Highly consolidated market is expected to favor the sales revenue of prefilled syringes market:
There are around 20 pharmaceutical companies that are involved in manufacturing and marketing of prefilled syringes as preferred delivery device of around 50 injectable drugs and vaccines, which contributes significantly to the sales revenue of these players. Furthermore, there are few recent acquisitions by the big brands in market of prefilled syringes such as in 2012, Becton Dickinson and Company acquired Safety Syringes, Inc., which is further expected to favor the company’s syringes manufacturing efficiency and increase its product portfolio. Key players operating in the 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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Parenteral drugs are the second most preferred type of drugs after oral solid dosage forms and also holds second largest market share in terms of revenue in overall pharmaceutical market. Various benefits such as ease in administration, better patient compliance and 100% bioavailability are the few important factors that are expected to favor growth of the prefilled syringes market over the forecast period (2016–2024). Prefilled syringes segment is the one of the most important of the parenteral products market. However, volume sales in the market is rather low as it is a fairly novel product. The market is expected to gain traction over the forecast period, with increasing number of products and growing awareness among the populace about the benefits of the product. There are various factors such as ease in administration and minimum contact with the exposed environment that are expected to favor growth of the prefilled syringes market in the near future. Use of syringes with prefilled drugs would be especially useful in emergency situations. According to Drug Development & Delivery, around 3.5 billion of prefilled syringes are produced each year and the existing numbers are expected to grow by the rate of around 9.0 – 10% annually.
Rising demand for biologics and self-injection products to augment market growth
A large number of newly approved biologics and drugs demand for PFS delivery devices for the subcutaneous (SC) self-injection of biopharmaceuticals. Also, the need for simpler self-injection procedures and improved patient compliance for auto injectors, large-volume patch injectors and pens is on the rise. This in turn is expected to favor growth of the prefilled syringes market over the forecast period (2016–2024). Patient exposure towards the routine injection can affect patient compliance, as it can cause significant discomfort to the user. Introduction of large volume biologics though, have helped rise in adoption rate of prefilled syringes. This in turn is expected to favor the market over the forecast period. Some factors such as growth in adoption of injectable drugs, success and growth of biologics, increased global vaccination, increased drug self-administration trend, technological advancements in the manufacture of PFS, and development of advanced PFS would further augment market growth.
Rise in number of applications is to favor the expansion of global prefilled syringes market:
Prefilled syringes market is expanding rapidly globally due to its various applications in overall healthcare sector. Nowadays, PFS manufacturing companies are focused on promoting use of the product in various application especially in homecare settings, which further is projected to favor increase in customer base in various regions. Furthermore, manufacturers are working towards developing PFS vaccines to help in indications such as various infectious disease and cancer. PFS are also being efficiently used in emergency medical services and in emergency section of hospitals. According to Frederick Furness Publishing Ltd, around 70% of atropine syringes prepared by the hospital staff are pre-filled and can be immediately used in emergency conditions.
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Prefilled Syringes market taxonomy:
- Monoclonal Antibodies
By Material Type
- Cyclo-olefin Polymer(COP)
- Single Chambered
- Dual Chambered
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