U.S. and EU-5 Prefilled Syringe Small Molecule Market to Reach US$17.1 Bn by 2024
The U.S. and EU-5 prefilled syringe small molecule market is prognosticated in a report by Transparency Market Research (TMR) to find Sanofi, Mylan N.V., and Teva Pharmaceutical Industries Ltd. taking a leading position in terms of growth. The three companies secured a colossal share of the market in a recent year. Copaxone, a popular drug brand of Teva, helped the company to maintain its king’s share for a pretty long period of time. With a view to gain a competitive edge over other players of the market, pharmas are expected to focus on the development of strong product pipelines. Product innovation and substantial research and development investment could be other strategies adopted by players.
TMR foretells the U.S. and EU-5 prefilled syringe small molecule market to register a 6.0-8.0% CAGR for the forecast tenure 2016-2024 to bag a US$17.1 bn by the completion of 2024. On the basis of therapeutic class, the market could witness the rise of neurology drugs as a higher-ranking segment with sales expected to cross almost a 40.3 mn units by the final forecast year. By geography, the U.S. is anticipated to collect a larger share of 68.3% by the same year.
Technological Innovations Build Robust Foundation for Striking Rise in Demand
Impressive range of technological innovations introduced in the U.S. and EU-5 prefilled syringe small molecule market is predicted to set the tone for valuable growth in the next few years. New device functions and materials for prefilled syringes have been made available in the market as a result of the advent of these innovations. For instance, BD cyclo-olefin-polymer (COP) syringes are employed for biopharmaceutical applications. Some of the known benefits of these syringes are their exceptionally low particles, super low tungsten, and low silicone values.
The U.S. and EU-5 prefilled syringe small molecule market also offers plastic syringes with COP that have an upper hand over glass syringes on the part of ultra-high purity polymer with low leachable and off-gas content.
Large Molecules Biologics Gaining Shifted Preference Stunts Growth of Market
Demand for prefilled syringe small molecule is envisaged to bear the brunt of the shift in preference which is more inclined toward the adoption of large molecules biologics. Furthermore, rising concerns regarding inaccuracy of dosages and quality of products could create problems in the market. As a result, there has been a large incidence of product recalls in the recent years. In the wake of this event, a number of healthcare professionals are employing other formulations of the same drugs for treating patients.
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However, the advantage of easier injectable drug delivery at home is envisioned to increase demand for prefilled syringe small molecule. This also reduces healthcare cost of patients as prefilled syringes eliminate the need for trained medical staff and hospitals. Use of prefilled syringes is projected to increase on the back of the facility to see the vials when managing rheumatoid arthritis, diabetes, and other diseases.
The information presented in this review is based on a TMR report, titled “Prefilled Syringe Small Molecule Market (Therapeutic Class – Neurology Drug, Cardiovascular Drugs, Analgesics, and Adjuvants) – U.S. and EU-5 Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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