Prefilled Syringe Market Forecast till 2030

Prefilled Syringe Market Forecast till 2030

Market Overview
The market's growth is being driven primarily by two factors: the rising demand for drug delivery devices that are both efficient and user-friendly, and the efforts of healthcare professionals to decrease hospital errors. During the forecast period, the market is anticipated to benefit from technologically advanced and feature-rich devices that provide safer and more convenient self-injections for patients, as well as the impact of COVID-19. The industry's expansion is also expected to be fueled by the rapid growth of biologic therapies. Therapeutic vaccines and other biologic drugs are becoming increasingly popular due to their superior efficacy, safety, and fewer side effects compared to traditional therapies. This development has created a need for innovative packaging solutions that can maintain the potency of biologic drugs, which are highly unstable. Prefilled syringes are considered the best option for storing such drugs, as over 60% of biologic drugs in the pipeline are parenterally administered and vulnerable to deterioration from food and digestive enzymes. The prefilled syringes market is further benefited by the growth of the biologic drug market.

Segment Overview
The Prefilled Syringes market is categorized based on Material and Type. Material segmentation comprises Baked Silicone Syringes, Oil Siliconized Syringes, Glass Syringes, and Plastic Syringes, with the glass syringes segment holding the largest market share in 2022. Glass syringes are preferred in the industry because of their clearness and inertness, which make them a dependable option for ensuring the purity of dosage. However, the rising demand for safer products that allow for self-administration of medicine and the fragility of glass syringes during transportation may limit their use.

The Type segmentation consists of Safety Prefilled Syringes and Conventional Prefilled Syringes. In 2022, the Safety Prefilled Syringes segment dominated market growth and is projected to be the fastest-growing segment from 2022-2030. The growth of this segment can be attributed to the increasing elderly population globally, the development of biological medicines for chronic diseases, and the outsourcing of low-risk medical procedures for chronic patients. This trend is expected to decrease the burden on hospitals.
Regional Analysis
Due to various reasons, Europe dominated the prefilled syringes market in 2021 in terms of geography. Healthcare professionals in the region favor prefilled injectable devices as they aid in reducing needle-related injuries. Furthermore, significant market participants such as Gerresheimer AG, SCHOTT group, Stevanato Group, Haselmeier AG, and Owen Mumford Ltd. are located in Europe and have built a robust foothold in the area over time. As a result, the market is consolidated, making it challenging for new entrants to penetrate.

Major Players
The companies holding significant positions in the market include AptarGroup Inc., SCHOTT AG, BD, Terumo Corporation, West Pharmaceutical Services Inc, Gerresheimer AG, Helvoet Rubber & Plastic Technologies B.V., and Nipro PharmaPackaging International Company.

COVID 19 Impacts
The global prefilled syringes market has been significantly impacted by the COVID-19 pandemic, with both positive and negative effects observed. The demand for prefilled syringes, particularly for vaccine administration, has witnessed a sharp rise due to the urgent need for mass vaccination during the pandemic. The development and distribution of COVID-19 vaccines have played a pivotal role in managing and controlling the disease.

However, the pandemic has also adversely affected the prefilled syringes market, leading to supply chain disruptions, reduced availability of the workforce, and reduced funding for research and development activities. This has resulted in delays in product delivery and impeded the growth of the market. Additionally, shutdowns of manufacturing facilities and restrictions on trade and transportation have further compounded the challenges faced by the market.

The COVID-19 pandemic has also highlighted the need for innovation in the prefilled syringes market to address issues such as storage and transportation. This has opened up new opportunities for market players to introduce new technologies and products to meet the rising demand for safe and effective vaccine delivery systems.

Companies Mentioned
AptarGroup Inc.
SCHOTT AG
BD
Terumo Corporation
West Pharmaceutical Services Inc
Gerresheimer AG
Helvoet Rubber & Plastic Technologies B.V.
and Nipro PharmaPackaging International Company.

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