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 market, 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 market.
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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 Market Study:
- Global polymer-based prefilled syringe market was valued at US$ 6.6 billion by 2022-end.
- From 2018 to 2022, the market 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 market 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.
Key Players:
- 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
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Recent Developments:
- In October 2023, Terumo Corporation announced the launch of its new Terumo SureClick prefilled syringe. The Terumo SureClick prefilled syringe is a single-use, polymer-based syringe that is designed to be more patient-friendly and safer than traditional syringes.
- In September 2023, Stevanato Group announced the launch of its new Stevanato Safe-Ject prefilled syringe. The syringe has a unique design that makes it easier to insert the needle, and it also has a built-in safety feature that prevents accidental needlestick injuries.
- In August 2023, Shandong Weigao Group Corporation announced the launch of its new Weigao Safe-T prefilled syringe.
- In July 2023, Aptar Pharma announced the launch of its new SurePass prefilled syringe.
- In June 2023, Becton, Dickinson and Company (BD) announced the launch of its new BD UltraSafe prefilled syringe.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global polymer-based prefilled syringe market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the polymer-based prefilled syringe market, the market is segmented on the basis of application (anaphylaxis, rheumatoid arthritis, diabetes, and others), and by end-use (hospitals, mail order pharmacies, and ambulatory surgery centers), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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