According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
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.
Regionally, the global prefilled syringes market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Europe is projected to hold the largest market share by the end of 2033. The growth is expected on the account of companies highly investing in the injectable pharmaceuticals. Additionally, rapid vaccination drive in the region is responsible for boosting the growth of market in Europe. In Russia, as of August 2022, about 171 million COVID-19 vaccine doses has been dispensed.
The global prefilled syringes market is further classified on the basis of region as follows:
Our in-depth analysis of the global prefilled syringes market includes the following segments:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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.