The global Small Molecule Prefilled Syringes Market is estimated to be valued at US$ 18.98 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Small molecule prefilled syringes are used for delivering small molecule drugs such as vaccines, antibodies and other injectable drugs to patients. These syringes offer benefits such as accurate and convenient dosing along with reducing contamination risks associated with multidose vials.
Market key trends:
Small molecule prefilled syringes are increasingly preferred over conventional vials for delivery of small molecule drugs due to their advantages such as single-dose format that prevents risks of contamination. Growing incidence of diseases like cancer and diabetes is expected to drive the demand for injectable small molecule drugs that require accurate dosing. Increasing focus on self-administered drug delivery is also boosting the demand for small molecule prefilled syringes. However, glass breakage and incompatibility issues remain key challenges for widespread adoption of prefilled syringes.
Market key trends:
One of the key trends in the small molecule prefilled syringes market is the shift from traditional vial packaging to prefilled syringes. Prefilled syringes offer multiple advantages over conventional vials such as improved safety, accuracy of dosing, and user-friendliness. They prevent dosing errors and needlestick injuries. With growing preference for self-administration of drugs, prefilled syringes are gaining widespread acceptance.
SWOT Analysis
Strength: Safety and accurate dosing. Prefilled syringes eliminate dosing errors and increase safety as compared to vials.
Weakness: High production costs. Manufacturing prefilled syringes involves complex automated machinery and assembly lines, making them more expensive than vials.
Opportunity: Self-administration of drugs. Growing demand for self-injectable drugs offers opportunity for growth of prefilled syringes in therapeutic areas like arthritis, diabetes, and others.
Threats: Alternatives like wearable drug delivery devices. Emergence of alternative delivery modes like patches, pills, and wearable devices can hamper the demand for prefilled syringes.
Key Takeaways
The global small molecule prefilled syringes market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing preference for self-administration of drugs.
The market size for small molecule prefilled syringes in 2023 is estimated to be US$ 18.98 Bn. Growth prospects remain high in therapeutic categories like arthritis, diabetes, oncology, and others where self-administration is predominant.
North America dominates the small molecule prefilled syringes market currently owing to rising incidence of chronic diseases and supportive regulatory environment for self-injectables. However, Asia Pacific is poised to witness fastest growth during the forecast period with expanding healthcare infrastructure and increasing accessibility of injection devices in major countries like India and China.
Key players operating in the small molecule prefilled syringes market growth are BD, Cytiva, Merck KGaA, Gaplast, Ascendia Pharmaceuticals, Sanofi, Viatris Inc. (Mylan N.V.), Pfizer Inc., Dr. Reddy’s Laboratories Ltd., Fresenius Kabi AG and McKesson Corporation. These players are focusing on new product development, capacity expansion and strategic collaborations to strengthen their position in the market.