Market Trends of Prefilled Syringes Industry
Diabetes Segment is Holds Significant Market Share and Expected to do the Same Over the Forecast Period
Diabetes is a chronic disease that occurs when the pancreas can no longer make insulin or when the body cannot make good use of the insulin it produces. People with diabetes widely use prefilled syringes to administer multiple doses of insulin daily. A large patient base, a growing prevalence of diabetes, and the need for effective and safer insulin delivery devices are some of the factors expected to help maintain the dominance of this segment throughout the forecast period.
The rising prevalence of diabetes around the world is a primary factor driving market expansion. Diabetes is one of the world's most serious public health problems, posing a significant threat to public health and socioeconomic development. For instance, according to the International Diabetes Federation (IDF), in 2021, around 537 million adults between 20 years and 79 years of age were living with diabetes. As per the same source, the number of people living with diabetes is projected to increase to 63 million by 2030 and 783 million by 2045.
Moreover, major companies such as BD are producing prefilled syringes designed exclusively for chronic disease therapy in order to increase their market position. For instance, in May 2021, BD announced plans to spin out its Diabetes Care division as a separate, publicly-traded company ("NewCo"). BD Diabetes Care has been a major force behind the adoption of insulin syringes and other products, generating roughly 8 billion injection devices each year and supporting approximately 30 million patients. Over the foreseeable term, such factors are expected to drive the product demand.
Additionally, in March 2022, Novo Nordisk made its smart insulin pens available in the UK, giving people treated within the NHS for diabetes access to devices that can monitor and record dosing information for the first time. Similarly, in November 2020, Medtronic PLC launched InPen integrated with real-time Guardian Connect CGM data. InPen is the first and only FDA-cleared smart insulin pen on the market for people on multiple daily injections (MDI). Therefore, the above-mentioned factors are expected to drive segmental growth in the market during the forecast period.
North America Expected to Hold a Significant Market Share and Expected to do the Same in the Forecast Period
North America is expected to hold a significant market share in the studied market over the forecast period due to the high preference of healthcare practitioners for prefilled injectable devices in order to decrease needle-related injuries. Additionally, the region has a presence of major market players such as Gerresheimer AG, SCHOTT group, Stevanato Group, Haselmeier AG, and Owen Mumford Ltd. These companies have strengthened their presence in the region over the years. Thus, the demand for prefilled syringes is increasing in the United States, fueling the studied market's growth.
According to the Pan American Health Organization report 2022. At least 62 million people live with diabetes in America, a number which is expected to be much higher given that around 40% of those with the disease are unaware they have the condition. In line with the current trends, the number of people with diabetes in the region is projected to reach 109 million by 2040. Patients with Type 1 diabetes undergo regular intra-venous administration of insulin to control their sugar levels. Owing to ease of administration, prefilled syringes can make self-administration more convenient and viable.
Moreover, innovative product launches and approval to the United States market are anticipated to fuel the market growth over the forecast period. For instance, in September 2022, BD (Becton, Dickinson, and Company) introduced a new glass pre-fillable syringe (PFS) that aims to set a new standard in performance for vaccine PFS. The new BD Effivax Glass PFS has been designed in collaboration with pharmaceutical companies to meet the complex and evolving needs of vaccine manufacturing.
Further, in October 2022, West Pharmaceutical Services, Inc., a global manufacturer of innovative solutions for injectable drug administration, participated in the 2022 Parenteral Drug Association (PDA) Universe of prefilled syringes and Injection Devices Conference and presented the development of large volume delivery systems, self-injection devices, and pre-fillable syringe component expertise. Thus, such developments in the country are expected to fuel market growth.
Thus, owing to the abovementioned factors, the studied market in the North American region is expected to witness promising growth over the forecast period.
