The prefilled medication in ready-to-use forms for consumers is gaining traction in medical industry. The global investment in healthcare industry has been increasing from the recent past. With the increase in demand for healthcare solution, manufacturers are anticipated to supply advance medication in the market worldwide. Increasing consumer preference for prefilled syringe drug molecule over the traditional method like conventional vials is expected to increase its demand during the forecast period. A new research report by Future Market Insights titled ‘Prefilled Syringes Drug Molecules Market: Global Industry Analysis 2012–2016 and Opportunity Assessment 2017 – 2027’ summarizes on the future scope of the global prefilled syringes drug molecules market. According to market research, the global prefilled syringes drug molecules market is slated to reach a value of US$ 70.0 Bn by the end of forecast period 2017 – 2027 and expected to reach a CAGR of 5.7%.
Prefilled Syringe Drug Molecules Market: Market Dynamics
The research report specifies that increasing adoption of prefilled syringes for its convenience, ease of use, effectiveness and autoinjector characteristics has contributed to substantial revenue growth of prefilled syringes drug molecules market. Growing preference for prefilled syringes among several practice owners and patients has increased its demand. Moreover, reduces risk of contamination, minimal dosing errors and less needles stick injuries in using prefilled syringes has attributed towards revenue growth of prefilled syringes drug molecules. Manufacturers are rigorously working to integrate advanced technologies such as single dose delivery system in existing standard products in order to diversify their products portfolio and attract large customer base. In addition to this, reduced risk of mishandling unused medicine along with the minimum wastage of valuable active pharmaceutical ingredients (API) has driven the demand for prefilled syringes drug molecules.
These abovementioned factors has led to encourage several patients and healthcare professionals to practice prefilled syringes. However, high cost of prefilled syringes for its intricate development process is expected to restrain market growth avenues.
Prefilled Syringes Drug Molecules Market: Analysis Based On Segmentation
Based on the geography, medical and pharmaceutical industries are expected to remain prominent in the North America. The US FDA (Food & Drug Administration) is likely to redraft standard guidelines in practicing prefilled syringes owing to problems of drug shortage in coming years. By the end of 2027, prefilled syringed drug molecules market in North America is expected to reach US$ 23,000 Mn and expected to register CAGR of 6.2% during the forecast period. Other regions like the Asia-Pacific excluding Japan (APEJ) and Japan are expected to observer rise in demand for prefilled syringe drug molecules. Rising demand for insulin vaccines owing to increasing incidences of type 2 diabetes in these regions has attributed to substantial growth of prefilled syringes drug molecules market.
Increasing population of obese people in the Europe has led to drive demand for integration of advanced technology in usage of prefilled syringes. Rising trend of personalized medicine and self-administered drugs has led to change medical landscape of prefilled syringes drug molecules market in the near future. Japanese manufactures are focusing towards smart device and digitized connectivity to improve patient adherence. Integration of latest technologies in production process and raw material along with overcoming the challenges in combination of drug and device products are expected to boost prefilled syringes drug molecules market. Whereas increasing medical tourism in the Middle East & Africa (MEA) is expected to offer potential opportunities for market players in this region during the forecast period.
Based on the drug class, insulin and vaccine are likely to present similar market growth with a potential value share and CAGR. Based on the application, use of prefilled syringes drug molecules for immunization is expected to account for major value share. Followed by this, diabetes treatment is expected to lead prefilled syringes drug molecules market at a CAGR of 6.6% during the forecast period.
Among end users, Hospital pharmacies are highly likely to attribute maximum revenue growth of US$ 32,000 Mn. whereas, online pharmacies are expected to register a CAGR of 6.6% during the forecast period.
Prefilled Syringe Drug Molecule Market: Competition Landscape
The market is highly competitive owing to presence of limited number of renowned market player across the globe. Several companies are focusing to gain competitive edge by investing in the manufacture of injectable drugs especially in complex biology. This leads to surge the need of innovative products and other new features in support of product differentiation. 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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