The Small Molecule Prefilled Syringes Market is estimated to be valued at US$ 18.98 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Small molecule prefilled syringes contain small molecule drugs that are administered parenterally including injections and infusions. They are sterile, disposable syringes that contain a pre-measured drug dosage. Small molecule drugs in prefilled syringes offer convenience of self-administration and controlled drug dosage as compared to traditional vials and ampoules. They prevent waste of expensive drugs and reduce the risk of dosing errors.
Market key trends:
The global small molecule prefilled syringes market is driven by the convenience of administration offered by prefilled syringes. Prefilled syringes eliminate multiple steps involved in reconstitution and administration of drugs from conventional vials or ampoules. They provide controlled drug dosage and accurate dosing which is an important consideration for potent small molecule drugs. With rising self-administration of injections, prefilled syringes reduce reliance on healthcare professionals for administration. Their single-dose format also prevents cross-contamination risk from multiple use vials. Additionally, prefilled syringes enables better healthcare outcomes through improved medication adherence for patients requiring frequent small molecule drugs administration.
Porter's Analysis
Threat of new entrants: The biologics prefilled syringes market requires large capital investments and strict regulatory approvals which limits threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate since the market consists of large pharmaceutical companies and many generic drug manufacturers.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to the specialist nature of components like barrels and plungers required to manufacture prefilled syringes.
Threat of new substitutes: Threat of new substitutes is low as prefilled syringes provide convenience of administration compared to other drug delivery methods.
Competitive rivalry: Intense due to presence of global players and focus on innovation.
SWOT Analysis
Strength: Convenient method of drug delivery. Prefilled syringes ensure precision of dosage and reduce risk of contamination.
Weakness: Require significant investments in machinery and training. Complex regulatory approvals delay market entry.
Opportunity: Growing demand for self-administration of biologics and vaccines. Increased focus on safety of healthcare workers during pandemics.
Threats: Price erosion due to patent expiries. Supply chain disruptions affect availability of raw materials.
Key Takeaways
The global Small Molecule Prefilled Syringes Market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is US$ 18.98 Bn.
Regional analysis: North America dominates the small molecule prefilled syringes market currently due to high healthcare spending and established pharmaceutical industry in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising healthcare investments, lower manufacturing costs and growing generics market in the region.
Key players: Key players operating in the small molecule prefilled syringes market size are BD, Cytiva, Merck KGaA, Gaplast, Ascendia Pharmaceuticals, Sanofi, Viatris Inc. (Mylan N.V.), Pfizer Inc., Dr. Reddyâ€TMs Laboratories Ltd., Fresenius Kabi AG and McKesson Corporation. Players focus on expanding their portfolios through partnerships for drug-device combinations.
