SMALL MOLECULE PREFILLED SYRINGES MARKET ANALYSIS

Small Molecule Prefilled Syringes MarketSize and Trends

Global 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% during the forecast period (2023-2030).

Figure 1. Global Small Molecule Prefilled Syringes Market Share (%), By Type, 2023

Global Small Molecule Prefilled Syringes Market– Drivers

• Increasing incidence of chronic diseases: Increasing prevalence of chronic diseases is expected to drive growth of global small molecule prefilled syringes market. For instance, in June 2021, according to the fact sheet published by World Health Organization (WHO), , in 2019, an estimated 17.9 Mn people died from cardiovascular disease, accounted 32% of all global deaths. Among which, 85% of these deaths were due to heart attacks and strokes. Heart disease is the main cause of death in the U.S,for men, women, and people of most racial and ethnic groups. In theU.S., one person dies from cardiovascular disease every 33 seconds. In 2021, over 695,000 people in the U.S.died from heart disease thataccounted for one out of every five deaths.
• Increasing product launch by market players: The main benefits of prefilled syringes over conventional drug delivery systems are the improved product safety, self-administration, accurate dosing, and low chances of drug contamination. Self-injection advantage of prefilled syringes is a major factor that boosts adoption of the prefilled syringes, thus, drives growth of the global small molecule prefilled syringe market. For instance, in July 2022, Fresenius Kabi AG, a global healthcare company, expanded its simplist ready-to-administer prefilled syringe portfolio by launching adenosine injection in prefilled syringes that is indicated for the treatment of tachycardia.

Figure 2. Global Small Molecule Prefilled Syringes Market Share(%), By Region, 2023

Global Small Molecule Prefilled Syringes Market- Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore faced problemsproblems regardingtransportation and distribution of healthcare products.

In 2020, the COVID-19 pandemic disrupted health-care delivery around the world including delay in needle or syringe related diagnosis and treatment. Therefore, the impact of COVID-19 is expected to hamper growth of global small molecule prefilled syringes market. For instance, in September 2020, according to an article published by International Journal of Drug Policy, the needle and syringe programs (NSPs) are organized for population for free access to injectables and for awareness of the adverse effects associated with injecting drugs. According to the same source, the restrictions due to the pandemic resulted in a 36% decrease in the number of needle and service programs (NSP) clients in England, a 36% decrease in visits, and a 29% decrease in needle distribution as compared to 2019. NSP coverage for those injecting psychoactive drugs was cut in half, falling from 14 needles per week on March 15, 2020, to seven needles per week by mid-April 2020.

Global Small Molecule Prefilled Syringes Market - Key Trends

Introduction of small molecule prefilled syringes with advanced technology: Introduction of small molecule prefilled Ssyringes with advanced technology in the market is expected to drive growth of the global small molecule prefilled syringes market over the forecast period. For instance, in September 2022, BD, a global medical technology company, introduced a next-generation prefillable glass syringe (PFS) that sets a new performance standard for vaccine PFS with new and tightened processability specifications : cosmetics, contaminants and integrity.