The global prefilled syringes market accounted for $4.7 billion revenue in 2017 and is projected to witness tremendous growth at a CAGR of 8.3% during the forecast period (2018–2023). The factors driving the growth of the market are expanding biopharmaceutical industry, increasing demand for injectable pharmaceutical products, advancements in technology, and upgraded combination therapy applications. A prefilled syringe is a single-dose, disposable syringe, containing parental drugs filled by manufacturers.
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Prefilled syringes help in the treatment of anaphylaxis, diabetes, rheumatoid arthritis, and other diseases. In the coming years, the prefilled syringes market is predicted to observe the fastest growth in the diabetes category under the application segment, which will witness a CAGR of 9.0%. Further, the market for the treatment of rheumatoid arthritis is anticipated to register a CAGR of 8.1% during the analysis period ,owing to the rising incidents of the disease across the world.
These help in improving patient safety and minimizing the risk of infections. Furthermore, the usage of prefilled syringes also lessens the chances of drug wastage as these deliver exactly the dose needed by patients. Moreover, drug administration with a prefilled syringe is quite easy because it eliminates various preparation steps associated with a vial. The biggest advantage of such syringes is perhaps that these can be used by patients themselves, eliminating the need for a medically-qualified person. Prefilled syringes are free of preservatives and reduce the danger of needlestick injuries as well.
Thus, all these advantages are predicted to further boost the growth of the prefilled syringes market during the forecast period.
This post was originally published on Raleigh Recorder