According to a new report published by Allied Market Research, titled, Prefilled Syringes Market by Material, Design, Therapeutics, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global prefilled syringes market accounted for $3,567 million in 2016, and is estimated to reach $7,212 million by 2023, registering a CAGR of 10.5% from 2017 to 2023. Europe is the highest contributor in the prefilled syringes market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Healthcare professionals use prefilled syringes to administer fixed single-dose of drugs to the patient. Prefilled syringes are used to package a variety of drugs and diluents, such as therapeutic proteins, vaccines, and insulin. Some of the advantages of using these syringes over traditional syringes are ease of administration, elimination of dosing errors, and reduced risk of contamination.
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The major factors that drive the growth of prefilled syringes market are growth in home-based healthcare market, increase in adoption of injectable drugs, rise in incidence of chronic diseases that require frequent drug administration, benefits over syringe packaging systems, and surge in demand for point-of-care drug administration. However, the presence of alternative drug delivery means, the cost associated with the manufacturing of prefilled syringes, storage problem for these syringes, and stringent regulations set by government authorities impede the market growth. Moreover, technological advancements, new innovations, and meeting the unmet demand for these syringes are the key opportunities for the market growth in the near future.
1) The COVID-19 impact on the Prefilled Syringes Market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import–export of nonessential items for most of 2020. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key Findings of the Prefilled Syringes Market
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The Major Key Players Are:
Becton, Dickinson and Company, Medtronic plc., Gerresheimer AG, Schott AG, West Pharmaceutical Services, Inc., Nipro Corporation, Unilife Corporation, Vetter Pharma International GmbH, Baxter International, and Abbott Labs.
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