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The global prefilled syringes market generated $4.7 billion revenue in 2017 and is predicted to observe a tremendous growth, with a CAGR of 8.3% during 2018–2023. Technological advancements, growing biopharmaceutical industry, rising demand for injectable pharmaceutical products, and advanced applications of combination therapies for management of disease are the major factors responsible for notable growth of the market.
On the basis of material, the prefilled syringes market has been categorized into glass and plastic; where the market for plastic syringes is expected to generate $3.6 billion revenue by 2023, witnessing a CAGR of 9.0% during the forecast period. Introduction of advanced polymers, such as polypropylene and crystal-clear polymer, is driving the demand for plastic syringes, as these polymers are biocompatible with other components of the syringes.
Prefilled syringes available in the market come as single-chamber, dual-chamber, and customized, on the basis of design. The market for single-chambered syringes is projected to register fastest growth, representing a CAGR of 8.6% during the forecast period, characterized by the reduced raw material requirements, and advantageous features of single-chambered syringes over the other designs of syringes.
Prefilled syringes are mainly used in the treatment of diabetes, rheumatoid arthritis, anaphylaxis, and other diseases. During the forecast period, the prefilled syringes market is expected to witness the highest growth in the diabetes application area, at a CAGR of 9.0%. Other than diabetes, these syringes are used in the treatment of rheumatoid arthritis, the market for which is expected to advance at a considerable CAGR of 8.1% during the forecast period, mainly on account of rising number of patients suffering from rheumatoid arthritis worldwide.
Geographically, Europe will hold the largest share in the global prefilled syringes industry throughout the analysis period. This leading position of the region can be attributed to the increasing number of non-communicable diseases, appropriate reimbursement policies, and growing trend for home healthcare services in the region.
A number of conferences are also held in the Europe to support the growth of the prefilled syringes market in the region. For instance, in February 2018, Interest Group Meeting on Prefilled Syringes, by Parenteral Drug Association, was held in Italy, to discuss the challenges associated with the large volume injections, trends in manufacturing smaller batches of such syringes, and acquiring the knowledge about up-to-date approaches related to container/drug interaction and for avoidance of stopper movement during the air shipment of the products. Thus, increasing focus of the professionals on developing advanced syringes has increased the demand for these products in the region.
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