Albany, NY -- (SBWIRE) -- 04/04/2017 -- Transparency Market Research says that the global prefilled syringes market is extremely consolidated due to the strong presence of few players. The high cost of investment to setup production units and manufacturing facilities has discouraged new entrants, which has allowed just a few players to hold significant market shares. Some of the leading players operating in the global market are Baxter International Inc., Becton Dickinson and Company Group plc, Medtronic, and Terumo Medical Corporation.

According to the research report, the global prefilled syringes market is expected to be worth US$7.9 bn by the end of 2024 from US$3.5 bn in 2015. During the forecast years of 2016 and 2024, the global market is projected to progress at a CAGR of 9.3%. The terrific growth of the prefilled syringes market will be attributable to the phenomenal development of the biologics market.

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Polymer-based Prefilled Syringes to Emerge as a Leading Segment in Global Market

On the basis of material, the global prefilled syringes market is segmented into glass-based prefilled syringes and polymer-based prefilled syringes. Glass continues to be the preferred choice of material for making prefilled syringes due to its compatibility with various chemicals and a high tolerance of varying temperatures. However, polymer-based prefilled syringes segment is projected to surpass the revenue of the former as it surges at a CAGR of 10.8% between the 2016 and 2024. The changing perceptions of healthcare professionals and manufacturers about polymers is expected to improve the sales of polymer-based prefilled syringes.

In terms of geography, the global prefilled syringes market will be segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Of these, Europe is projected to lead the global market in the coming years. Analysts expect that Asia Pacific will be an emerging regional market as well as it is slated to progress at a CAGR of 11.3% during the forecast period. The emerging economies, improving healthcare scenario, and huge unmet medical demands are expected to fuel this regional market's growth in the near future.

Rising Prevalence of Needle Stick Injuries to Drive Global Market

The global prefilled syringes market is growing against the backdrop of rising prevalence of needle stick injuries. The world health organization states that about two million associated with healthcare fall a prey to a wide range of infectious diseases due to needle stick injuries. Advantages of prefilled syringes such as passive needle guarding caps and polymer shield with a retractable needle system have lured in increasing number of end users due to the safety they provide. Furthermore, advanced barrel technology and multi-chamber syringes are also expected to drive the market's growth in the near future. Ease of administration, reduced risk of contamination, and accurate dosages have also been assessed as key factors driving the global market.

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High Cost of Production to Restrain Market Growth

Despite the strong market drivers, the global prefilled syringes market is being challenged by the high costs associated with maintaining specific temperatures. The packaging of temperature-sensitive drugs requires strict temperature control, which can is an expensive process due to complex machineries involved in it. Furthermore, the possibility of breakages, especially in case of glass-based prefilled syringes, is also dissuading users.

This review is based on Transparency Market Research's report, titled "Prefilled Syringes Market (Material - Glass-based and Polymer-based; Distribution Channel - Hospitals, ASCs, and Mail Order Pharmacies; Application - Vaccines and Monoclonal Antibodies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

Global Prefilled Syringes Market – By Material

Glass based prefilled syringes
Polymer based prefilled syringes

Global Prefilled Syringes Market – By Application

Monoclonal Antibodies
Vaccines
Others

Global Prefilled Syringes Market – By Distribution Channel

Hospitals
Ambulatory Surgical Centers
Mail order pharmacies

Global Prefilled Syringes Market – By Region

North America
U.S.
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
U.K
France
Italy
Spain
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
Australia
New Zealand
Rest of Asia Pacific
Middle East and Africa (MEA)
Saudi Arabia
UAE
RSA
Rest of MEA

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