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Global Prefilled Syringes Market to reach US$7.9 Billion by 2024

Transparency Market Research Report Added "Prefilled Syringes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"

, 20 March 2017 -- The global sales of prefilled syringes amounted to US$3.5 bn in 2015 and is projected to reach US$7.9 bn, expanding at a CAGR of 9.3% over the period of 2016 to 2024. In terms of prefilled syringes consumption, the market is expected to expand at a CAGR of 9.0% during the forecast period.

Prefilled Syringes Market: Snapshot

Parenteral is one of the most commonly used route of drug administration, oral administration being the most preferred one. A steady rise in the development and availability of parenteral drugs has resulted in the increasing demand for several advanced drug delivery devices that promise cost containment as well as ease of administration.

Prefilled syringes are one of the most rapidly expanding segments of the injectable drug delivery devices market. There are several benefits of prefilled syringes over traditional delivery systems: improved safety, ease of administration, accurate dosing, and reduced risk of contamination. These advantages form the basic foundation for the success of prefilled syringes and are likely to continue driving the market during the forecast period.

Technical advances in the sector, rapid growth in the biologics market, and the growing preference for self-administration using autoinjectors, prefilled syringes, and pen injectors are the key factors boosting the global market for prefilled syringes.

The global sales of prefilled syringes amounted to US$3.5 bn in 2015 and is projected to reach US$7.9 bn, expanding at a CAGR of 9.3% over the period of 2016 to 2024.

Obtain Report Details @
http://www.transparencymarketresearch.com/prefilled-syringes-market.html

Glass Prefilled Syringes to Lose Market Share Despite being Most Preferred Segment

Prefilled syringes are available in two key types – plastic (polymer) and glass – depending on the kind of material used to develop the barrel of the syringe. Despite the fact that the industry has been reporting a growing use of polymers by many manufacturers of syringes, glass is still considered to be the top-most choice and will continue to dominate the market in terms of volume as well as revenue. This is attributed to the fact that changing the perception of healthcare practitioners and manufacturers over the preference of glass over plastic is expected to be a rather gradual process. The segment of glass prefilled syringes is anticipated to lose market share toward the end of the forecast period, which will be replaced by plastic syringes. The latter is expected to grow at a CAGR of 10.8% from 2016 to 2024.

By application, the market is segmented into vaccines, monoclonal antibodies, and others. On the basis of distribution channel, the prefilled syringes market is categorized into hospitals, ambulatory surgical centers, and mail order pharmacies.

Japan Most Promising Market in APAC Prefilled Syringes Market

Europe has maintained its position as the leading regional market for prefilled syringes in terms of volume (unit consumption) as well as revenue. However, the APAC market for prefilled syringes is anticipated to exhibit strong growth at a CAGR of 11.3% during the forecast period. The presence of leading drug manufacturers in the region requiring prefillable syringes and the high conversion rate from vials to prefilled syringes are the primary factors likely to support the growth of the APAC market.

Asia Pacific is perceived as a follower rather than a leader when it comes to the development and adoption of new technologies. Although the prefilled syringes market is presently in its stage of infancy in APAC, factors such as improving economic conditions, the rising purchasing power of the people, the growth in awareness regarding the advantages of prefilled syringes, and the presence of a large patient suffering from various chronic diseases are expected to drive the market to register a double-digit CAGR. In Asia Pacific, Japan accounts for the major share in the market by revenue as well as volume.

Major players in the global prefilled syringes market include Becton Dickinson & Co., Gerresheimer, Medtronic, Baxter International, SCHOTT AG, West Pharmaceuticals, Vetter International, Unilife Corporation, Stevanato Group, and Terumo Corporation.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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Submitted by Sandy Researcher, Transparency Market Research on Monday, 20 March 2017 at 5:07 PM
Category: Health Care & Medical
 
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