The North American biopharmaceutical industry is at the forefront of innovation, focusing on the development of biologic drugs and biosimilars, which demand precise and safe administration. Polymer-based prefilled syringes market has emerged as a reliable solution for delivering these complex and sensitive medications. The industry’s expansion is set to further propel the adoption of these advanced syringes.
In the healthcare sector, patient safety and convenience take precedence. Polymer-based prefilled syringes equipped with safety features like needlestick prevention mechanisms and tamper-evident caps are gaining popularity among both healthcare providers and patients. These features not only mitigate the risk of needlestick injuries but also boost patient compliance with self-administered medications.
The trend towards home-based healthcare in North America, driven by the aging population’s increasing healthcare needs and the demand for more convenient solutions, aligns perfectly with the advantages of prefilled syringes. They empower patients to self-administer medications in the comfort of their homes, reducing the burden of frequent hospital visits and ultimately enhancing patient outcomes.
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Moreover, ongoing advancements in polymer-based materials and manufacturing technologies have resulted in high-quality prefilled syringes with improved barrier properties, reduced leachables, and enhanced drug compatibility. These technological innovations are poised to further drive the widespread adoption of polymer-based prefilled syringes across the region. With a projected Compound Annual Growth Rate (CAGR) of 8.8%, the future of this market appears robust and promising.
The global polymer-based prefilled syringe market is anticipated to reach a valuation of US$ 7.2 billion in 2023, driven by rising prevalence of chronic diseases. The trend is expected to create new opportunities for the industry, leading to a projected CAGR of 9.0% between 2023 and 2033, and reaching a total valuation of approximately US$ 17.1 billion by 2033.
One of the major factors contributing to the growth of the polymer-based prefilled syringe market is the increasing biopharmaceutical production. The biopharmaceutical industry has been witnessing rapid growth, with an increasing number of biologic drugs and biosimilars in development. The complex and sensitive medications require specialized delivery systems that maintain drug stability and ensure accurate dosing. Polymer-based prefilled syringes offer excellent compatibility with biologic drugs, enhancing their adoption in the industry.
The world’s aging population is a significant driver for the demand for prefilled syringes. Elderly individuals often require multiple medications, and prefilled syringes simplify the administration process, making it easier for patients and caregivers to manage medications effectively.
Safety is a top priority in healthcare, and polymer-based prefilled syringes come with various safety features, such as needlestick prevention mechanisms and tamper-evident caps. The safety features reduce the risk of needlestick injuries and enhance patient compliance with self-administered medications, contributing to improved healthcare outcomes.
Key Takeaways from the industry Study
- Global polymer-based prefilled syringe market was valued at US$ 6.6 billion by 2022-end.
- From 2018 to 2022, the industry demand expanded at a CAGR of 5.5%.
- Asia Pacific is expected to hold a dominant CAGR of 8.9% during the forecast period.
- By application, vaccine and other biotech drugs segment is expected to constitute a CAGR of 8.9% in 2033.
- On the basis of end-user, hospitals segment is expected to dominate the market with a CAGR of 8.8% in 2033.
- From 2023 to 2033, polymer-based prefilled syringe industry is expected to flourish at a CAGR of 9.0%.
- By 2033, the market value of polymer-based prefilled syringe is expected to reach US$ 17.1 billion.
Patient-centric approach, across the globe, is a major factor that is expected to propel the growth of the polymer-based prefilled syringe market in the near future, remarks an FMI analyst.
Crucial information and forecast statistics covered in the Polymer-Based Prefilled Syringe industry report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.
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COVID-19 Impact Analysis on Polymer-Based Prefilled Syringe Industry
The recent outbreak of the COVID-19 has adversely affected various markets in the packaging industry, and the Polymer-Based Prefilled Syringe industry is no exception. Products which are deemed ‘essential’ continue to experience significant sales, while non-essential items faced a sharp decline in demand.
Following government’s measures, particularly social distancing norms and stay-at-home orders, companies operating in the Polymer-Based Prefilled Syringe market have put their production on a halt. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for industry players, leading to severe product shortages in the global marketplace. Several market players are further planning to relocate their supply chain from China – the first epicenter of the COVID-19.
The FMI’s report includes an interesting chapter on the preliminary impact of the COVID-19 on the Polymer-Based Prefilled Syringe industry. This allows both leading and emerging market players to understand the industry scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.
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Polymer-Based Prefilled Syringe Industry: Competition Analysis
The FMI’s study presents a comprehensive analysis of global, regional, and country-level players active in the Polymer-Based Prefilled Syringe market. Competitive information detailed in the Polymer-Based Prefilled Syringe industry report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Polymer-Based Prefilled Syringe market report.
Key players covered in the report include:
Ajinomoto Bio-Pharma, Inc, Aptar Pharma (India) Pvt. Ltd., Baxter International Inc., Biocorp, Enable Injections, Inc, Nipro Corp, SHL Medical, Shandong Weigao Group, Stevanato Group, Unilife Corporation
Important Questions Answered in the Polymer-Based Prefilled Syringe Market Report
- Which end user remains the top revenue contributor in different regional markets?
- At what rate has the global Polymer-Based Prefilled Syringe industry been expanding during the forecast period?
- How will the global Polymer-Based Prefilled Syringe market look like by the end of the forecast period?
- What innovative strategies are adopted by Polymer-Based Prefilled Syringe industry players to stay ahead of the pack?
- What are the restraints affecting the growth of the global Polymer-Based Prefilled Syringe market?
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Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for industry players in different regional markets
- Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in industry revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional industry to arm stakeholders with necessary information to take critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Polymer-Based Prefilled Syringe market
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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