POLYMER-BASED PREFILLED SYRINGE MARKET SEEN SOARING 4.9% GROWTH AND VALUED AT USD 2.87 BILLION BY 2023, PROJECTS UNIVDATOS MARKET INSIGHTS

Key Highlights of the Report:

• Rapid Market Growth: The report focuses on the rapid growth of the polymer-based prefilled syringes market in North America. This growth is being driven by factors like a rising demand for advanced medical devices, a rising prevalence of chronic diseases, and an increasing focus on patient safety and convenience.
• Superior Safety and Usability: Polymer-based prefilled syringes outperform conventional glass syringes when it comes to both safety and usability. Patient satisfaction and improved medication administration practices are helped along by features like increased durability, breakage resistance, and user-friendly design elements.
• Compatibility and Stability: The report emphasizes that polymer-based prefilled syringes are compatible and stable, making them suitable for a wide range of medications, including biologics and specialty medications.
• Regulatory Compliance: One of the most crucial factors in the adoption of polymer-based prefilled syringes is regulatory compliance. The report examines the thorough testing and approval processes expected to guarantee consistency with administrative guidelines set out by specialists like the FDA in the US and Wellbeing Canada.
• Future Prospects and Innovations: The report provides insights into the polymer-based prefilled syringes market’s prospects and innovations, including ongoing R&D efforts aimed at improving performance and functionality.

According to a new report by UnivDatos Market Insights, the Polymer-Based Prefilled Syringe Market is expected to reach USD 2.87 Billion in 2023 by growing at a CAGR of ~4.9%. The population is ageing globally and with this comes the increased incidence of chronic conditions that need medications frequently. Prefilled syringes offer convenience and ease of use for self-administration or by caregivers, driving their adoption. As per the United Nations World Population Ageing 2023 report, there are now over 10 million older people in the nation, placing a significant financial strain on the social security and healthcare systems. Even though the proportion of older people was just 4.9% in 2023.

As demand for prefilled syringes rises, other pharma and biotech businesses around the globe are expected to transition from traditional syringes and other packaging systems to polymer-based prefilled syringes for their injectable products, which will drive the market deeper into penetration. Furthermore, firms that are involved in the research and development of advanced polymers for various applications or those firms that design new and unique polymers will have the upper hand in the market. For example, on March 18, 2024, SCHOTT Pharma will be establishing a new prefilled syringe manufacturing plant in Wilson, North Carolina, for a total of USD 371 million, with over 400 planned employees, to meet the demand for glass and polymer prefilled syringes for mRNA, GLP-1, and other therapeutic applications in the United States.

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The ability to tailor treatments to individual needs and desired outcomes enhances patient satisfaction and drives market demand. Some of the most performed Polymer-Based Prefilled Syringe include:

• On March 18, 2024, SCHOTT Pharma invests USD 371 million in a new prefilled syringe manufacturing facility in Wilson, North Carolina, creating over 400 jobs, aiming to meet the demand for glass and polymer prefilled syringes for mRNA, GLP-1, and other therapies in the U.S.
• On January 24, 2023: Stevanato Group S.p.A. collaborated with Transcoject GmbH, a medical device and pharma packaging solutions company. The collaboration will enable Stevanato Group to add cyclic olefin polymer (COP) and cyclic olefin copolymer (COC) PFS to its existing portfolio of solutions, providing added value in the customers’ supply chain.
• On May 17, 2022: Terumo Pharmaceutical Solutions (TPS) launched a pre-fillable polymer syringe for low-dose applications such as ophthalmic drugs. The PLAJEX Ready-to-Fill Polymer Syringe range, these primary container solutions come sterilized, and ready for filling, offering silicone oil-free containers made of Cyclo Olefin Polymer (COP) with tight dimensional tolerances.

According to the report, the impact of polymer-based prefilled syringe resources has been identified to be high for the North American area. Some of how this impact has been felt include:

Asia-Pacific is expected to grow with a significant CAGR in the forecast period (2024-2024) because of the rising incidences of chronic diseases including diabetes, infectious diseases, and cancer in the Asia-Pacific countries. According to the OECD 2022, 227 million people have type 2 diabetes in the Asia-Pacific region, among them 50% remain untreated and ignorant about having long-term complications. In addition, the awareness of health among the people in the region has grown, and so has the health care expenditure which has inclined the demand for sophisticated medical devices such as prefilled syringes.

Conclusion

Consequently, prefilled polymer syringes are a breakthrough in the polymer technology of drug delivery systems having the following advantages over glass syringes. Their safety, convenience, and relatively cheaper price make the device an attractive tool for pharma and healthcare providers as they seek better ways of attending to patients and cutting costs. With the increasing trend in technology later in the future, the features of polymer-based prefilled syringes can be developed to enhance the growth and use in the healthcare system.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2024−2032.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by polymer type, by application, by end-user, by Region/Country

Competitive Landscape – Top Key Vendors and Other Prominent Vendors