ALBANY, New York, September 17, 2018 /PRNewswire/ --
According to Transparency Market Research, the global prefilled syringes market is anticipated to grow at CAGR of 9.3% during the assessed period 2016 - 2024. The value of the market was US$3.5 bn and is likely to hit US$7.9 bn by the end of the forecast period.
One of the occasionally used route of drug administration is parenteral, whereas the most preferred one is the oral administration. Availability and significant rise in the development if parenteral drugs has led to surge in demand for numerous advanced drug delivery services which is known to be cost effective accompanied with ease of administration.
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Prefilled syringes are known to be expanding at stupendous rate among the other segment of the injectable drug delivery devices market. Numerous advantages such as ease of administration, enhanced safety, reduced risk of contamination, and accurate of dosing, have made it more preferable over traditional delivery systems. These benefits lay the basic foundation on which the prefilled syringe market expands during the forecast period.
Incessant growth in biologics market, rising preference for self-administrations which uses prefilled syringes, pen injectors, and autoinjectors, are propelling the growth of the market.
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Glass Prefilled Syringes to Witness Drop in CAGR Due Surge in Demand for Plastic
On the basis of types, the prefilled syringes can be segregated into plastic and glass. It has been recorded that the rise in manufacture of polymer based prefilled syringes have escalated to a new level, but the glass type syringes is still expected to dominate the market in terms of revenue and volume during the assessed period. This can be attributed to the fact that the rise in environmental concern population who prefer glass over plastic due to its degradable property accompanied with preference of glass by medical practitioners favors the market. However, this segment is likely to witness a loss by the end of the forecast period due as it is expected that the plastic syringes is like to replace glass syringes. Plastic syringes is expected to expand at a CAGR of 10.8% during the forecast period.
On the basis of application, the market is divided into monoclonal antibodies, vaccines, and others. Based on the distribution channel, the market is bifurcated into ambulatory surgical centers, mail order pharmacies, and hospitals.
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Europe and APAC to Lock Horns Due To Rise in Population
Geographically, the global prefilled syringes market is spread across Europe, Asia Pacific, Latin America, Middle East Africa, and North America. Amongst the pack, Europe held the leading share in term of revenue as well as volume. Although, it is anticipated that Asia Pacific to show a strong growth, owing to the presence of major players in the region. It is anticipated that a CAGR of 11.3% is to be shown by the region during the assessed period. Other factors such as rise in disposable income across the region accompanied with the intention of adopting new technologies is likely to drive the market. Another major factor that is fuelling the growth of the market is the incessant rise in population, thus counting a large number of patient suffering from various disorders, this directly impacts the growth of the market.
Some of the major players in the market are SCHOTT AG, Baxter International, Becton Dickinson & Co., West Pharmaceuticals, and Terumo Corporation.
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SOURCE Transparency Market Research