Prefilled Syringes Market Size to Project Lucrative CAGR By 2024 | COVID-19 Impact, Growth Estimation, Business Overview and Industry Insights

Prefilled Syringes Market Size to Project Lucrative CAGR By 2024 | COVID-19 Impact, Growth Estimation, Business Overview and Industry Insights

Prefilled Syringes Market
Prefilled Syringes Market Size, Trends and Growth Analysis by Material (Glass Prefilled Syringes, Oil Siliconized Syringes, Baked on Silicone Syringes and Plastic Syringes), Type (Conventional Prefilled Syringes and Safety Prefilled Syringes), Design (Single-Chamber Prefilled Syringes, Dual-Chamber Prefilled Syringes and Customized Prefilled Syringes), End User and Region, Forecast till 2024

In the recent COVID 19 analysis of the global Prefilled Syringes Market, MRFR states that the market would receive a significant boost in the years to come. The coronavirus pandemic is expected to create a high demand for safety prefilled syringes of vaccine dosages. Additionally, seminal efforts and investments by the market players to develop innovative advanced prefilled syringes impact the market growth positively. Also, the growing population and geriatric populaces, foster the market growth.

Moreover, the high prevalence of chronic diseases and disorders requiring long-term treatments escalate the market demand to furthered height. This rise in diabetes and cancer creates a vast market demand, requiring long-term and frequent administration of pre-measured injectables, such as insulin shots and chemotherapy doses. Improving economic conditions across the globe provide a substantial impetus to the market growth, enabling access to quality healthcare and life.

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Global Prefilled Syringes Market size is projected to garner significant gains by 2024, growing at an impressive CAGR during the review period by 2024, says According to Market Research Future (MRFR). The prefilled syringes market is growing at a rapid pace. Market growth attributes to the rising awareness about the importance of safe administration of injectable drugs. Besides, the demand for ease of administration, accurate dosing, improved safety, and reduced risk of contamination boosts the market size.

Prefilled Syringes Market Key Players:

Players leading the global prefilled syringes market include Schott AG, Medtronic, Gerresheimer AG, Terumo Corporation, Nipro Corporation, Abbott, Baxter, Dickinson and Company, Becton, West Pharmaceutical, Vetter Pharma International GmbH, Weigao Group, and OMPI (A Stevanato Group Company), among others.

Prefilled Syringes Market Regional Insights

Europe dominates the global prefilled syringes market. The significant market share attributes to the presence of a large patient base suffering from various chronic diseases and disorders and the geriatric population that requires long term care. Besides, the strong presence of notable industry players and well-established healthcare sectors, alongside the increasing healthcare investments by public and private entities, drive the regional market growth.

Moreover, the growing demand for quality healthcare, increasing trend of home-based treatment, and rising per capita healthcare expenses foster the regional market growth. Countries like the UK, Germany, and France, backed by the increasing investments in the development of prefilled syringes, contribute to the growth of the regional market. The European prefilled syringes market is estimated to retain its dominance over the global market throughout the forecast period.

North America stands second in the global prefilled syringes market. The market is driven by high healthcare expenditures and the significant presence of key players and patients. Well-spread awareness about the importance of safe administration of injectable drugs is a key driving force behind the regional market growth. Product innovation and technological advancement are other contributing factors to the market growth in the region.

The US due to high healthcare expenditures, accounts for the largest share in the regional market. The North American prefilled syringes market is expected to create a substantial revenue pocket during the estimated period.

The Asia Pacific prefilled syringes market is growing briskly. Factors such as the rapid adoption of advanced manufacturing techniques, recent healthcare developments, and rising numbers of public and private hospitals boost the regional market growth. Additionally, the large patient pool and the advanced medical treatments in the region influence the market growth.

While, India, Japan, and China hold a considerable market share, South-East Asian countries such as Thailand, Malaysia, and Vietnam are too expected to contribute to the regional market growth significantly. APAC prefilled syringes market is anticipated to grow at about 10.78% throughout the forecast period.

Prefilled Syringes Market Competitive Landscape

Highly competitive, the prefilled syringes market appears fragmented due to the presence of many well-established players. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for industry players to gain a larger competitive share.

Prefilled Syringes Market Segmentation

  • By Material, the global prefilled syringes market is segmented into Glass Prefilled Syringes (Oil Silicones Syringes, Baked-On Silicone Syringes), Plastic Syringes, and others.
  • By Type, the global prefilled syringes market is segmented into Conventional Prefilled Syringes and Safety Prefilled Syringes.
  • By Design, the global prefilled syringes market is segmented into Single-Chamber Prefilled Syringes, Dual-Chamber Prefilled Syringes, and Customized Prefilled Syringes.
  • By End User, the global prefilled syringes market is segmented into Hospitals/Clinics, Ambulatory Surgical Center, and others.

Prefilled Syringes Industry:

Two US companies, Moderna, a biotech company, and Catalent, Inc., a healthcare technology provider, announced their collaboration on the COVID-19 vaccine. Two companies have signed an agreement for a commercial large-scale, fill-finish manufacturing of Moderna’s mRNA-based COVID-19 vaccine candidate at Catalent’s biologics facility in Bloomington, Indiana.

Under the agreement, Catalent would provide vial filling and packaging capacity and support the production of an initial 100 MN doses of the vaccine candidate intended to supply the US market starting in the third quarter of 2020. Moderna facility has expertise in sterile formulation, drug development, manufacturing, and drug product fill-finish capacity across liquid and lyophilized vials, prefilled syringes, and cartridges.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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