The Global Prefilled Syringes Market in terms of revenue was estimated to be worth $5.6 billion in 2020 and is poised to reach $8.6 billion by 2025, growing at a CAGR of 9.0% from 2020 to 2025. Growth in the global market is majorly driven by the rising demand for prefilled syringes is attributed to the growing prevalence of chronic diseases, technological advancements, rising adoption of self-injecting parenteral devices, and supportive government regulations (especially needlestick legislations). In addition, growing awareness on the benefits of prefilled syringes among patients and healthcare professionals, along with the growing number of biologics and biosimilars in the pharmaceuticals market, is supporting the growth of the global market.
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DRIVERS
· Rising target disease population
· Rapid growth in generic products
· Rising adoption of self-medication and digitalization
· Affordable cost with increased efficiency of prefilled syringes
· Technological advancements
RESTRAINTS
· Dearth of prefilled syringes with integrated safety features
OPPORTUNITIES
· Growing healthcare infrastructure across emerging markets
· Surge of biologics and biosimilars in biopharma industry
· Increasing adoption of wearable drug delivery technologies
CHALLENGES
· Availability of cheaper alternatives
· Challenges associated with manufacturing of prefilled syringes
Recent Developments
· In October 2018, Becton, Dickinson and Company launched the BD Intevi 1mL two-step disposable autoinjector.
· In July 2020, Becton, Dickinson and Company entered into an partnership with Biomedical Advanced Research and Development Authority (BARDA) (US)
· In July 2018, Becton, Dickinson and Company acquired Teva Medical Inc. (US)
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