February 16, 2022 06:07 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The Middle East and Africa prefilled syringes market size was USD 121.0 million in 2020. The market is projected to grow from USD 148.6 million in 2021 to USD 361.8 million in 2028 at a CAGR of 13.6% during the 2022-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Middle East and Africa Prefilled Syringes Market, 2022-2028.” According to our researchers, the increasing occurrence of chronic ailments such as diabetes, arthritis, cancer, and others, is expected to bolster the demand for this product in the Middle East and Africa during the mentioned timeframe. For example, as per the International Diabetes Federation, in 2020, nearly 60 million grownup populace survives with diabetes in MEA region. The rising analysis and treatment expenses of diabetes treatment worldwide are expected to navigate the demand for insulin prefilled syringes in the Middle East & Africa region during the forecast period.
October 2019: BD (Becton, Dickinson and Company) introduced the BD Intevia 1mL two-step one-use autoinjector, which is a strong stage apparatus merging auto-injector and pre-fillable syringe in one combined system.
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Augmented Application of Prefilled Syringes in COVID-19 Vaccines to Stimulate Growth
Since the pandemic first hit the globe, various industries and markets were seen suffering major losses in business due to a set of stringent government norms imposed to curb the spread. The COVID-19 outbreak has positively influenced the medical industry and the Middle East, and Africa prefilled syringes market.
Significant players have noted growth in their annual incomes attained by hiked sales of such syringes during the pandemic used to provide vaccines and conduct blood tests. For example, Ypsomed’s delivery systems section that comprises refillable syringes observed growth of 23.6% amid the 2019 - 2020 years. The same section noted a growth rate of 17.5% during 2018-2019 years.
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Product Enhancements and Regional Developments to Amplify Market Growth
Increasing demand for easy-to-use, suitable, lucrative, and secure substitutes for traditional delivery systems has been observed in the region. Extension of product collection by principal players to comprise progressive syringe designs, great-quality material, and unveiling of products to suffice the rising demands of patient luxury and security is likely to generate striking prospects for market growth.
For example, in December 2020, Becton, Dickinson and Company declared the unveiling of the BD Neopak 2.25 mL pre-fillable glass syringe, explicitly intended for biopharmaceutical producers.
Additionally, numerous corporations are concentrating exclusively on provincial development. The highly unfulfilled requirement for progressive and advanced product portfolio and presently narrow opposition in emerging markets provides substantial latent for escalating business in these regions. Surging emphasis on firming distribution channels in MEA regions is likely to result in augmented income formation. This, in turn, shall offer profitable market opportunities to crucial players to institute bold footprints in the market in emerging regions. This, in turn, is expected to stimulate the Middle East and Africa prefilled syringes market growth.
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On the basis of type, the global market is divided into glass and plastic. The glass segment held the leading share of the global market in 2020. Glass material is extremely attuned with several drug filling machines and delivers a streamlined supervisory sanction of drugs combined with glass syringes.
Based on product, the market is segregated into a complete syringe set and components & accessories. By closing the system, the market is further separated into staked needle system, Luer cone system, and Luer lock form system. Based on product, the market is classified into single-chamber, double-chamber, and multiple chambers.
Rising Chronic Disease Prevalence to Boost Regional Growth
The market value in GCC nations was worth USD 82.9 million in 2020. The principal cause accountable for the growth of the market in GCC nations is the prompt increase in the liability of chronic illnesses and the increasing demand for these syringes for insulin and other drug transfer.
South Africa is projected to be the crucial and leading region in terms of Middle East and Africa prefilled syringes market share. South Africa holds a substantial share owing to the growth of the nation, which is accredited to the prompt upsurge in a load of chronic diseases.
List of Key Players Covered in this Market Report
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