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.
“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.
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Prefilled Syringes: Global Markets to 2023( HLC223A )
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