Prefilled Syringes Market is Anticipated to Witness High Growth Owing to Increased Adoption of Self-Injection Devices
Prefilled Syringes Market is Anticipated to Witness High Growth Owing to Increased Adoption of Self-Injection Devices
The market presents lucrative opportunities for infusion of biologics. Biologics such as monoclonal antibodies require accurate dosing and administration.

The prefilled syringes market comprises syringes that contain a single dose of a drug that is ready for injection without any preparation prior to administration. Prefilled syringes provide accurate dose delivery and reduce dosing errors. They offer convenience of use to both healthcare professionals and patients. The rising prevalence of chronic diseases such as diabetes that require frequent drug administration is propelling the demand for prefilled syringes. Prefilled syringes ensure timely compliance with prescribed drug dosage schedules and help improve treatment outcomes. Growing preference for self-administration of drugs is also augmenting the market growth.

The Global Prefilled Syringes Market Size is estimated to be valued at US$ 11.93 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the prefilled syringes are The Kraft Heinz Company, Starbucks Coffee Company, The J.M. Smucker Company, Luigi Lavazza SPA, Nestle SA, The Coca-Cola Company, JAB Holding Company, Tata Global Beverages, Tchibo GmbH, and Strauss Group Ltd. These players are focusing on new product developments, collaborations and mergers & acquisitions to strengthen their market position. For instance, in 2022, Nestle SA acquired the consumer healthcare business of GSK for $3.6 billion to expand its portfolio of vitamin, mineral and supplement products.

The market presents lucrative opportunities for infusion of biologics. Biologics such as monoclonal antibodies require accurate dosing and administration. Prefilled syringes ensure safe handling and delivery of biologics. Growing demand for home healthcare and self-administration of drugs is also spurring opportunities. Moreover, favorable regulatory environment supporting the use of prefilled syringes is encouraging global expansion of market players.

Major players are focusing on geographic expansion and local manufacturing to tap growth opportunities in emerging markets. For example, in 2021, The J.M. Smucker Company established a new production plant in India to manufacture and supply Jif peanut butter.

Market Drivers
Rising geriatric population: Growing elderly population suffers from various chronic conditions requiring drug therapy which drives the demand for prefilled syringes for ensuring convenient and accurate dose administration.

Market Restrains
High manufacturing costs: Prefilled syringes require advanced technologies and stringent regulations pertaining to injection devices adding to manufacturing costs of products. This can restrict the market growth initially.


Segment Analysis
Glass prefilled syringes dominates the market due to favorable properties of glass such as high barrier protection against moisture and gases. Polymer prefilled syringes is the fastest growing sub-segment owing to rising demand for plastic prefilled syringes that are light weight and unbreakable as compared to glass. Monoclonal antibodies sub-segment hold the largest market share under applications segment as monoclonal antibodies are increasingly adopted for treating chronic diseases like cancer.

Global Analysis
North America holds the largest share in the prefilled syringes market due to presence of major players and rising adoption of self-administration drugs. Growth in Asia Pacific region is the fastest mainly due to increasing health awareness, presence of contract manufacturing hubs and rising burden of chronic diseases. Western European region is also expected to witness significant growth in the prefilled syringes market during the forecast period owing to growing geriatric population and rising acceptability of self-administered drugs.

 

Get More Insights on This Topic: https://www.ukwebwire.com/prefilled-syringes-market-size-share-and-growth-forecast-2024-2030/

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