"Trending News:Prefilled Syringes Market Report is Booming Globally by Top Leading Players"
The global pre-filled syringes market size is expected to reach USD 10.1 billion by 2027 according to a new study by Polaris Market Research. The report “Prefilled Syringes Market Share, Size, Trends, Industry Analysis Report, By Material (Glass and Plastic); By Design (Dual Chamber, Single Chamber, and Customized); By Type (Conventional, and Safety Syringes); By Application (Insulin, Vaccine, Anti-coagulant, and Others), By Regions; Segment Forecast, 2020 –2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The pharmaceutical industry is witnessing a rapid rise in bio-pharmaceuticals which is increasing demand for various advanced drug delivery devices, including prefilled syringes. Currently, more than 60% of the drugs in the clinical trials are biologics which needs to be administered parenterally.
Prefilled syringes (PFS) are efficient, reliable and convenient method for parenteral drug administration. These help the pharmaceutical companies to minimize drug waste and increase product life span which in turn leads to cost savings. PFS reduces the product wastage by preventing the dose overfill by four to five percent. This is especially advantageous for biological drugs as their manufacturing and product costs are too high and have low bulk manufacturing capacity. The product costs of some biologicals are as high as USD 2,000 per dose. PFS lowers the overall cost-per-dosage-unit compared to conventional syringe and vials. Hence, the demand for PFS is rising strongly in all customer segments; pharmaceutical companies, physicians and patients.
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It is estimated that nearly 50% of the diabetics live in China, India, US, Brazil and Indonesia. There is immense scope for PFS market penetration in these emerging countries due to huge patient base. Many patients are choosing to self-administer drugs in non-medical settings to reduce their healthcare and other related treatment costs. Administering a PFS involves lesser steps and lesser dexterity in comparison to the conventional needle and syringe.
PFS is convenient to use in non-medical settings as it is ergonomic, provide the accurate dose and preserves the sterility of the drug for over 6 months. PFS are increasingly being used for self-administration by users with chronic diseases such as diabetes and rheumatoid arthritis.
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Market participants such as Becton Dickinson (BD), Medpro, Haselmeier AG, Stevanato Group, Owen Mumford, SCHOTT, Unilife Corporation, OMPI, Fresenius Kabi, Catalent, Vetter Pharma International GmbH, Gerresheimer, Weigao Corporation, West Pharmaceutical Services, Inc., and Nipro Medical Corporation are some of the key players operating in the concerned market.
With surge in COVID-19 cases, the U.S. government is liable to increase domestic medical facility to cope up with the future scenario. In line with this, in May 2020, the Department of Defense (DOD) and the U.S. Department of Health and Human Services awarded a contract of worth USD 138 million to the U.S. based ApiJect Systems America to start Project Jumpstart. The project would revamp the country’s production capability, by October 2020, to be independent in manufacturing more than 100 million prefilled syringes, using blow-fill-seal aseptic plastic manufacturing technology.
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