PREFILLED SYRINGE FILL / FINISH SERVICES MARKET – THE SHORT TO MID TERM MARKET OPPORTUNITY
Prefilled syringes are one of the oldest and most established range of self-medication drug delivery device. In fact, given the advantages it offers over other traditional drug administration solutions, the applications of this drug packaging and delivery system have increased over the years. Currently, there are 30 manufacturers that have 100 proprietary prefilled syringe products that are available for combination and delivery of different types of drug molecules.
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It is worth highlighting that, the market has witnessed an increase in the number of drugs that are being approved in combination with prefilled syringes. Over the past seven years, more than 120 drugs have been approved in combination with prefilled syringes. Additionally, more than 50 drugs are being developed in combination with prefilled syringes. Majority (63%) of these combination products are in phase III of development. Moreover, in response to the rise in demand for self-administration enabling drug delivery devices, pharmaceutical packaging developers have come up with innovative solutions. Such, self-administration devices require different formats of container systems (cartridges, syringes and vials) and specialized equipment for final product development. For instance, additional assembly for safety devices and ancillary add-on technologies (to enhance the patient experience) is required in prefilled syringes. Further, during the downstream process, prefilled syringes are placed into complex kits, which contains multiple components such as various gauge needles, transfer devices and safety caps, instructions for use, regulatory literature, alcohol pads, and other inclusions specific to the drug. All this requires technical expertise and equipment.
This rise in demand along with a number of operational challenges, has led to a shift in trend towards outsourcing of the fill / finish operations for prefilled syringes. We expect drug developers to continue to outsource their fill / finish operations in the short to mid-term, resulting in an annualized growth at the rate of over 10% within the contract services market. The prefilled syringe fill / finish services market is estimated to reach close to USD 3 Billion by 2030.
The maximum opportunity, in terms of revenues generated from fill / finish services is estimated to be associated with biologics. Based on our analysis, around 65% of service revenues are anticipated to come from biologics-related filling projects, in 2020. Further, in terms of syringe barrel material used, glass barrel prefilled syringes are still preferred over their plastic (polymer-based) counterparts. Fill / finish service revenues from projects involving glass syringes represent the dominant market share (86%). Having said that, the market for plastic prefilled syringes is anticipated to grow at a CAGR of 13.3%. Further, projects involving single chamber prefilled syringes are responsible to the majority share (67%) of the market.
Fill-Finish – The filling of sterile drugs into prefilled syringes (and other primary drug containers) is considered to be one of the most crucial steps in the pharmaceutical production process.
The fill / finish service revenues of prefilled syringe combination products that are used to treat blood disorders and infectious diseases are currently responsible for making the majority (95%) contribution to the overall market. However, revenues from fill / finish projects (in prefilled syringes) of drugs to treat autoimmune disorders is anticipated to increase at a higher rate (CAGR 14.9%) between 2020 and 2030
In terms of geography, as per our estimates, in 2020, Europe and North America were estimated to occupy 45% and 35% of the overall market share, respectively. Further, the prefilled syringe fill / finish services market in Middle East and Africa is likely to grow at a CAGR of 14.7%.
Further, major proportion (67%) of the current market is held by single chambered prefilled syringe fill / finish services, while the market generated from the fill / finish services of dual chambered prefilled syringes is likely to grow at a CAGR of 14.1%. Additionally, the services market is presently driven by revenues generated from fill / finish projects related to commercialized products, representing more than 80% of the overall market (USD 824 million). This trend is likely to persist in the future as well.
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