Fact.MR’s recently published report establishes that the global prefilled syringes market is expected to grow at a CAGR exceeding 10% until 2031, reaching a valuation of US$ 7.2 Bn. In the short-run, the market is likely to expand at a rate of 9.6% until 2026.
Historically, the market performed well, clocking a CAGR of 9% from 2016 to 2020, reaching US$ 3.6 Bn by the end of the said period. As the COVID-19 pandemic unfolded, prospects further heightened as personalized medication for numerous infectious and chronic ailments acquired precedence. This increased reliance is expected to prevail even across the forthcoming decade.
Manufacturers are increasingly focusing on producing glass based prefilled syringes, as they deliver very viscous medicines. Furthermore, glass prefilled syringes may be used in a variety of therapeutic applications, including blood stimulants, vaccinations, and therapeutic proteins, while extending product life span, which will favorably affect segment growth. The market for glass prefilled syringes will grow significantly due to growing use of prefilled syringes in underdeveloped nations, where glass syringes provide reusability and lower cost.
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Key Segments Covered
- Single Chambered Prefilled Syringes
- Dual/Multi Chambered Prefilled Syringes
- Conventional Prefilled Syringes
- Safety Prefilled Syringes
- Prefilled Syringes across Hospitals
- Prefilled Syringes across Specialty Clinics
- Prefilled Syringes across Online Pharmacies
- Prefilled Syringes across Other Distribution Channels
- Glass based Prefilled Syringes
- Polymer based Prefilled Syringes
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Fact. MR’s report has profiled some of the key players operating in the market. These include Terumo Medical Corporation, Medtronic, Gerresheimer, Baxter International Inc. and Becton Dickinson and Company. United States of America is expected to dominate the North American continent till 2026. The key reason is the increasing patients suffering with chronic disorder.
Key market players are investing in emerging markets as they provide favorable conditions and high demand for prefilled syringes thus, boosting the market growth. PosiFlush prefilled syringes with a 4% sodium citrate lock solution are developed by Becton Dickinson and company, that can reduce the number of catheters for hemodialysis by 59%. US FDA made stringent manufacturing rules for prefilled syringes and imposed regulations for quality maintenance of the product.
Prefilled syringes market: Key Findings
- The global prefilled syringes market is estimated to sell 10,200,000 thousand units of prefilled syringes by the end of forecast period.
- Glass based prefilled syringes are expected to surpass the valuation of US$ 7.5 billion in valuation globally.
- Combined hospital sales of both glass based and polymer based syringes are estimated to reach valuation of US$ 6.5 billion by the end of 2026.
- The sales valuation of single chambered conventional syringes is forecast to cross US$ 8 billion globally by the end of forecast period.
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The Prefilled syringes market – Driving Factors
- Emphasis on technological advancements in syringe material for better and safe drug dispersion will remain a chief growth driver.
- Increasing incidence of auto-immune diseases and rising cases of chronic and lifestyle diseases such as diabetes, heart diseases, blood pressure are contributing to the prefilled syringe market growth.
- Promotion of self-injecting parenteral devices and use of modern Biologics are creating attractive market opportunities
Prefilled syringes market- Major Restraints
- High risk of spread of blood-borne diseases due to needle stick injuries and cross contamination is restricting the market growth.
- High manufacturing cost associated to prefilled syringes and lack of safety features hampers the market growth.
For More Insight- https://www.factmr.com/article/124/latest-trends-in-the-healthcare-industry-how-has-it-transformed-businesses
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