The global prefilled syringes market accounted for $4.7 billion revenue in 2017 and is projected to witness tremendous growth at a CAGR of 8.3% during the forecast period (2018–2023). The factors driving the growth of the market are expanding biopharmaceutical industry, increasing demand for injectable pharmaceutical products, advancements in technology, and upgraded combination therapy applications. A prefilled syringe is a single-dose, disposable syringe, containing parental drugs filled by manufacturers.
The prefilled syringes market has been segmented by material, design, application, and region. Specifically talking about the material segment, the market is further classified into plastic and glass, wherein the plastic syringe type is estimated to generate $3.6 billion revenue for the market by 2023, registering a CAGR of 9.0% during the forecast period. The reason for this would be the introduction of advanced polymers, such as crystal-clear and polypropylene polymers, which are biocompatible with other components of the syringes. This, in turn, is expected to increase the demand for plastic syringes.
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Prefilled syringes help in the treatment of anaphylaxis, diabetes, rheumatoid arthritis, and other diseases. In the coming years, the prefilled syringes market is predicted to observe the fastest growth in the diabetes category under the application segment, which will witness a CAGR of 9.0%. Further, the market for the treatment of rheumatoid arthritis is anticipated to register a CAGR of 8.1% during the analysis period ,owing to the rising incidents of the disease across the world.
Now, coming to the growth drivers of the prefilled syringes market, the increasing demand for injectable pharmaceutical products, such as therapeutic agents and vaccines, is playing a significant role. According to the World Health Organization (WHO), around 16 billion injections, of which 95.0% are for curative care, 3.0% for immunization, and 2.0% for contraceptive and blood transfusion procedures are given every year. These vaccines with injectable drugs, which are used for the prevention and treatment of several acute and chronic diseases, are now being sold in prefilled syringes with higher operational efficiency.
Thus, all these advantages are predicted to further boost the growth of the prefilled syringes market during the forecast period.