March 23, 2022 10:00 ET | Source: Precedence Research Precedence Research
Ottawa, March 23, 2022 (GLOBE NEWSWIRE) -- The global prefilled syringes market was estimated at US$ 6.49 billion in 2021. The prefilled syringes make injections accurate, easy, and safe for, both, doctors and patient. Pre-filled syringes have is one of the fastest- growing selection for the medication of unit dose, as the pharmaceutical industry seeks new and more accessible medicine delivery styles.
In addition, pharmaceutical companies can get benefit by saving the cost of vials. Pharmaceutical key players are suitable to minimize medicine waste and increase product life span, while patients are suitable to self- administer injectable medicines at their home rather of the hospital. In addition, re-filled syringes have also stayed employed across a wide range of therapeutic sectors, similar as blood instigations, vaccines, and remedial proteins.
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Excluding dosing errors and ease of use are two of the topmost advantages of pre-filled syringes. Accordingly, the discrimination advantages handed by prefilled syringes above traditional syringes are leading to the increased relinquishment and contributing to the global market growth.
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Driver: Rising target complaint population
Prefilled syringes are substantially used for the treatment of chronic diseases, similar as diabetes, heart conditions, and autoimmune conditions, which bear patients to self-administer specifics. As a result, the adding prevalence and frequency of chronic and life conditions across the globe is a major factor contributing to the growth of the prefilled syringes market. Also, there's a growing demand for self-injection equipments, considering the convenience and safety associated with their use.
Restraint: Dearth of prefilled syringes with intertwined safety features
Prefilled syringes give better safety of patient by diminishing the potential for unintended needle sticks and poisonous products exposure that can do while drawing drug from vials. In similar patients, the defiled needle of prefilled syringes can lead to blood- borne infections, similar as HIV and HCV. In addition, the partial prefilled syringes market presence with intertwined safety features, due to their challenging and expensive manufacturing procedure, is a major concern in the market. Still, this trend is anticipated to change in the coming times, as the healthcare market is laying lesser emphasis on reducing the rate of needle stick injuries, which, in turn, is paving the way for the development of safety prefilled hypes.
Opportunity: Growing healthcare structure across arising markets
Emerging economies will continue to suffer from inadequate healthcare backing, which negatively affects access to quality, healthcare, and, eventually, the health status of citizens. According to the World Bank, roughly 400 million people lacks access to essential healthcare services, substantially in Africa and South Asia. Likewise, accelerating medical affectation, the cost of medical treatments and an advanced frequency of non-communicable life- related conditions similar as diabetes, cancer, or cardiac arrest, have rebounded in funding gaps.
According Geneva Association report, in the last 20 years, the share of the aggregate global healthcare expenditure in GDP has raised from about 8% to nearly 10%, or an estimated US$8000 billion per year, which is boosted by the expanding treatment options, medical treatment accelerating cost and adding client demands. Also, the Global Burden of Disease Health Financing Collaborator Network (2017) estimates that global spending on health will nearly triple to USD 24 trillion by 2040 with upper-middle- income countries are estimated to show the fastest increase at a normal of5.3% per time. This growth could be attributed to uninterrupted growth in GDP and the rise of the middle class and government spending.
Challenge: Availability of cheaper alternatives
Traditionally, injectable were painful and invasive in nature, which was the major concern for patients to prefer medicine delivery alternate routes, such as topical, oral, and nasal. In addition, among the various routes of medicine delivery, the oral route is the most preferred as it's easy to use, accessible, cost-effective, safe, and respectable. Due to the above mentioned factors, the adoption of indispensable medicine delivery technologies is adding across the globe. Like, cost-effective delivery styles development for insulin, alternate, similar as Medtronic's Veo insulin and Pfizer's Exubera pump, is restraining the usage of injectable insulin. Presently, insulin is substantially administered via injections, and therefore, injections of insulin form a significant market for injectable medicine delivery technologies. Still, the arrival of inhalable insulin is anticipated to significantly impact the growth of this market as nasal medicine delivery is pain-free and largely patient biddable.
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