Growth Drivers
Growing Prevalence of Chronic Diseases – The need for pre-filled syringes is being driven by the increasing prevalence of chronic diseases such as diabetes, cancer, and autoimmune diseases. In 2018, over 27% of American people had more than one chronic disease.
Rising Geriatric Population – The Elderly population is more prone to chronic diseases and the rising number of elderly populations across the globe is estimated to drive market growth. According to estimates, the proportion of the aged population in India increased by more than 10% in 2021.
Increasing Spending in Healthcare – Demand for pre-filled syringes is expected to certainly increase as a result of rising healthcare spending as healthcare professionals look for innovative tools and solutions that is poised to enhance patient outcomes, cut costs, and boost productivity. According to the most recent expenditure data, health spending in the US increased by over 2% in 2021.
Increasing Number of Needles-Related Infectious Cases – It is expected that infectious illnesses can spread as a result of needlestick injuries. Further, sharing injecting supplies raises the possibility of spreading and catching blood-borne illnesses including HIV and hepatitis B and C, which is anticipated to drive the market growth. According to the WHO, 6 billion injections with contaminated needles are given each year, accounting for more than 4% of all new HIV cases worldwide.
Challenges
Growth Drivers
Rising Cases of Infection Caused by Needles- Many doctors use pre used needles to save their stock, it itself counted as crime, moreover, it might severely harm a healthy person. In order to prevent such crimes or accidents, prefilled syringes are the best solution. Every year, nearly 385,000 health care workers accidently stick needles in them by accident
Surge in COVID-19 Vaccination Drive- According to the Word in Data, every day 3.87 million vaccination is carried out worldwide and 12.69 doses has been administered.
Growing Popularity of Biologic Drugs- The higher demand of biologic drugs has increased its sales. Biologics has overshadowed the small molecule sales and by 2027 biol0gics drugs is expected to have sales of worth USD 120 billion more than small molecules.
Increasing Number of HIV and Hepatitis-B Cases- The self-filling needles uses with HIV and Hepatitis patients have been misused many times. Therefore, prefilled syringes are the best solution for using on the patients suffering with HIV and Hepatitis. In 2020, globally there were around 38 million people living with HIV.
Low quality of material used for making the syringes, lousy transportation might result in damages syringes and leak of the contained drug. The damages such as bent needle, punctured rubber seal or plunger, and broken glass syringes are likely to hinder the market growth.
The prefilled syringes market is segmented and analyzed for demand and supply by application into diabetes, multiple sclerosis, anaphylaxis, cancer and others. The diabetes segment is anticipated to hold the largest market size by the end of 2033. Rising requirement of insulin treatment is expected to drive the growth of the diabetes segment. Around 150-200 million people worldwide are in the requirement of insulin therapy in 2018. Increased burden of diabetes on the world is to grow the diabetes segment. According to the WHO, 422 million people are living with diabetes worldwide.
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
13.4% |
Base Year Market Size (2024) |
USD 18 billion |
Forecast Year Market Size (2037) |
USD 93.48 billion |
Regional Scope |
|
Author Credits: Radhika Pawar
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