Prefilled Syringes Market to Reach USD 35.7 Billion
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Prefilled Syringes Market Overview
According to Transparency Market Research, the global prefilled syringes market value is estimated to exceed US$ 35.7 billion by the end of the projected time frame from US$ 13.6 billion at a CAGR of 10.1%.
What are Prefilled Syringes?
A prefilled syringe is a device that comes filled with medication and has a needle attached. This design facilitates easier administration of injections, removing the need for measuring the dosage manually.
Benefits of Prefilled Syringes
Prefilled syringes streamline the injection process by being preloaded with medication at a specific dosage, thus reducing the likelihood of dosage errors. This feature has made them a preferred option across the healthcare industry.
Market Growth Drivers
The surge in demand for user-friendly drug delivery systems and efforts by healthcare professionals to lower human errors in treatment settings are expected to propel market growth.
Recent Innovations in the Market
Key players in the industry are focused on developing precise prefilled syringes to ensure safer and more convenient self-injection for patients. For instance, a division of Terumo Corporation announced the launch of a pre-fillable polymer syringe for low-dose applications, targeting innovative needs such as ophthalmic drugs.
Impact of Chronic Diseases
Diseases like diabetes and cardiovascular disorders necessitate continuous medication. Prefilled syringes are essential for ensuring accurate dosages, which are critical in effectively managing such conditions, thereby increasing the market size.
Example of Product Application
For example, diabetes patients often require regular insulin injections. Prefilled syringes serve to guarantee the appropriate doses, thus minimizing the risk associated with manual preparation.
Regional Insights
North America has dominated the market share due to several contributing factors, including a high adoption rate of prefilled injectables, presence of key industry players, and an increasing aging population leading to more chronic disorders.
Asia Pacific Growth Potential
Rapid growth in Asia Pacific is anticipated, driven by healthcare investments, an aging population, and increased awareness about self-medication benefits.
Key Players in the Prefilled Syringes Market
B. Braun Melsungen AG, Baxter International, Inc., and others are leading the market, focusing on innovation and improving safety features. For instance, Genentech recently gained FDA approval for the Vabysmo single-dose prefilled syringe, enhancing treatment options for age-related macular degeneration.
Market Segmentation
Types: Safety Syringes, Conventional Syringes
Designs: Single Chamber, Dual Chamber, Multiple Chamber
Materials: Glass, Plastic
Applications: Chronic Illness, Vaccine Administration, Anticoagulant Use
Distribution Channels: Hospital Pharmacies, Retail Pharmacies, E-commerce
Frequently Asked Questions
What is the expected value of the prefilled syringes market by 2031?
The market is expected to exceed USD 35.7 billion by 2031.
What drives the demand for prefilled syringes?
Demand is driven by the need for efficient drug delivery systems and efforts to reduce human errors in medication administration.
Which regions are seeing the fastest market growth?
Asia Pacific is projected to see rapid market growth due to healthcare investments and increasing awareness of self-medication.
Who are the key players in this market?
Key players include B. Braun Melsungen AG, Baxter International, Inc., and Terumo Corporation, among others.
What innovative products have recently been introduced in the market?
Recent innovations include the FDA-approved Vabysmo prefilled syringe for treating neovascular diseases, emphasizing safety and efficacy.
Contact Information:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
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