The prefilled syringes market has seen significant growth in recent years. Prefilled syringes are medical disposable devices that contain a preset dose of a liquid medicine such as vaccine or insulin injection. They allow for easy and accurate dosing and reduce the chances of contamination compared to conventional vials and syringes. Some key advantages of prefilled syringes are convenience of use, dose accuracy, reduced risk of cross-contamination, and affordability. As patients and healthcare providers seek safer and more convenient drug delivery methods, demand for prefilled syringes has increased remarkably.
The Global Prefilled Syringes Market is estimated to be valued at US$ 7.19 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the prefilled syringes are The Kraft Heinz Company, Starbucks Coffee Company, The J.M. Smucker Company, Luigi Lavazza SPA, Nestle SA, The Coca-Cola Company, JAB Holding Company, Tata Global Beverages, Tchibo GmbH, and Strauss Group Ltd.
Growing prevalence of chronic diseases such as diabetes, increasing demand for biologics and injectable drugs, rising geriatric population are some factors driving the demand for prefilled syringes.
Major players are expanding their production capacities and geographical reach through acquisitions and collaborations to meet the rising global demand for prefilled syringes.
Market key trends
One of the major trends gaining traction in the Prefilled Syringes Market Demand is growing automation in syringe manufacturing. Key players are investing in advanced technologies such as connected devices, 3D printing, and robotics to automate syringe assembly and increase production efficiency. Automation helps reduce manufacturing costs and chances of human error. It allows for digital monitoring and quality control. This boosts overall production quality and capacity, benefiting pharmaceutical companies and patients.
Porter’s Analysis
Threat of new entrants: Low startup capital requirements however established brands and regulations pose significant barriers.
Bargaining power of buyers: Large group purchasing organizations can negotiate lower prices from manufacturers.
Bargaining power of suppliers: Few major suppliers for raw materials like plastic and glass leads to supplier concentration.
Threat of new substitutes: Minimal threat as prefilled syringes offer convenience and accuracy over traditional vials and syringes.
Competitive rivalry: Intense competition among major players to gain market share through new product launches and mergers and acquisitions.
Geographical Regions
North America dominates the global market in terms of value owing to high healthcare spending and wide acceptance of drug delivery devices. The U.S accounts for the largest share within North America.
Asia Pacific region is expected to witness the highest growth rate during the forecast period attributed to increasing prevalence of chronic diseases, rising geriatric population, and growing demand for self-administered drug delivery devices. Expanding healthcare infrastructure and improving access to healthcare services also contributes to market growth in Asia Pacific.
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