Market Trends of Syringe Industry
This section covers the major market trends shaping the Syringe Market according to our research experts:
Pre-Fillable Syringes Segment is Expected to Witness a Significant Growth in the Syringe Market Over the Forecast Period
A pre-fillable syringe is a disposable syringe that is used to remove a drug product from a vial for administering through various routes. They are generally preferred for the parenteral administration of various drugs, and they are used mainly for the treatment of chronic diseases such as cancer, diabetes, and several other diseases. By eliminating the withdrawal phase and delivering the medication product straight to the patient, a pre-fillable syringe device can administer a more precise dose of the drug while minimizing needle exposure.
The pre-fillable syringes segment is likely to witness growth over the forecast period owing to the factors such as a rise in chronic, infectious diseases, an increase in the adoption of injectable drugs, and technological advancements in the field of syringes. For instance, as per the IDF Diabetes Atlas 10th edition, the number of adults with diabetes in Europe is expected to reach 67 million by 2030 and 69 million by 2045.
Additionally, the approval by the regulatory authorities, product launches, and collaborations is also boosting the growth of the segment over the forecast period. For instance, in June 2022, West Pharmaceutical Services, Inc., a company that produces innovative solutions for injectable drug administration, unveiled its new pre-fillable Daikyo Crystal Zenith 2.25mL Insert Needle Syringe System at BIO International Convention. Furthermore, in June 2022, BD (Becton, Dickinson, and Co.) and Mitsubishi Gas Chemical Co. Inc. (MCG) signed a letter of intent to discuss a partnership to explore new ways to advance pre-fillable syringe technology for biologic drug delivery. Specifically, the agreement states that they are anticipated to investigate further development of Oxycapt, an innovation from MGC that integrates what it calls the best of plastic and glass for the plastic syringe.
Hence, owing to the rise in chronic diseases, increase in product launches, and collaboration in the field of pre-fillable syringes, the pre-fillable syringe segment of the market studied is expected to witness rapid growth over the forecast period.
Asia-Pacific is Expected to Witness a Growth in the Syringe Market Over the Forecast Period
The Asia-Pacific market for syringes is expected to witness healthy growth during the forecast period. Factors such as improving economic conditions, the rise in purchasing power of the people, the growth in awareness regarding the advantages of pre-fillable syringes, and the presence of a large patient pool suffering from various chronic diseases are expected to drive the market in the Asia-Pacific region. For instance, as per the IDF 2021 report, in Asia, the number of adults with diabetes is expected to reach 113 million by 2030 and 151 million by 2045. Hence, as the number of diabetic populations rises, the demand for syringe utilization rises, thereby boosting market growth over the forecast period.
The increased focus of market players on product launches and production expansion also drives the market growth in the region. For instance, in August 2021, the medical syringe manufacturer Hindustan Syringes & Medical Devices Ltd (HMD) achieved a milestone of producing over 1 crore assorted-size syringes daily. Also, the strategic initiatives taken by the market players are expected to propel the growth of the market. For instance, in April 2021, West Pharmaceutical Services, Inc. extended its partnership with domestic Indian pharma company Venus Remedies Ltd. to deliver the NovaGuard SA Pro safety system. It helps biopharmaceutical manufacturers package drugs in a prefillable syringe with a needlestick prevention feature.
The surge in recent product approval in the market led to the availability of novel and advanced products, thereby impacting the adoption and leading to the growth of the syringe market.
