Global Market for Prefilled Syringes to Increase by $2.6 Billion by 2023

Technological Advancement, Rise in Chronic Disease, Demand for Home Care, Growing Geriatric Population and More Drive Growth

March 01, 2019

WELLESLEY, Mass., March 01, 2019  – Prefilled syringes (PFS) have emerged as one of the fastest-growing markets in the medical devices industry. According to a new BCC Research report, “Prefilled Syringes: Global Markets to 2023,” by 2023, the market is projected to reach $7.3 billion, growing at a compound annual growth rate (CAGR) of 9.3% from its $4.7 billion value in 2018. Studies show that more than 3.5 billion prefilled syringes are produced annually, and more than 50 biologic medications and vaccines are supplied in these syringes.

Used to deliver vaccines, therapeutic proteins, blood stimulants, erythroproteins and interferons, PFS minimize drug waste, eliminate dosing errors, increase product life span and allow patients to self-administer injectable drugs at their home instead of at the hospital. They are the primary choice for most parenteral drug delivery systems.

Top competitors in the global PFS market include BD (BDX), Gerresheimer (GXI), and Baxter (BAX).

Report Highlights

• North America dominates the global PFS market due to the high adoption rate of prefilled syringes, increasing need for patient safety and high expenditures on injectable drugs.
• The Asia-Pacific region has immense potential. Increasing population growth in China and India, along with aging populations, are increasing demand for prefilled syringes.
• With respect to end-users, hospitals dominate the market; the segment is estimated to reach $4.6 billion by 2023. 

“Important advancements such as the invention of autoinjectors, needleless syringes, multi-dose syringes and dual-chamber syringes hold great potential in the market; therefore, product innovations are becoming a primary growth strategy for leading companies. The growing demand for these products is attracting new market entrants to provide contract services for filling syringes,” the report notes.

Demand for Home-Based Care

While hospitals dominate the global market for PFS end-users, home health care providers aren’t far behind. As more and more patients want to receive care at home, the home health care end-user segment is expected to grow by 10.3% by 2023.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Prefilled Syringes: Global Markets to 2023( HLC223A )
Publish Date: Feb 2019    

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