NEW YORK, June 27, 2019 /PRNewswire/ -- Persistence Market Research (PMR), in its new offering, opines global double chamber prefilled syringes market to grow at a CAGR of 9% during the forecast period. Over the recent years, FDA has approved a large number of parenteral drugs for lyophilized products, which is boosting the requirement for parenteral drug delivery systems of higher efficiency. This is among the major factors boosting the global demand for dual and multi-chamber prefilled syringes.
The efficacy of constituted drugs is majorly influenced by drug delivery systems. Owing to their limitations, traditional modes are likely to impact the overall drug delivery process, however, dual chamber syringe technology ensures highly efficient drug use through precise product constitution. Dual chamber syringes are specifically designed for the administration of highly sensitive drugs (protein, probiotics, etc.), as well as to maintain their desired shelf life. The actual active ingredient of the drug is lyophilized in one of the two chambers of the syringe, and the other chamber of the prefilled syringe contains a solvent that mixes with active substances immediately before their application.
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According to PMR, the global double chamber prefilled syringes market is estimated to have accounted for approximately US$ 1.4 Bn in terms of value in 2018. High convenience associated with the usage of double chamber prefilled syringes is driving their adoption among end users, which is boosting the demand for double chamber prefilled syringes. This is one of the leading factors that are significantly contributing to the growth of the double chamber prefilled syringes market. Moreover, double chamber prefilled syringes facilitate next-generation drug delivery technology and are more patient-centric as compared to traditional modes.
The design of these prefilled syringes enable drug makers to expand their lyophilized and biological drug capabilities. Owing to the high efficiency and accuracy of delivering lyophilized and liquid formulations offered by double chamber prefilled syringes, they are emerging as among the potential drug delivery modes. Among their various applications, liquid/lyophilisate-based double chamber prefilled syringes are expected to witness high clinical demand over conventional ones.
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Moreover, the ongoing economic boom in countries such as India, China, Japan, and Indonesia has had a positive impact on the healthcare sector, which has contributed to the growth of the double chamber prefilled syringes market. As the percentage of aged population continues to grow in Japan, the prevalence of chronic diseases is also on the rise. Over the next couple of years, the demand for pharmaceutical products is expected increase at a modest pace in Japan. This is driving the revenue generation of the double chamber prefilled syringes market in Asian countries. In addition, manufacturers are actively focusing on improving product efficiency and safety of use. In order to adhere to user safety laws, manufacturers are incorporating safety features in their products. Although the number of marketed prefilled syringes with integrated safety features is currently low, an increasing number of manufacturers are likely to be interested in offering these products in the near future.
The (<1.0 mL) double chamber prefilled syringes segment is a leading revenue segment by product type in the double chamber prefilled syringes market, accounting for an approximate 45% revenue share in 2018. The (<1.0 mL) double chamber prefilled syringes segment is followed by (>5 mL) the double chamber prefilled syringes segment, thereby accounting for the second highest revenue generating product segment. Among all the distribution channels in the double chamber prefilled syringes market, the hospital pharmacies segment is expected to be a prominent segment, followed by the retail pharmacies segment.
The double chamber prefilled syringes market has been analyzed across the regions of Latin America, North America, South Asia, Europe, Oceania, East Asia, and Middle East & Africa. North America, followed by Europe and East Asia, is a prominent region in the global double chamber prefilled syringes market. North America accounted for a revenue share of about 35% in 2018 in the double chamber prefilled syringes market.
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The Europe market, which also registered a prominent revenue share, was followed by the East Asia and South Asia double chamber prefilled syringes markets. India, China, and Mexico are among the emerging double chamber prefilled syringes markets. India is estimated to be among the rapidly growing emerging markets in the global double chamber prefilled syringes market, and is projected to grow at a CAGR of more than 10% during the forecast period of 2019-2029.The double chamber prefilled syringes market report tracks some of the key companies operating in double chamber prefilled syringes market, such as
- Pfizer Inc.
- Biosciences, Inc.
- Ypsomed AG
- Otsuka America Pharmaceutical, Inc.
- Credence MedSystems, Inc.
- Vetter Pharma International GmbH
- MAEDA INDUSTRY Co., Ltd.
- AstraZeneca plc
- AbbVie Inc.
- Nipro Corporation
- SCHOTT AG
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Majority of the key domestic players in the double chamber prefilled syringes market are focused on increasing their product reach as well as connectivity with the regional distributors of double chamber prefilled syringes. The manufacturers of double chamber prefilled syringes are focused on strengthening their business footprint in high-potential double chamber prefilled syringes markets, such as India, Japan, China, and Mexico, through the expansion of their sales and distribution channels across these countries.
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