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The Small Molecule Prefilled Syringes Market is estimated to be valued at US$ 18.98 Bn 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 self-administered injectables that contain biologics or small molecule drugs. These syringes offer benefits such as reduced risk of contamination, accurate and customizable dosing, and ease of administration. They are frequently used to deliver drugs in conditions like rheumatoid arthritis, cancer, diabetes, and cardiovascular diseases.
Market Dynamics:
Increasing geriatric population: Growing elderly population globally is expected to boost demand for small molecule prefilled syringes. Older patients frequently require medication for conditions like diabetes, cardiovascular diseases, and cancer. Self-administration via prefilled syringes offers convenience to this demographic.
Home healthcare market growth: Expanding home healthcare services allow patients to receive treatment outside of physician offices and hospitals. This drives the adoption of self-injectable drug delivery systems like prefilled syringes. Their precise dosing and simple design make them suitable for self-administration at home.
Segment Analysis
The small molecule prefilled syringes market is dominated by the lyophilized segment. This segment held around 60% market share in 2022 owing to the shelf-life benefits of the lyophilized formulation. Lyophilization helps extend the shelf-life of small molecule drugs up to three years as compared to six months for liquid formulations. This reduces wastage of expired drugs and lowers operational costs for pharmaceutical manufacturers and healthcare facilities.
PEST Analysis
Political: The market is positively impacted by regulations and initiatives supporting cost-effective healthcare delivery models. Various countries are promoting the use of prefilled syringes to improve medication safety and reduce medical errors.
Economic: Growing healthcare expenditures coupled with rising geriatric population suffering from chronic diseases are driving demand. However, inflationary pressures may restrict market growth to some extent.
Social: Increasing adoption of self-administration of drugs and patient awareness about therapeutic advantages of prefilled syringes are fueling the market expansion.
Technological: Continuous innovation in presentation designs, materials used, and smart connectivity features in prefilled syringes are augmenting their adoption.
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 prevalence of chronic diseases requiring injections and rising preference for needle-free administration.
Regionally, North America dominated the market and accounted for over 30% share in 2022 due to advanced healthcare infrastructure and rising usage of self-injection devices in the region. Asia Pacific is anticipated to be the fastest growing market owing to improving access to healthcare in emerging economies.
Key players operating in the small molecule prefilled syringes market 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 launches, partnerships and geographic expansions to garner higher revenue shares.
