Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new report has been published by Transparency Market Research, titled "Prefilled Syringes Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2013 - 2019". TMR, a market intelligence company based in the U.S., states that the global prefilled syringes market was worth US$2.09 billion in 2012 and is predicted to expand at a CAGR of 13.3% during the forecasting horizon between 2013 and 2019 and reach a value of US$4.98 billion by 2019.As per this TMR report, prefilled syringes represent one of the quickest developing segments of the injectable drug delivery devices market. The numerous advantages provided by prefilled syringes, such as simplicity of administration, enhanced safety, decreased danger of inaccurate dosing and contamination, have been the essential reason for the high demand to date and are predicted to drive market growth in the forecast horizon 2013 to 2019.
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Contingent upon the kind of material used to manufacture the barrel of the syringe, prefilled syringes are categorized into glass prefilled syringes and plastic (polymer) prefilled syringes. Despite the fact that the industry is characterized by expanding utilization of polymer by a large number of manufacturers of syringes, glass is still considered the standard and will retain a dominant share of the market on the basis of revenue and volume. As exhibited in the TMR report, rapid development of the biologics market, specialized advances in the sector, and rising inclination for self-administration of prefilled syringes, autoinjectors, and pen injectors are the major growth factors for the global market for prefilled syringes. Moreover, specialized advances related with siliconization and needlestick prevention and safety are additionally anticipated to drive the market for prefilled syringes in the coming years.
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According to this TMR report, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe took up the biggest regional share in the global prefilled syringes market on the basis of volume and revenue. On the other hand, in the forecasting horizon, the North American market for prefilled syringes will constitute the most noteworthy market development, at a CAGR of 15%. Rise in the conversion rate from vials to prefilled syringes and the presence of major drug manufacturers in the area demanding prefillable syringes for medication filling are the key elements anticipated to trigger market development in North America.
The region of Asia Pacific is a late adopter rather than a pioneer in terms of advancement and incorporation of newer technologies. In spite of the fact that the market is presently very small in the area, affected by factors such as improving financial conditions leading to enhanced purchasing power of the average consumer, increasing awareness regarding the benefits of prefilled syringes and the existence of a large pool of patients experiencing various chronic diseases, the market is predicted to develop at a double-digit CAGR in the forecast period.
The key players across the four regional segments of the global prefilled syringes market include Becton, Dickinson & Company, Gerresheimer AG, Nipro Corporation, Schott AG, and Stevanato Group.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research