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The global prefilled syringes market size is expected to reach USD 10.57 billion by 2027, exhibiting a CAGR of 10.5% during the forecast period. The increasing unmet needs for the treatment of chronic diseases will spur opportunities for biological drugs and innovative prefilled syringe, which in turn, will boost the growth of the market, states Fortune Business Insights in a report, titled “Prefilled Syringes Market Size, Share & Covid-19 Impact Analysis, By Material (Glass and Plastic) By Closing System (Staked Needle System, Luer Cone System, and Luer Lock Form System) By Product (Complete Syringe Set and Components & Accessories); By Design (Double-chamber, Multiple-chamber, and Single-chamber); By End-user (Pharmaceutical & Biotechnology Companies, Contract Research & Manufacturing Organizations, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 4.76 billion in 2019 and is expected to exhibit a CAGR of 10.5% between 2020 to 2027.
Introduction of SCHOTT’s Customisable Prefillable Glass Syringes to Promote Growth
Schott Kaisha, a leader in pharmaceutical products announced the launch of a highly concentrated glass syringe portfolio in India. The new glass syringe reduces the risk of drug/container interactions for sensitive drugs. The SCHOTT’s iQ platform, syriQ BioPure is an extremely customizable glass prefillable staked-needle syringe (PFS) designed specially to retain sensitive drug stability over shelf life along with diminishing time to making administer drugs more conveniently for patients. The launch of the innovative and quality design of syriQ BioPure syringes is expected to create lucrative opportunities for the prefilled syringes market due to its stable and safe administration of sensitive drugs. Moreover, new glass syringes work with leading safety and autoinjector devices and can be administered at home for patient comfort. Besides, the unified integration of such devices for dimensional accuracy will impel manufacturers to introduce innovative products in the market.
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Rising Inclination towards Biologics & Biosimilars to Foster Growth
The rising shift from chemical-based drugs to biologics and biosimilars owing to its excellent administration for targeted delivery and drug interaction. The surge in biologics has led to the treatment of chronic diseases and efficient drug delivery systems. As per Central Drugs Standard Control Organization CDSCO, a total of 98 biosimilars have been approved in India till date. In 2018, 42 biologics and 18 biosimilars were approved in India. Thus, the rising preference for prefilled syringes in safely delivering biologics and biosimilars will incite the development of the market during the forecast period.
Robust Product Offerings of Industry Players to Consolidate Market Position
The leading players such as BD, Gerresheimer AG, SCHOTT AG, and West Pharmaceutical Services Inc are focused on establishing a strong presence in the market with its wide-ranging products. The adoption of strategies such as partnerships and acquisitions by key players will consolidate its position in the market. For instance, in September 2019, Gerresheimer AG announced the launch of Gx RTF ClearJect polymer needle syringe, 2.25 ml to expand its range of prefillable polymer syringes. The increasing research and development activities by major players will help maintain its position in the market. Additionally, the ongoing investments for the development of a cost-effective and highly effective parenteral drug delivery system will enhance market competition.
The Report Lists the Main Companies in the Prefilled Syringes Market:
Further Report Findings:
This Market is Segmented into:
Value (USD Billion)
By Closing system