Prefilled Syringes Market Expected to Rear Exclusive Growth During 2017-2023

The benefits of using prefilled syringes, such as lower risk of infection, higher precision, and standardization over traditional syringes, are expected to attract the patients with chronic diseases and fuel the innovations and market growth.
PUNE, India - July 12, 2017 - PRLog -- According to a new report published by Allied Market Research, titled, Prefilled Syringes Market by Material, Design, Therapeutics, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global prefilled syringes market accounted for $3,567 million in 2016, and is estimated to reach $7,212 million by 2023, registering a CAGR of 10.5% from 2017 to 2023. Europe is the highest contributor in the prefilled syringes market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.

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The major factors that drive the growth of prefilled syringes market are growth in home-based healthcare market, increase in adoption of injectable drugs, rise in incidence of chronic diseases that require frequent drug administration, benefits over syringe packaging systems, and surge in demand for point-of-care drug administration. However, the presence of alternative drug delivery means, the cost associated with the manufacturing of prefilled syringes, storage problem for these syringes, and stringent regulations set by government authorities impede the market growth. Moreover, technological advancements, new innovations, and meeting the unmet demand for these syringes are the key opportunities for the market growth in the near future.

In 2016, Europe accounted for maximum contribution to the total revenue generated, owing to the market maturity, high prevalence rate of chronic diseases, presence of high disposable income, and high adoption rate of these products. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in incidence rate of chronic disease, increase in demand for self-administered treatment, and rise in geriatric population.

Key Findings of the Prefilled Syringes Market

• The plastic-based material segment is projected to grow at the highest rate during the analysis period.

• The single-chamber prefilled syringes segment generated highest revenue in 2016, and is expected to continue its dominance in the near future.

• Europe dominated global prefilled syringes market, and is anticipated to continue its this trend in the near future.

• China is expected to witness the highest growth rate in Asia-Pacific.

• The glass-based material segment was the largest contributor among the material segment in 2016.

The key companies profiled in the report include Becton, Dickinson and Company, Medtronic plc., Gerresheimer AG, Schott AG, West Pharmaceutical Services, Inc., Nipro Corporation, Unilife Corporation, Vetter Pharma International GmbH, Baxter International, and Abbott Labs.

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