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Health Care : Biotechnology | Large Cap Value
Company profile

AbbVie Inc. (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in research and development, manufacturing, commercialization and sale of medicines and therapies. AbbVie offers its products in various therapeutic categories, including Immunology products, which include Humira, Skyrizi and Rinvoq; Oncology products consists of Imbruvica and Venclexta; Aesthetics products include Botox Cosmetic, Juvederm Collection and other aesthetics; Neuroscience products, such as Botox Therapeutic, Vraylar, Duopa and Duodopa, and Ubrelvy; Eye care products consists of Lumigan, Alphagan and Restasis ; Women's health products incudes Lo Loestrin, Orilissa and other women's health; and Other key products, which includes Mavyret, Creon, Lupron, Linzess and Synthroid. The Company's products are sold worldwide directly to wholesalers, distributors, government agencies, health care facilities and independent retailers from AbbVie-owned distribution centers and public warehouses.

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Pre Filled Syringes Global Market Report 2021: COVID-19 Implications And Growth

3:51 am ET July 9, 2021 (Globe Newswire) Print announces the release of the report "Pre Filled Syringes Global Market Report 2021: COVID-19 Implications And Growth" -

, Unilife Corporation, Eli Lilly and Company, Amgen, Bayer AG, Pfizer Inc., Bristol-Myers Squibb Company, F. Hoffman-La Roche AG, AbbVie Inc., Owen Mumford, AptarGroup Inc., Medtronic, Abbott, Fresenius Kabi, Medpro, Mylan, Elcam Medical, YPSOMED, Oval Medical Technologies, and SHL Medical AG.

The global pre filled syringes market is expected to grow from $5.78 billion in 2020 to $7.29 billion in 2021 at a compound annual growth rate (CAGR) of 20.74%. The exponential growth is mainly due to the companies catering to the growing demand for COVID-19 vaccines that require pre-filled syringes. The market is expected to reach $11.18 billion in 2025 at a CAGR of 11.30%.

The pre filled syringes market consists of sales of pre filled syringes by entities (organizations, sole traders, and partnerships) that manufacture disposable syringe supplied with already loaded medicine to be injected. The companies involved in the pre-filled syringes market are primarily engaged in the development, manufacturing, and marketing of pre filled syringes.

The main types of prefilled syringes are conventional prefilled syringes and safety prefilled syringes.Conventional prefilled syringes contain a single-dose packet of vaccine, which has a needle fixed by the manufacturer.

The needle is for one time use and the syringe is disposed of after application.Safety prefilled syringes contain a single-dose packet of vaccine, which is self-administrated by patients requiring regular injections at a home setting.

The syringes are manufactured using glass and plastic with single-chamber prefilled syringes, dual- chamber prefilled syringes and customized prefilled syringes. These prefilled syringes are used for diabetes, rheumatoid arthritis, anaphylaxis, cancer, thrombosis, ophthalmology, others.

Europe was the largest region in the pre filled syringes market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Product recalls attributing to factors such as breakages, leachable, defects in packaging, and contamination hindered the growth of the pre filled syringes market in the historic period.The product recall is the process of retrieving or replacing the products already in the market wherein the company bears the cost of replacing and fixing defective products, or of reimbursing affected consumers.

Product recalls affect a market substantially as it can affect the company performance within the market, change its financial profile, and can have a negative impact on its reputation.For instance, in 2019, Becton, Dickinson, and Company recalled BD PosiFlush SF (Sterile Field) Saline Flush Syringe 10mL because of packaging defects that impacted package integrity and potentially compromise a sterile field.

Similarly, in 2019, Biogen Idec UK recalled Avonex 30 micrograms/0.5ml solution for injection in the form of prefilled syringes due to manufacturing issues that could have potentially affected sterility of the product and have weakened the glass resulting in the possible formation of particulate matter. Therefore, the product recalls due to various factors in the manufacturing process or packaging restrained the growth of the market in the historic period.

High demand for pre filled syringes to administer COVID-19 vaccines is expected to boost the pre filled syringes market during the forecast period.Pre filled syringes are being preferred for administering COVID-19 vaccines to reduce the risk for needle stick infections.

To cater to the growing demand for administering COVID-19 vaccines, the companies are focusing to increase the production of pre filled syringes.For instance, in May 2020, the US Department of Defense awarded a contract of $138 million with ApiJect Systems America for "Project Jumpstart" and "RAPID USA," to facilitate the production of pre filled syringes for the coronavirus vaccine.

Project Jumpstart supported the supply chain for prefilled syringes that manufacture 100 million prefilled syringes.The contract also accelerated the launch of RAPID USA to facilitate the production of 500 million pre filled syringes by 2021.

Thus, the high demand for pre filled syringes intended for the administration of COVID-19 vaccines is expected to fuel the market growth during the forecast period.

Companies in the market are increasingly investing in connected prefilled syringes, which allows healthcare professionals to track and access data.A connected pre filled syringe is a drug delivery device that can be connected to a smartphone that tracks data and reports to healthcare professionals accordingly.

In 2020, Biocorp launched Injay, a connected pre filled syringe that is based on NFC technology wherein the technology helps in the transfer of data to a smartphone or specific transmitters, depending on specific use cases and environment.Similarly, in 2019, Credence MedSystems, developer of an injectable drug delivery technology, launched Connect auto-sensing injection system for any pre filled syringes.

This enables healthcare professionals and self-injecting patients to collect data automatically and receive feedback for the dose.

The countries covered in the pre-filled syringes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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