Worldwide Market Reports added Latest Research Report titled “Prefilled Syringes Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis” to its Large Report database.
The Global Prefilled Syringes Market was valued at US$ 2805.4 million in 2015 and is projected to expand at a CAGR of 11% during the forecast period (2017-2025), as highlighted in a new report published by Coherent Market Insights. The rising incidence of chronic disease coupled with the rising occurrence of needle-stick injuries and infections caused as a result of these injuries are expected to be major factors driving growth of the global prefilled syringes market over the foreseeable future.
Various harmful diseases such as Hepatitis B virus can spread through use of unsafe syringes. According to World Health Organization, the Hepatitis B virus accounts for 21.7 million new infections each year due to unsafe injections. This large number can be reduced with the incorporation of prefilled syringes that facilitates high levels of safety due to presence of retractable needles that eliminates the risk of needle-stick injuries.
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Prefilled syringes are utilized across a wide range of therapeutic sector that includes vaccines, blood stimulants and therapeutic proteins. The two greatest advantages of prefilled syringes are elimination of dosage errors and the ease of use promoting parental medication are responsible to drive the market for global prefilled syringes. The growing popularity of biotechnology medicines and emerging biotech space are resulting in the enhancement of the as well as use of prefilled syringes across the globe. The containers of the prefilled syringes are considered to be ideal for vaccines and biotech drugs as they do not interact with the packaging material. However, few therapeutics change their chemical tendency after interaction with the container material serving it to be the cause of concern for growth of this market.
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According to a study conducted by Lybrate Healthcare, approximately 52% of people in India opt for self-medication, in a sample group from 10 largest cities in India. This indicates the extensive use of parental medication within the population suggesting the evident use of prefilled syringes. According to the World Health Organization, 30% of the chronic disease population, mainly suffering from cancer can be treated with correct medication to come over the disease. Diseases such as granulocyte cancer can be cured with granulocyte colony stimulating factors and erythropoietin that can be packaged into prefilled syringes that allows patients a high flexibility, independence and easy handling for injection at home sitting. Prefilled syringes can be used to administer drugs in treatment of chronic diseases and can also be used for the vaccination purpose, catering to patients suffering from infectious diseases or certain epidemic diseases. Convenience and safety for both the patients and medical professionals offered through these devices are also a major cause leading to growth of the global prefilled syringes market. According to World Health Organization, approximately 2 million healthcare professionals suffer from infectious diseases as result of needle-stick injury. The retractable nature of these prefilled syringes helps to overcome this problem acting as an ideal device to reduce the occurrence of needle-stick injuries. Thus, all of these factors in integration creates highly lucrative growth opportunities for players in the global prefilled syringes market
Key takeaways of the prefilled syringes market:
• The global prefilled syringes market is expected to expand at a CAGR of 11% during the forecast period (2015-2025) as there exists a huge unrealized market especially in Asia Pacific, Latin America, Middle East and Africa
• The increased development of biological therapies coupled with demand for improved safety profiles as well as growing adaption of self-medication are responsible for the growth of global prefilled syringes market.
• Cancer, diabetes type 2, cardiovascular diseases and other infectious diseases including that can be treated through vaccination are the major therapeutic applications in which prefilled syringes can be of a great use.
• Some of the major players involved in global prefilled syringes market are Baxter Inc., Becton, Dickinson and Company, Medtronic, SCHOTT AG, Gerresheimer AG, Nipro Corporation, West Pharmaceuticals, Unilife Corporation and Treumo Corporation.
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