Global Prefilled Syringe Packaging Market 2016-2020
Market outlook of the global prefilled syringe packaging market
Technavios research analyst predicts the global prefilled syringe packaging market to grow at a CAGR of around 12% by 2020. The prefilled syringes are gaining popularity over parenteral drug delivery routes because of their high affordability, accuracy, and safety. Also, the ability of such syringes to reduce drug wastage, increase the useful drug lifespan, and increase the vendor's market footprint will result in the growth of the market.
The augmented use of disposable medical products is the key driver for the growth of this market. Recently, it has been observed that many healthcare facilities prefer using disposable products as it reduces the risk of cross-contamination. This rise in the use of disposable products will lead to the augmented demand for plastics as a packaging material due to its cost-effectiveness when compared to glass and metallic materials.
Segmentation by material type and analysis of the prefilled syringe packaging market
Glass Plastic Though the glass prefilled syringes segment dominates this market in terms of total market shares, the plastic prefilled syringes segment will experience rapid growth during the forecast period. Since these syringes are break resistant and have the ability to protect drugs from moisture, their augmented adoption by healthcare facilities will lead to market growth during the estimated period.
Application-based segmentation of the prefilled syringe packaging market
Vaccines Antithrombotic drugs Technavio market research analysts estimate the vaccines packaging segment to account for more than 58% of the total market share by the end of 2020. The ability of prefilled vaccine syringes to meet the needs to healthcare facilities, such as reducing wastage, decreasing the time for drug administration, and reducing the risks of errors and contamination, will foster its adoption for vaccination purposes during the forecast period.
Competitive landscape and key vendors
The global prefilled syringe packaging market is fragmented owing to the presence of several multinational, regional, and local vendors. The smaller and local vendors compete with the multinational vendors in terms of cost, as it is difficult for them to compete with international vendors in terms of quality, features, and range of offerings.
The leading vendors in the market are -
Baxter Becton Dickinson Gerresheimer Nipro Schott The other prominent vendors in the market include Bespak, Bosch Packaging, Catalent, Ciron Groups, Corden Pharma, Health Biotech, MedXL, Novalek Pharmaceuticals, Stevanato Group, Troikaa, Unilife Vetter Pharma, West Pharmaceutical Services, and Ypsomed Holding.
Key questions answered in the report include
What will the market size and the growth rate be in 2020 What are the key factors driving the global prefilled syringe packaging market What are the key market trends impacting the growth of the global prefilled syringe packaging market What are the challenges to market growth Who are the key vendors in this market space What are the market opportunities and threats faced by the vendors in the global prefilled syringe packaging market Trending factors influencing the market shares of the North America, APAC, Europe, and ROW. What are the key outcomes of the five forces analysis of the global prefilled syringe packaging market Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report Global Prefilled Syringe Packaging Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Prefilled Syringe Packaging Market: Baxter, Becton Dickinson, Gerresheimer, Nipro and Schott
Other Prominent Vendors in the market are: Bespak, Bosch Packaging, Catalent, Ciron Groups, Corden Pharma, Health Biotech, MedXL, Novalek Pharmaceuticals, Stevanato Group, Troikaa, Unilife Vetter Pharma, West Pharmaceutical Services, and Ypsomed Holding.
Commenting on the report, an analyst from Technavios team said: Tamper-evident closures in syringes help prevent leakage. They protect the syringe from breakage and consequent contamination. These closures have a Luer connection or Luer lock connection with a plastic closure end. The cap is connected to the syringe by a frangible web. The cap and frangible web are fixed together in one piece and connected at the end of the syringe by welding during plastic injection molding. The manufacturing tolerance of the closures is high, ensuring the breakage of only the frangible web while removing the cap.
According to the report, the global demand for disposable medical supplies amounted to 190 billion in 2015, and will likely grow at a CAGR of 6.5% during the forecast period. Disposable products reduce the risk of cross-contamination as well as provide safety, sterility, and convenience. Growing use of disposable products has also led to the demand for plastic as packaging material due to its cost-effectiveness compared to glass and metallic materials.
Further, the report states that unstructured and disparate product data make the drug labeling process a manual and tedious task, posing a challenge to vendors.