Prefilled Syringes Market Gains Significant Impetus From Continual Growth in Injectable Drugs Industry, Says Transparency Market Research
ALBANY, NEW YORK, July 18, 2016 /PRNewswire/ --
Transparency Market Research has recently published a report on the global prefilled syringes market. The report, titled "Prefilled Syringes Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2013 - 2019," offers an insightful study on the global prefilled syringes market and projects the expansion of the market at a CAGR of 13.3% during the period from 2013 to 2019. The global prefilled syringes market stood at a valuation of US$2.09 bn in 2012 and is anticipated to be worth US$4.98 bn by 2019. The report identifies the key factors impacting the growth of the market and profiles some of the prominent players in the market.
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In the injectable drug delivery devices market, the prefilled syringes segment is one of the fastest growing segments. Various benefits of prefilled syringes including reduced risk of cross contamination, and ease of handling and administration have led to their increased demand in the market.
The report states that the continuous growth in the injectable drugs market worldwide has boosted the growth of the global prefilled syringes market. The advantages of prefilled syringes over conventional vials and syringe packing systems have supported the market's growth. Increase in the demand for point-of-care administration and technological advancements in the manufacturing of prefilled syringes are expected to augment the growth of the market during the forecast horizon. However, the introduction of alternative drug delivery methods might hamper the growth of the market.
On the basis of material used for the manufacturing of barrel of the syringe, prefilled syringes can be classified into two types: Plastic prefilled syringes and glass prefilled syringes. The glass prefilled syringes are considered as the standard syringes in the industry and hence, this syringe segment dominates the overall market in terms of volume and revenue. However, the market is witnessing the extensive utilization of polymer or plastic by syringe manufacturers.
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Key regions in the global prefilled syringes market are Europe, North America, Asia Pacific, and Rest of the World. In terms of revenue and volume, Europe has emerged as the largest regional market for prefilled syringes. During the forecast horizon, North America is projected to witness expansion at a CAGR of 15%. The robust growth of the North America prefilled syringes market can be attributed to the increased shift from vials to prefilled syringes and the presence of some of the key drug manufacturers in the region. While Asia Pacific has been one of the late adopters of prefilled syringes, the region is anticipated to grow rapidly owing to the presence of a large patient pool and the growing awareness about prefilled syringes.
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Some of the key players in the global prefilled syringes market are Schott AG, Gerresheimer AG, Becton, Dickinson and Company, Nipro Corporation, Baxter International Inc., Ypsomed Holding AG, Stevanato Group, Unilife Corporation, Bespak, West Pharmaceutical Services, Inc., and Vetter Pharma International GmbH. These players have been profiled on the basis of company overview, product portfolio, and financial overview. For the new and existing players in the market, the report offers strategic recommendations such as the adoption of polymer technology for the manufacturing of prefilled syringes and investments in the emerging markets in North America.
Global prefilled syringes market has been segmented as:
Prefilled Syringes Market, by Segment
- Glass Prefilled Syringes Market
- Plastic Prefilled Syringes Market
Prefilled Syringes Market, by Geography
- North America
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research