The global polymer-based prefilled syringe market is anticipated to reach a valuation of US$ 7.2 billion in 2023, driven by rising prevalence of chronic diseases. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 9.0% between 2023 and 2033, and reaching a total valuation of approximately US$ 17.1 billion by 2033.

One of the major factors contributing to the growth of the polymer-based prefilled syringe market is the increasing biopharmaceutical production. The biopharmaceutical industry has been witnessing rapid growth, with an increasing number of biologic drugs and biosimilars in development. The complex and sensitive medications require specialized delivery systems that maintain drug stability and ensure accurate dosing. Polymer-based prefilled syringes offer excellent compatibility with biologic drugs, enhancing their adoption in the market.

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The world’s aging population is a significant driver for the demand for prefilled syringes. Elderly individuals often require multiple medications, and prefilled syringes simplify the administration process, making it easier for patients and caregivers to manage medications effectively.

Safety is a top priority in healthcare, and polymer-based prefilled syringes come with various safety features, such as needlestick prevention mechanisms and tamper-evident caps. The safety features reduce the risk of needlestick injuries and enhance patient compliance with self-administered medications, contributing to improved healthcare outcomes.

Key Takeaways from the Market Study

• Global polymer-based prefilled syringe market was valued at US$ 6.6 billion by 2022-end.

• From 2018 to 2022, the market demand expanded at a CAGR of 5.5%.
• Asia Pacific is expected to hold a dominant CAGR of 8.9% during the forecast period.

• By application, vaccine and other biotech drugs segment is expected to constitute a CAGR of 8.9% in 2033.
• On the basis of end-user, hospitals segment is expected to dominate the market with a CAGR of 8.8% in 2033.
• From 2023 to 2033, polymer-based prefilled syringe market is expected to flourish at a CAGR of 9.0%.
• By 2033, the market value of polymer-based prefilled syringe is expected to reach US$ 17.1 billion.

Patient-centric approach, across the globe, is a major factor that is expected to propel the growth of the polymer-based prefilled syringe market in the near future, remarks an FMI analyst.

Crucial information and forecast statistics covered in the Polymer-Based Prefilled Syringe market report will arm both existing and emerging market players with necessary insights to craft long-term strategies as well as maintain business continuity during a crisis such as the ongoing COVID-19 pandemic.

COVID-19 Impact Analysis on Polymer-Based Prefilled Syringe Market

The recent outbreak of the COVID-19 has adversely affected various markets in the packaging industry, and the Polymer-Based Prefilled Syringe market is no exception. Products which are deemed ‘essential’ continue to experience significant sales, while non-essential items faced a sharp decline in demand.

Following government’s measures, particularly social distancing norms and stay-at-home orders, companies operating in the Polymer-Based Prefilled Syringe market have put their production on a halt. Additionally, movement restrictions and supply chain disruptions have created a logistical nightmare for market players, leading to severe product shortages in the global marketplace. Several market players are further planning to relocate their supply chain from China – the first epicenter of the COVID-19.

The FMI’s report includes an interesting chapter on the preliminary impact of the COVID-19 on the Polymer-Based Prefilled Syringe market. This allows both leading and emerging market players to understand the market scenario during a crisis and aids them in making sound decisions to gain a distinct competitive edge.

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Important Questions Answered in the Polymer-Based Prefilled Syringe Market Report

• Which end user remains the top revenue contributor in different regional markets?
• At what rate has the global Polymer-Based Prefilled Syringe market been expanding during the forecast period?
• How will the global Polymer-Based Prefilled Syringe market look like by the end of the forecast period?
• What innovative strategies are adopted by Polymer-Based Prefilled Syringe market players to stay ahead of the pack?
• What are the restraints affecting the growth of the global Polymer-Based Prefilled Syringe market?