Seattle, WA -- (SBWIRE) -- 09/24/2019 -- The prefilled syringes are considered as the first choice of dose delivery and has become one of the most convenient way of drug delivery method in the recent past. Due to its convenience, the pharmaceutical companies have managed to minimize the drug-wastage and increase the life-span of the product. Plastic prefilled syringes have enabled the production of safe, sterile, and self-administered injectable drugs. This has allowed patients to take those drugs without need visiting hospitals. According to the National Center for Biotechnology Information (NCBI), around 25% of expenditure on drugs goes wasted and unused in the U.S. whereas 3-7% of medications indicated for patients go unused. These revenues could be used more systematically to improve the shelf life of prefilled syringes as well as filling syringes with exact volume and concentrations, in order to avoid wastage and deliver optimum results. Prefilled syringes offer more profit to pharmaceutical companies as these companies can be benefitted from less overfill of drugs, which serves a major advantage in case of expensive biopharmaceuticals.
The global prefilled syringes market was valued at US$ 2,805.4 million in 2015 and is expected to witness a CAGR of 11% during the forecast period (2017 – 2025).
Increasing prevalence of chronic disease is expected to drive global prefilled syringes market growth
Chronic diseases namely type 1 is found among a substantial population across the globe, where patients require intra-venous administration of insulin, in order to control the sugar levels in the body. These insulin-filled injections are self-administered so they are more convenient and viable to use. According to the Centers for Disease Control and Prevention (CDC), in 2014, around 29.1 million people in the U.S. were suffering from diabetes, which accounted for 9.3% of the total population. This suggests desperate need for the development of technology for prevention and cure of the diabetes. Furthermore, North America prefilled vaccines market exhibits significant growth in the adaption of technological advancements such as prefilled syringes that improves disease treatment, augments affordability, and enhances precision. However, emergence of pain-free administration of drugs is expected to hamper global prefilled syringes market growth to a certain extent. Moreover, issues regarding reactions between packaging material and the drug that can affect the drug itself are some of the factors restraining growth of the global prefilled syringes market. However, key players in the market are coming up with inert packaging materials that do not affect the drug composition.
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Key players indulged in strategic implementation of various policies for the stabilization of prefilled syringes as well as to encounter other issues associated with it
- In 2015, Gerresheimer and Corning Inc. signed a joint venture in order to accelerate the innovations for pharmaceutical glass packaging materials. The companies entered into a 10 year supply agreement for borosilicate glass tubes focusing on packaging of pharmaceutical products.
- In 2016, BESPAK launched SYRINA AR 2.25 auto injector that enables fully-automatic delivery of viscous drug formulations. The innovative auto-injector is specifically tailored to inject higher viscosities enabling safe use of glass syringes.
Global Prefilled Syringes Market- Restraints
Growth of the prefilled syringes market is expected to be hampered over the forecast period owing to increasing FDA recalls. For instance April 21, 2017, the U.S. FDA recalled one lot of Hospira Inc.'s 25% Dextrose Injection, USP (Infant) due to particulate matter, identified as human hair, found within an internal sample syringe. Furthermore, in 2017 the U.S. FDA recalled one lot of Midazolam Injection, USP, 2 mg/2 mL packaged in 2 ml prefilled single-use glass syringes of Fresenius Kabi USA due to the labeling error.
Market Dynamics
Growing adoption of self-injection devices are major factors that are expected to drive the prefilled syringes market growth over the forecast period. According to the World Journal of Pharmacy and Pharmaceutical Sciences, in 2016, more than 3.5 billion prefilled syringes were produced and used annually by patients and healthcare providers for treatment of a broad spectrum of conditions globally.
However, availability of alternatives such as nanopatches, microneedles, connected delivery devices, and limited shelf life and stability of drugs are major factors restraining the global prefilled syringes market growth.
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