Smart Syringe Market Globally Expected to Drive Growth through 2022-2030

Description

The global smart syringes market size was evaluated at USD 7,890.62 million in 2020 and is estimated to reach USD 14,185.45 million by 2027, registering a CAGR of 8.7% during the forecast period. Smart syringes are medical devices engineered with safety mechanisms to prevent the reuse of syringes and regulate unsafe injection practices. They are designed with features such as an in-built inactivation mechanism to protect a person from needle stick injuries and blood-borne diseases such as hepatitis B and C and human immunodeficiency virus (HIV). They cater to a wide range of applications that include vaccination, drug delivery, and blood collection. Different types of smart syringes, including auto-disable (AD) syringes, passive safety syringes, and active safety syringes, are used depending on the nature of the application. Active safety syringes are the most commonly used type of syringes across all healthcare sectors, whereas auto-disable (AD) syringes are the most popular syringes used for vaccination.

Increase in count of needle stick injuries; high prevalence of blood-borne transmission such as hepatitis B, C, and HIV through improper injection practices; growth in adoption of safety syringes; and advancements in technology drive the market growth. In addition, mandatory recommendations by the WHO to switch to smart syringes, ensuring safe injection practices is the primary factor that boosts the market growth. However, high costs associated with smart syringes, incredibly passive safety syringes, low awareness in developing economies, and alternative drug delivery methods are expected to impede the market growth.

Get Full PDF Sample Copy of Report:https://www.marketstatsville.com/request-sample/smart-syringe-market

Similarly, the volume of smart syringes to be used in coming years is expected to witness a sharp increase, owing to the COVID-19 immunization programs that are pre-planned across the world. COVID-19 infection has already proven its ability to create medical equipment shortages, such as the supply of gowns, face masks, and personal protective equipment (PPE) within the early days of the pandemic. Thus, governments and organizations have already started syringe manufacturing and production to overcome such supply chain issues, as they are one of the vital components of vaccine delivery. This demand for global vaccination against novel coronavirus is prepared to propel smart syringe manufacturing throughout the pandemic phase.

Global Smart Syringe Market Dynamics

Drivers: Increase in prevalence of chronic disease

The surge in incidences of needle stick injuries has a considerable effect on the smart syringes market. The impact of this factor is likely to increase during the forecast period, owing to the fact that needlestick injuries are the leading cause of blood-borne diseases among healthcare professionals. These injuries can transmit diseases such as Human Immunodeficiency Virus (HIV), hepatitis B, and hepatitis C. In addition, other diseases such as blastomycosis, brucellosis, cryptococcosis, diphtheria, cutaneous gonorrhea, herpes, malaria, mycobacteriosis, sporotrichosis, syphilis, and tuberculosis can be also be transmitted through needle stick injuries. In 2019, SERMO (a leading medical solutions company) surveyed needle stick injuries in the UK.

The findings concluded that approximately 94% of the surgeons in the UK who participated in the survey had experienced needlestick injuries in operation theatres. In addition, around 100,000 needle stick injuries occur in National Health Service (NHS) every year. Thus, such an alarming increase in incidences of needle stick injuries has created an impending need for safety syringes. Presently, demand for safety syringes is high among developed regions, owing to their high affordability. Moreover, the demand is expected to increase in emerging economies, owing to the presence of a large consumer base. Furthermore, the implementation of stringent regulations toward the use of conventional non-safe syringes and the rise in need to minimize disease transmission is expected to drive the market growth during the forecast period significantly.

Make an Enquire before Purchase @:https://www.marketstatsville.com/buy-now/smart-syringe-market?opt=2950              

Restraints: High cost and unaffordability of safety syringes

The high price of smart syringes as compared to conventional syringes hinders their adoption across the globe. Some models are similar in cost to standard single-use syringes. In contrast, depending on the technical complexity of safety mechanisms, others are up to five times the price, which is prohibitive in some low- and middle-income countries.

Moreover, the high capital expenditure required for producing and maintaining a few safety syringes and fluctuations in cost depending upon technologically advanced syringes also limit the market growth. However, owing to continuous technological advancements and an increase in several smart syringes companies, the impact of this factor is expected to decrease during the analysis period.

Opportunities: Rise in need for safety syringes in emerging economies

Emerging economies of Asia-Pacific and LAMEA serve as lucrative regions for smart syringes. An increase in incidences of needle stick injuries and a surge in the transmission rate of HIV and hepatitis have led to slower adoption of conventional syringes. Moreover, the adoption rate of smart syringes is escalating considerably, owing to the growth in the need for safer injection methods. In addition, awareness programs conducted by the WHO on risks and threats of unsafe injections have significantly impacted the demand for smart syringes in countries such as India, China, Africa, Turkey, and Indonesia.

On the contrary, the buying power is low in developing countries, owing to unfavorable or low reimbursement rates for using smart syringes. However, by 2025, the impact of this factor is expected to decrease, owing to the availability of enhanced healthcare facilities and an increase in buying power of individuals. Furthermore, the surge in supply or production of smart syringes at affordable prices is anticipated to aid in a massive decline in accidental needle stick injuries, which propels the market growth in emerging economies.

Request for Complete TOC and Figures & Graphs @https://www.marketstatsville.com/table-of-content/smart-syringe-market 

Scope of the Report

The study categorizes the smart syringe market based on product, application, age group, end user, and regions.

By Product Market Outlook (2017-2027, USD Million, Revenue)

• Auto Disable Syringes
• Active Safety Syringes
• Passive Safety Syringes

By Application Market Outlook (2017-2027, USD Million, Revenue)

• Drug Delivery
• Vaccination
• Blood Specimen Collection

By Age Group Market Outlook (2017-2027, USD Million, Revenue)

• Pediatrics
• Adults

By End User Market Outlook (2017-2027, USD Million, Revenue)

• Hospitals & HMOs
• Diabetic Patients
• Family Practices (Physicians)
• Psychiatric
• Others

By Region Market Outlook (2017-2027, USD Million, Revenue)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Passive safety syringes are estimated to be the fastest-growing segment during the forecast period

The global smart syringes market, by product, is categorized into three major segments, namely, auto-disable (AD) syringes, active safety syringes, and passive safety syringes. Passive safety syringes accounted for the fastest-growing segment with a CAGR of 10.4% during the forecast period. Passive safety syringes use a safety mechanism where a needle is automatically shielded upon use. The emergence of novel technological advancements and needleless systems for medical safety is anticipated to present various new opportunities for market growth.

Request for Report Description @https://www.marketstatsville.com/smart-syringe-market 

Passive safety syringes with integrated retractable needle mechanisms have witnessed high adoption in the past few years, owing to their safety features. These syringes are entirely automatic, offering better protection against needlestick injuries that occur accidentally. Moreover, they offer complete automatic protection, which fuels their adoption and drives the market's growth. Furthermore, enforcement of stringent regulations for the use of safety syringes across the globe propels market growth. In addition, the use of safety syringes is mandated in the U.S., Europe, and other international markets, where regional players are well-positioned to benefit from evolving trend of using passive safety syringes. However, a significant challenge is witnessed from developing regions, owing to the higher cost of passive safety syringes that impedes the market growth. Furthermore, the ongoing development of alternative drug delivery equipment poses a credible threat to the stagnant safety syringes market growth.

Asia Pacific accounts for the highest CAGR during the forecast period in the smart syringe market

Based on region, the global smart syringe market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is the fastest-growing region, registering a CAGR of 10.3% during the forecast period 2021-2027 and having a market revenue share of 18.45% globally in 2020. Asia-Pacific is analyzed across three countries, namely, Japan, China, India, and the Rest of Asia-Pacific. It is anticipated to grow at the fastest rate, owing to factors such as large patient pool, increase in healthcare awareness, rise in healthcare expenditure, growth in disposable income, and rise in government spending. Moreover, domestic companies are fundamentally involved in producing low-cost smart syringes for both global and local consumption. These factors drive the growth of the smart syringes market in the Asia-Pacific.

Asia-Pacific offers profitable opportunities for key players operating in the smart syringes market. Hence it is expected to register the fastest growth rate during the forecast period. The market in the region is growing at a significant pace, attributed to an increase in needlestick injuries, rise in awareness by regulatory bodies such as the WHO, UNICEF, and Red Cross, improvements in health standards, the surge in disposable incomes, and advancements in technology. In developing economies such as India and China, the WHO and UN have introduced policies and standards for procurement, safe disposal, and safe usage of syringes. This leads to a recommendation strategy for manufacturers of safety syringes to expand or begin production of these syringes as soon as possible, which meets quality, safety, and performance standards in accordance with the regulatory organizations. Adopting safety-engineered syringes across all healthcare sectors is critical to prevent the deadly spread of infectious diseases such as hepatitis B, C, and HIV transmitted through needle stick injury. Therefore, the high incidence rate of needle stick injuries, government legislation mandating the use of smart syringes, and development to avoid reuse of syringes is expected to propel the market growth in the future./

Key Market Players

The global smart syringe market is fragmented into a few major players and other local, small, and mid-sized manufacturers/providers. Key companies operating in the global smart syringes market include B. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health, Inc., Gerresheimer AG, Merit Medical, Nipro Corporation, Retractable Technologies, Inc., Revolutions Medical Corporation, Smiths Group Plc. and Terumo Corporation. The other companies operating in the smart syringe market are Axel Bio Corporation, Inc., DMC Medical Limited, Pharmstandard pharmaceutical company, Sharps Technology, Inc., Sol-Millennium, and Zarys.

About US:

Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.

We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.

Contact US:

Market Statsville Group
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: sales@marketstatsville.com
MSG Blog https://marketstatsvilleblogs.com/
Web: https://marketstatsville.com/

Article source: https://article-realm.com/article/Finance/20683-Smart-Syringe-Market-Globally-Expected-to-Drive-Growth-through-2022-2030.html