Prefilled syringe drug molecule are defined as the prefilled medication in ready-to-use forms for end-users. Manufacturers are expected to supply such medication alternative in the market owing to its increasing demand across the globe. Growing consumer’s preference of prefilled syringe over the conventional vials is expected to surge its demand for its several benefits like less over-filling and its convenient and safe use. Increasing investment in healthcare sector is expected to attribute towards advancement in the production of prefilled syringe drug molecules.
According to Future Market Insights report, the global prefilled syringe drug molecule market is estimated to be valued at a US$ 70 Mn by the end of 2027. The market is expected to register a CAGR of 5.7% during the forecast period. Increasing competition among major companies involved in the manufacture of injectable drugs especially in complex biology is expected to surge the need of innovative products and other new features in support of product differentiation.
What are the dynamic factors to increase demand for prefilled syringe drug molecules?
- Increasing demand for safety and convenience in use for healthcare workers and patients
- Reduced risk of contamination, dosing errors and needle stick injuries
- Technological advancement in standard product like single dose delivery system
- Increasing adoption of prefilled syringe for its autoinjector characteristic
- Reduced risk of misuse of leftover medicine and less wastage of valuable API (Active pharmaceutical ingredient)
- Rising improvement in clinical trial appeal and its validity
Based on abovementioned factors, several patients and healthcare professionals are highly likely to incline towards usage of prefilled syringes during the forecast period. However, high cost of prefilled syringes and autoinjector due to its complex development process is expected to restrain market growth avenues.
Where can market players find potential opportunities for strategic market expansion?
North America is identified as one of the prominent sector in the development of medical and pharmaceutical industry. However, according to the ASHP (American Society of Health-System Pharmacists) and the US FDA (Food & Drug Administration), the region is expected to encounter problems of drug shortage in the near future. Thereby, major players are losing on potential market opportunities. Thus, FDA is expected to redraft and upgrade the usage of drugs in order in order to boost demand for prefilled syringe drug molecules during the forecast period. Other regions like Japan and the Asia-Pacific excluding Japan (APEJ) are expected to witness rise in demand for prefilled syringe drug molecules. This is attributed to the rising demand for insulin vaccines with the increasing incidences of type 2 diabetes in these regions.
Which application plays significant role to proliferate prefilled syringe drug molecule market growth?
Prefilled syringe drug molecules find several application for the treatment in diabetes, rheumatoid arthritis, anaphylaxis and immunization among others. Among these, immunization is expected to witness robust growth followed by diabetes in the near future.
In addition, hospital pharmacies are expected to offers potential market opportunities as it provides direct access between seller and customers. However, online pharmacies are anticipated to register a healthy CAGR of 6.2% during the forecast period 2017 – 2027. Moreover, when drug class is taken into consideration, both insulin and vaccines are anticipated to witness similar growth and estimated to account for major value share during the forecast period.
Who are the key manufacturers in prefilled syringe drug molecule market?
The global prefilled syringe drug molecule market is observed as highly competitive with the presence of renowned market players. Top brands like BD Physioject and EpiPen auto Injector have strategically set their footprints in the market for its qualitative value offering. Increasing demand for innovative delivery of medicine alternative has increased competition among market players which has resulted to create valuable lifecycle management strategy. This helps pharmaceutical and bio-medical companies to gain competitive advantage in the long run.
Other companies like Novartis AG, AstraZeneca plc., Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Mylan N. V. and Sanofi are among other operating in prefilled syringe drug molecule market.
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