The global prefilled syringes market
is anticipated to increase with time because of the rising need for
administering drugs for patients suffering from chronic diseases as per
the reports by Transparency Market Research. There are several players
in the market making the level of competition higher. This is because of
the uncountable number of opportunities that the global market for
prefilled syringes are providing. The future competitive landscape of
the global prefilled syringes may be tough as all players are making
equal efforts to improve their manufacturing standards and make a mark
in the market by generating the most revenue and hence, dominating the
market.
Some of the leasing players of the global
prefilled syringes market are Stevanato Group, West Pharmaceuticals,
Baxter International, Becton Dickinson & Co., and Unilife
Corporation. Major vendors have showed an inclination towards improving
the quality of syringes in the market. Not only that, vendors are also
making sure that the quantity of drugs filled in the products are of the
right quantity as per the need be.
As per the TMR reports, the global
prefilled syringes market is expected to be valued at US$7.9 bn by the
end of 2024. The forecast period is set from 2016 to 2024 and the market
is anticipated to show a healthy 9.30% CAGR within this period. As per
the segmentation by application, the market is seen to be dominated by
the vaccination purposes. From a geographical perspective, the market is
seen to be dominated by North America because of the high preference of
awareness and immediate effect as per health and hygiene is concerned.
North American market is thus, seen to be showing a tremendous growth
rate from the past few years.
Rising number of Chronic Diseases to Boost Global Market
With changes in lifestyle and food
habits, more and more people are being prone to chronic diseases. Most
of the chronic diseases come with long term medication remedies. The
growing number of chronic diseases is expected to boost the market for
prefilled syringes in the long run. Apart from that, the rise in
disposable incomes of people also urges them to prefer the better and
more effective means of medication.
One of the most popular methods to
manufacture quick medical action and with complete bioavailability is
the parental administration of medical and pharmaceutical products.
Prefilled syringes are used for quick action in case of emergency.
Factors driving the growth of the global prefilled syringe market are
the rise in product life span, and increasing level of the market
revenue by enhancing the product life span. With the right amount of
drug filled in the syringe and the ready-to-use features allows it to
achieve more demand and thus, drive the market positively.
With prefilled and readymade syringes
availability, it is easy for patients to take some medications by
themselves. This does not need the accuracy of the amount of drugs to be
injected as the quantity is already prefilled saving him both time and
urgency. One will not have to go to the hospital for regular round ups
and get their medicines injected. One may also do it for himself at home
in his own comfort.
Better Accuracy and Less Time Consumption to Add Benefits to Earn More Market Revenue
Prefilled syringes are designed to fit
into specialized syringes which can be used to administer different
medication that are available in the liquid or fluid form. It is more
convenient, accurate, sterile, and affordable as compared to the
old-times where medication through syringe could only be taken with the
help of a doctor or by a nurse in hospitals and medical centers.
Adding to that, during any medical
emergency, one may not have to wait helplessly for the doctor to arrive
but use these prefilled syringes and save lives. Not only that, the
herculean task for a common man at an emergency would be to fill the
empty syringe with the right amount of medicine and then injecting the
patient. It is both time consuming as well as lacks accuracy. The
medicine may no longer be sterile and may cause further complications
instead of saving life. Hence, the easy-to-use feature boosts the
promotion and demand for prefilled syringes in the long run along with
the proper accuracy, sterility and safety features.
The review presented above is based on a
TMR report, titled, “Prefilled Syringes Market (Material – Glass-based
and Polymer-based; Distribution Channel – Hospitals, ASCs, and Mail
Order Pharmacies; Application – Vaccines and Monoclonal Antibodies) –
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016
– 2024”.
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