advancements are the major factors driving the growth of the market. Furthermore, growing initiatives undertaken by leading market players to establish production facilities in both mature and developing markets are the key factors driving the growth of the prefilled syringes industry.
The Prefilled Syringes Market includes major Tier I and II suppliers like Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), and West Pharmaceutical Services, Inc. (US), and Nipro Corporation (Japan). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Routine care for chronic diseases is an ongoing challenge amidst the global COVID-19 pandemic due to the change in routine care to virtual communication. Diabetes, chronic obstructive pulmonary disease, and hypertension were the most impacted conditions due to a reduction in access to care. Furthermore, currently, most global healthcare resources are focused on coronavirus disease (COVID-19), and this resource reallocation is expected to disrupt the continuum of care for patients with chronic diseases.
Increasing adoption of self-administered injectable drugs is expected to result in the segment occupying the majority of the market share
The conventional Prefilled Syringes Market is estimated to have the largest market share by value. Growth of this segment can be attributed to the the advantages offered, such as safe administration, ease of use for both healthcare professionals and end users, reduced risk of contamination of the product, less waste of costly API, ease of manufacturing, improved dosing accuracy, and enhanced product differentiation when compared to vials is expected to drive the market growth.
Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=16618331
Plastic Prefilled Syringes estimated to be the fastest-growing market
Plastic prefilled syringes are estimated to be the fastest-growing segment in the Prefilled Syringes Market. The growth of this segment can be attributed to the rising development of newer polymers (which possess various physical and chemical properties such as high heat & break resistance, tolerance of freeze-drying & liquid nitrogen exposure, high transparency, and solvent resistance.
Europe is estimated to be the largest market due to the rising prevalence of chronic diseases, growth of the biologics and biosimilars market, technological advancements, geographical expansion by key manufacturers, aging population, and high adoption of self-injection devices are driving the demand for self-injectable prefilled syringes.
Asia Pacific likely to emerge as the largest Prefilled Syringes Market.
Asia Pacific is estimated to be the fastest-growing market for prefilled syringes during the forecast period. The Asia Pacific market is driven principally by the increasing demand for self-administered treatments, high penetration of self-injection devices, growing aging population, increasing prevalence of diabetes, and huge patient population.
Becton, Dickinson and Company (US), Gerresheimer (Germany), SCHOTT AG (Germany), and West Pharmaceutical Services, Inc. (US) are the key players in the global Prefilled Syringes Market
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=16618331
