Prefilled Syringes Market Expected to Reach $15.73 Billion by 2030 | CAGR of 10.8%

According to a new report published by Allied Market Research, titled, “Global Prefilled Syringes Market by Material, Design, Therapeutic, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global prefilled syringes market size was valued at $5,620.23 million in 2020, and is projected to reach $15,735.49 million by 2030, registering a CAGR of 10.8% from 2021 to 2030.

Healthcare professionals use prefilled syringes to administer fixed single-dose of drugs to the patient. Prefilled syringes are used to package a variety of drugs and diluents, such as therapeutic proteins, vaccines, and insulin. Some of the advantages of using these syringes over traditional syringes are ease of administration, elimination of dosing errors, and reduced risk of contamination.

The major factors that drive the growth of prefilled syringes market are growth in home-based healthcare market, increase in adoption of injectable drugs, rise in incidence of chronic diseases that require frequent drug administration, benefits over syringe packaging systems, and surge in demand for point-of-care drug administration. However, the presence of alternative drug delivery means, the cost associated with the manufacturing of prefilled syringes, storage problem for these syringes, and stringent regulations set by government authorities impede the market growth. Moreover, technological advancements, new innovations, and meeting the unmet demands of patients for unit dose medication in solution form provide opportunities for the market growth in the future.

Coronavirus (COVID-19) outbreak began in late December in Hubei province of Wuhan city in China. Named as severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), it is transmitted among humans. There is rise in the demand for the prefilled syringes over glass ampoules or any other additional needles due to reduced risk of needle-stick injuries. Therefore, to increase the production of COVID-19 vaccine, the manufacturers have increased the production capacity of the prefilled syringes. For instance, the U.S. government has signed a deal of $138 million with the syringe makers to facilitate the production of 100 million prefilled syringes for the COVID-19 vaccines by the end of 2020.

The market players have increased the investment in raw materials and resources owing to rise in demand for home based healthcare services. Health care professionals have responded to new and varied ways of delivering the appropriate quantity of care by embracing telemedicine, which help to reduce face-to-face interaction. The increased role of community and individual pharmacists in the management of chronic conditions, as well as the promotion of medication adherence during the COVID-19 pandemic outbreak has eased the burden of healthcare systems. Overall, the impact of COVID-19 on the prefilled syringes market was recorded to be fairly positive. This was attributed to rise in the demand for prefilled syringes over glass ampoules or any other additional needles. Moreover, the market players have increased the investment in raw materials and resources owing to rise in demand for home based healthcare services. 

The prefilled syringes market is segmented on the basis of material, design, therapeutic, application, and region. Based on material, the market is categorized into glass-based and plastic-based. By design, it is classified into single-chamber prefilled syringes, dual-chamber prefilled syringes, customized prefilled syringes. Depending on therapeutic, it is bifurcated into large molecules and small molecules. Depending on application, it is fragmented into anaphylaxis, rheumatoid arthritis, diabetes, others (cancer, multiple sclerosis and others). Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on the material, the global prefilled syringes market is classified into glass-based and plastic-based. Glass-based segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, due to technological advancements in the prefilled syringes, increase in adoption of prefilled syringes, rise in incidence rate of chronic diseases, and rise in benefits of using prefilled syringes over conventional vials.

Based on the design, the global prefilled syringes market is classified into single-chamber prefilled syringes, dual-chamber prefilled syringes, customized prefilled syringes. Single-chamber prefilled syringes segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, due to increase in the demand of prefilled syringes, surge in the number of benefits from the prefilled syringes, and increase in the prevalence of chronic diseases.

Based on therapeutic, the global prefilled syringes market is divided into large molecules and small molecules. Small molecules segment is expected to register the highest growth rate during the forecast period. However, large molecules segment dominated the global market in 2020, and is anticipated to continue this trend throughout the forecast period. This is attributed to increase in the adoption of injectable drugs, growth in home-based healthcare market, and rise in the use of prefilled syringes.

Based on application, the global prefilled syringes market is divided into anaphylaxis, rheumatoid arthritis, diabetes, and others (cancer, multiple sclerosis and others). The diabetes segment was the major contributor to the global market in 2020, and is anticipated to remain dominant during the forecast period, due to rise in adoptions of injectable devices, surge in advantages of prefilled syringes, and increase in prevalence of chronic diseases.

Europe accounted for major share of the global prefilled syringes market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidences of chronic disease, surge in demand for prefilled syringes, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities coupled with large presence of key players, and surge in investment made by governments in the healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, India and Rest of Asia-Pacific countries are expected to grow at high CAGR in Asia-Pacific prefilled syringes market majorly due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of prefilled syringes.

Key Findings Of The Study

• On the basis of material, the glass-based segment held majority share in the global market in 2020.
• On the basis of design, the single-chamber prefilled syringes segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• By therapeutic, the large molecules segment held largest prefilled syringes market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of application, the diabetes segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 12.8% during the forecast period.