Prefilled Syringes Market Set for Rapid Expansion in Future
The global prefilled syringes market attained a value of $1,914.1 million in 2020, and it is predicted to progress at a CAGR of 6.8% between 2021 and 2030. Furthermore, the market is predicted to reach a revenue of $3,646.7 million by 2030. The factors fueling the expansion of the market are the surging concerns raised over the prevalence of needlestick injuries, various advantages of prefilled syringes over conventional vial and syringe packaging systems, and the burgeoning requirement for point-of-care administration.
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Additionally, the growing incidence of lifestyle-associated and chronic diseases and the soaring requirement for injectable pharmaceutical products are fueling the expansion of the market. Vaccines and therapeutic agents are some of the major injectable pharmaceutical products that are experiencing a surge in demand. As per the World Health Organization (WHO), nearly 16 billion injections, including 95% for curative care, 2% for contraceptives and blood transfusion procedures, and 3% for immunization are administered across the world every year.
The usage of prefilled syringes is also growing sharply, because of the various benefits of these syringes over multi-dose vials such as simpler drug administration and reduction in drug wastage. Depending on material type, the prefilled syringes market is categorized into plastic-based prefilled syringes and glass-based prefilled syringes. Between these, the glass-based category held the larger share in the market in 2020, due to the fact that these syringes were widely preferred by drug manufacturers.
Out of these, the diabetes category held the largest share in the market in 2020, and it is predicted to retain its dominance in the upcoming years as well. Diabetes affects the production of insulin and the ability of the cells to respond appropriately to the insulin produced by the pancreas, which, in turn, disbalances the blood glucose level in the body. Thus, to meet this insulin requirement, diabetics need supplemental insulin, which is primarily taken through syringes.
Therefore, it can be said without any hesitation that the market will boom in the forthcoming years, mainly because of the growing incidence of various non-communicable, chronic, and lifestyle-associated diseases, burgeoning requirement for injectable pharmaceutical products, and the surging geriatric population all over the world.