What are Reasons behind Growth of Prefilled Syringes Market?

Prefilled Syringes Market to Reach $7.5 Billion by
2023
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In 2017, the global prefilled syringes market reached $4.7 billion and is projected to register an 8.3%
CAGR during the forecast period (2018–2023). The market is growing because of the extensive pipeline
of injectable drugs, rising demand for injectable pharmaceutical products, expanding pharmaceutical
industry, increasing prevalence of chronic and lifestyle associated diseases, surging requirement for
point-of-care administration, benefits of prefilled syringes over conventional vial and syringe packaging
systems, regulations associated with needlestick injuries, and technological advancements. A single dose
of disposable syringe containing parenteral drug filled by the manufacturers is called prefilled syringe.
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On the basis of application, the prefilled syringes market is categorized into anaphylaxis, diabetes,
rheumatoid arthritis, and others (which include psoriasis, multiple sclerosis, anemia, and diarrhea). The
diabetes application held the largest share of the market during the historical period. The reason for this
is the surging prevalence of diabetes around the globe. According to the World Health Organization
(WHO), the prevalence of diabetes among adults (above 18 years) rose from 4.7% in 1980 to 8.5% in
2014. The category is further expected to register the highest CAGR of 9.0% during the forecast period.
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The surging prevalence of chronic and lifestyle associated diseases is among the primary driving factors
of the prefilled syringes market. The prevalence of diseases including cancer, cardiovascular diseases,
diabetes, and respiratory diseases is increasing because of lack of access to preventive care and
changing lifestyle, particularly in developing countries. Attributed to this surging patient base, the
manufacturers are increasingly focusing on the development of several types of prefilled syringes with
varied doses and drug composition for the treatment of these diseases, which is resulting in the growth
of the market.
A key trend being witnessed in the prefilled syringes market is the growing adoption of customized
prefilled syringes. Injectable formulations require stringent quality control for meeting the requirements
of customers. The manufacturers have started focusing on the development of prefilled syringes which
can be utilized by individuals on their own. The focus of manufacturers is thus shifting from syringes
utilized by hospitals or other healthcare providers to self-administration dose syringes. These syringes
are customized, and thus are designed according to the medication and dosage needed by the patient.
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