Prefilled Syringes Market Is Estimated To Witness High Growth Owing To Ease In Dose Administration
Prefilled syringes are sterile, prefilled disposable syringes that are designed for safe, easy, and accurate dose administration with minimal risk of contamination. Prefilled syringes offer advantages such as single-dose administration, precise dosing, and ease of storage and handling, thereby reducing medication errors.
The global Prefilled Syringes Market is estimated to be valued at Us$ 10.35 Bn in 2023 and is expected to exhibit a CAGR Of 4.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Ease in dose administration is expected to drive the growth of the prefilled syringes market over the forecast period. Prefilled syringes reduce the risk of contamination by eliminating multiple-dose vials and the need to draw medicine from the vial into the syringe. This ensures accurate dosing and sterility of the drug. Moreover, prefilled syringes allow for single-use administration with clear visual confirmation of dosage which minimizes the risk of medication errors. The user convenience and safety offered by prefilled syringes are particularly beneficial for self-administered drugs and vaccines. Hence, the ease of use associated with prefilled syringes is expected to result in increased adoption, thereby propelling the market growth.
Porter's Analysis
Threat of new entrants: The prefilled syringes market requires high capital investments for production facilities and R&D which restricts the entry of new players. Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over prefilled syringe suppliers due to their high purchase volumes. Bargaining power of suppliers: Suppliers of raw materials and components such as plastic, glass, and elastomers have moderate bargaining power due to the availability of substitute materials. Threat of new substitutes: Existing substitutes such as vials and ampoules are being replaced by prefilled syringes gradually due to advantages like high sterility and reduced risk of contamination. Competitive rivalry: The market is moderately competitive due to the presence of a large number of players globally. Players differentiate their products based on new features, innovation, and brands.
SWOT Analysis
Strengths: Prefilled syringes offer enhanced safety, precise dosing, and are easy-to-use. Increased adoption in biologics injection therapies has boosted demand.
Weaknesses: High production costs and initial investments pose challenges. Limited reusability can increase medical waste generation.
Opportunities: Growth in home care and self-administration of drugs and vaccines will fuel the market. Emerging markets offer lucrative opportunities.
Threats: Stringent regulations increase compliance costs. Supply chain disruptions can impact availability.
Key Takeaways
The Global Prefilled Syringes Market Demand is expected to witness high growth over the forecast period driven by the rising demand for injectable drug delivery.
Regionally, North America currently dominates the market and is expected to maintain its position owing to the presence of major players and rising adoption of self-injection devices. Europe also captures a substantial share and is projected to grow at a remarkable rate fueled by the increasing R&D investments towards drug development.
Key players operating in the prefilled syringes market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd.
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