NEW YORK, May 4, 2021 /PRNewswire/ — With the increasing prevalence of acute and chronic diseases of all types, be it infection, autoimmune, metabolic, systemic, or cancer, the pharmaceutical industry is booming. As a result, the global medical cartridges market will grow from $920.8 million in 2020 to $1,691.1 million by 2030, at a 6.4% CAGR between 2021 and 2030. A lot of the drugs are given via the parenteral route, which is why the demand for cartridges, syringes, and vials is increasing.
Around 16 billion injections are given every year for contraceptive, blood transfusion, immunization, and curative purposes, according to the World Health Organization (WHO). In this regard, the rising demand for prefilled syringes is driving the medical cartridges market, as the drug inside such devices is essentially contained in a cartridge. Prefilled syringes help prevent needlestick injuries and minimize the wastage of drugs.
Key Findings of Global Medical Cartridges Market
- Glass cartridges continue to be preferred over plastic variants
- Expanding pharma sector major growth driver for market
- Europe most-productive region for industry players
- Future investment opportunities galore in APAC
- Cartridges being increasingly adopted in diagnostic procedures
- Market players augmenting their production output
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Due to the COVID-19 pandemic, the medical cartridges market is witnessing slow growth, as the lockdowns implemented around the world led to the shutdown of cartridge-manufacturing plants. Additionally, social distancing measures and movement restrictions meant that pharmaceutical representatives could not conduct face-to-face interactions with healthcare workers. Moreover, regulatory authorities have, for the moment, stopped approving pharmaceutical products, while many clinical trials have also been halted.
The glass bifurcation is expected to witness the faster growth in the medical cartridges market in the coming years, based on material type. Being inert, glass prevents reactions between the cartridge surface and the drug within. Additionally, glass stops volatile substances from penetrating the surface and mixing with the drug.
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In the past, the end user segment of the medical cartridges market was dominated by pharmaceutical and biotech companies. With the growth of the pharma sector, drug, pen injector, and on-body injector manufacturers are increasingly using cartridges. In this regard, the rising adoption of pen injectors, especially by diabetics, is propelling the advance of this category, as are the technological advancements in drug delivery devices.
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Presently, Europe generates the highest revenue in the medical cartridges market due to the increasing prevalence of diabetes, itself, in part, owing to the rise in the number of obese people. In the near future, the demand for cartridges will likely surge the most rapidly in Asia-Pacific (APAC). The region is witnessing a boom in its geriatric population, number of people suffering from diabetes, and healthcare expenditure.
The most-significant players in the global medical cartridges market are Stevanato Group, Gerresheimer AG, SCHOTT AG, Nipro Corporation, Thermo Fisher Scientific Inc., Baxter International Inc., Merck KGaA, Pierrel S.p.A., Transcoject GmbH, Novocol Pharma, and AptarGroup Inc.
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