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CST: 08/04/2020 12:19:29   

Prefilled Syringes Market to hit US$ 7.9 Billion by 2024 - TMR

198 Days ago

Prefilled Syringes Market to Witness Growth at 9.3%, due to Growing Importance of Injectable Drug Delivery Devices

Albany, New York, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Preference and investment made in the healthcare sector has grown significantly across the globe. Government and private organizations all are investing massively in the developing new and innovative ways to treat and provide better health care services. Development is seen in treatment and equipment used to provide advanced healthcare services. Similar grounds developments are also experienced in prefilled syringes that lead growth in the global Prefilled Syringes Market. Regionally, Europe is projected to dominate the global prefilled syringes market. Growing prevalence of autoimmune diseases and diabetes in the region has made the region a leading market. Moreover, large number of aging population prone to get affected with chronic diseases has further supports the growth of this market.

On the other hand, Asia Pacific is also expected to hold significant share in the global prefilled syringes market in the coming years. Significant rise in adoption of advanced technologies along with growing government support has made Asia Pacific a preferred location for the growth of prefilled syringes. Increasing income of people has empowered people with increased purchasing power along with growing awareness regarding the advantages of prefilled syringes are some of the major factors augmenting growth in Asia Pacific prefilled syringes market.

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Besides, the focus on geographical reach, the report on the global prefilled syringes market published by Transparency Market Research also gives details about revenue growth in the market. According to the report, the global prefilled syringes market is expected to rise at staggering 9.3% CAGR over the forecast period between 2016 and 2024. Revenue generation between this periods is expected to grow substantially and might cross US$ 7.9 billion by the end of 2024, this figure subsequently higher than US$ 3.5 billion earned in 2015. The incremental opportunity in the global prefilled syringes market is nearly US$ 4.4 billion over the forecast period. This estimate growth is creating huge growth opportunities for the players and stakeholders operating in this market.

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Players Major Focus is on monitoring the Production Process that will Augment Market’s Growth

Players associated with the prefilled syringes market are Gerresheimer, Becton Dickinson & Co., Medtronic, SCHOTT AG, Baxter International, Vetter International, West Pharmaceuticals, Stevanato Group, and Unilife Corporation. Prominent players in this market are making consistent efforts in improving their manufacturing process, as it will help them in boosting their production value. This step will also help them in getting higher share in the market and competent against other competitors. These players also focusing on monitoring the production process, and likewise make changes, as this will help them to ensure the right amount of drugs to be filled in syringes. All these initiatives taken by the players will benefit them in getting an upper edge in the market. It will also fuel growth in the global market in the coming years.

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Strict Regulatory Policies Related With Monitoring Of Material and Manufacturing Process Benefits Growth in the Market

Strict regulatory policies related with monitoring of the manufacturing process and material used while manufacturing injectable drug delivery devices like prefilled syringes is a significant factor that influences the growth in the global prefilled syringes market. Injectable drug delivery devices are used by both hospital and home nursing, therefore, they need to be manufactured with permitted materials in severely supervised environments. The materials used need to be free of contamination specifications, and should be capable enough to prevent damage in the event of mishandling. With such requisites for the manufacture of injectable drug delivery devices has indirectly supported the growth of the global prefilled syringes market.

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The study presented here is based on a report by Transparency Market Research (TMR) titled “Prefilled Syringes Market (Material - Glass-based and Polymer-based; Distribution Channel - Hospitals, ASCs, and Mail Order Pharmacies; Application - Vaccines and Monoclonal Antibodies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.

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