Albany, NY -- (SBWIRE) -- 08/10/2018 -- The vendor landscape of the global prefilled syringes market is largely consolidated, with the leading four companies accounting for a collective share of over 50% of the overall market in 2015, notes Transparency Market Research in a recent report. The leading companies in the market— Becton, Dickinson and Company, Medtronic, Baxter International Inc., and Terumo Medical Corporation command a strong control on the market owing to an excellent global outreach and expansive product portfolio. While the market remains consolidated in developed economies, it features the presence of a vast array of small- and medium-scale companies in a number of emerging markets.
According to the report, the global market for prefilled syringes is expected to exhibit a promising 9.3% CAGR over the period between 2016 and 2024, rising to a valuation of US$7.9 bn in 2024 from US$3.5 bn in 2015.
Glass to Remain Most Preferred Packaging Material
From a geographical standpoint, the market earns a large share of its overall revenue owing to sales in North America. While the region is expected to continue to account for a significant share in the global market throughout the report's forecast period, the market in Asia Pacific is expected to lead in terms of growth pace, registering an excellent 11.3% CAGR. In terms of the material used for manufacturing prefilled syringes, glass is likely to remain the most popular, thanks to its excellent stability and unreactive nature.
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Potential of Bringing Down Needlestick Injuries to Work in Favor of Market
The vast set of unique benefits offered by prefilled syringes over the conventional vial and ampoule assemblies is key to the promising growth prospects of the global prefilled syringes market. Some of these benefits include an evident reduction in drug wastage as drugs are prefilled according to the specified dosage, enhanced shelf-life of medicines, better dose accuracy, lowered cost of injection, reduced medication errors, and better use of controlled drugs such as narcotics.
Ease of administration is another key factor that weighs-in for prefilled syringes as they can lead to a massive reduction in needlestick injuries; needstick injuries can result in the transmission of infectious diseases such as Hepatitis B and C and HIV/AIDS and can affect millions of healthcare workers every year across the globe. With the use of prefilled syringes, these numbers can be significantly brought down.
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Improving Safety to Present Promising Growth Opportunities
The high cost of packaging associated with a variety of temperature-sensitive medications as well as drugs for a number of therapeutic areas could act as a roadblock for the market, impeding its growth prospects to a certain degree. However, the rising number of patients that have started using prefilled syringes for self-injecting medications at home, without possessing much expertise in the area, could present several promising growth opportunities before the market in the next few years.
Moreover, rising efforts aimed at increasing device compatibility with the help of technological advancements are expected to make the use of prefilled syringes easier for patients, thus improving their rate of uptake.
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