In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Ans: Higher number of HIV and hepatitis patients, growing vaccination drive of COVID-19, risk of contamination by used needles, rising investment in prefilled syringes and higher use of biologic drugs are few factors likely to propel the market growth.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2023 – 2033.
Ans: Risk of syringe leakage, stringent rules for the manufacturing of prefilled syringes and chances of embolism while injecting are few challenges faced by the market
Ans: The market in Europe is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Abbott, Bayer Pharmaceuticals, Baxter BioPharma Solutions, BG (Becton, Dickinson and Company), Gerresheimer AG, Medtronic, Nipro Pharma Corporation, Terumo Medical Corporation, Vetter Pharma International GmbH, West Pharmaceutical Services, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by design, material, application, and by region.
Ans: The diabetes segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.