In 2017, the global prefilled syringes market reached $4.7 billion and is projected to register an 8.3% CAGR during the forecast period (2018–2023).
The market is growing because of the extensive pipeline of injectable drugs, rising demand for injectable pharmaceutical products, expanding pharmaceutical industry, increasing prevalence of chronic and lifestyle associated diseases, surging requirement for point-of-care administration, benefits of prefilled syringes over conventional vial and syringe packaging systems, regulations associated with needlestick injuries, and technological advancements. A single dose of disposable syringe containing parenteral drug filled by the manufacturers is called prefilled syringe.
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On the basis of application, the prefilled syringes market is categorized into anaphylaxis, diabetes, rheumatoid arthritis, and others (which include psoriasis, multiple sclerosis, anemia, and diarrhea). The diabetes application held the largest share of the market during the historical period. The reason for this is the surging prevalence of diabetes around the globe. According to the World Health Organization (WHO), the prevalence of diabetes among adults (above 18 years) rose from 4.7% in 1980 to 8.5% in 2014. The category is further expected to register the highest CAGR of 9.0% during the forecast period.
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A key trend being witnessed in the prefilled syringes market is the growing adoption of customized prefilled syringes. Injectable formulations require stringent quality control for meeting the requirements of customers. The manufacturers have started focusing on the development of prefilled syringes which can be utilized by individuals on their own. The focus of manufacturers is thus shifting from syringes utilized by hospitals or other healthcare providers to self-administration dose syringes. These syringes are customized, and thus are designed according to the medication and dosage needed by the patient.
Hence, the market is registering growth due to the benefits of prefilled syringes over conventional syringes and increasing prevalence of chronic and lifestyle associated diseases.
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