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Smart Syringes Market (Therapeutic Categories - Auto-disable Syringes, Active Safety Syringes, and Passive Safety Syringes; Application - Vaccination, Drug Delivery, and Blood Specimen Collection; End-user - Diagnostics Center, Hospitals and HMOs, Physician Clinics, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : HC0725

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on the smart syringes market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart syringes market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart syringes market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global smart syringes market. According to the report, the global smart syringes market is projected to grow at a CAGR of 10.84% over the forecast period of 2020-2026.

 

Market Insight

The smart syringes are utilized to protect patients from needlestick injuries and infection instigated by syringes reuse. Further, the smart syringe averts the re-use of the syringe. It is primarily used for preventing transmission of blood-borne diseases, for instance, Human immunodeficiency virus (HIV), hepatitis B virus (HBV), and hepatitis C virus (HCV). In addition, several models of smart syringes comprise a fragile spot in the plunger that causes it to break if the user endeavors to pull back on the plunger after the injection. However, others have a metal clip that chunks the plunger so it cannot be moved back, whereas in others the needle retracts into the syringe barrel at the end of the injection.

 

The global smart syringes market is mainly driven by snowballing healthcare expenditure and growing preference for advanced medical equipment by healthcare physicians. The increasing prevalence of needle stick injuries and rising awareness associated with a smart syringe with safety mechanisms among the hospitals as well as among the patients are the crucial factors driving the growth of the smart syringes market. Furthermore, the high prevalence of blood-borne transmission, for example, HIV, hepatitis B, viral hemorrhagic fevers are also augmented the smart syringes market. Alternatively, less awareness related to smart syringe among developing economies is hindering the growth of the market. However, key players in the market are focusing on the innovative technique of manufacturing smart syringe in order to reduce the cost of smart syringes which is projected to create lucrative growth opportunities for the smart syringes market over the forecast period. 

 

Additionally, the COVID-19 pandemic is an incomparable global public health emergency that has affected almost every industry, so far and, the long-term effects expected to impact the industry growth during the projection period. Various countries have initiated lockdowns and enforced nationwide travel and trade restrictions. Nevertheless, the effect of the COVID-19 contagion is anticipated to remain positive for companies operating in the smart syringe industry. Currently, numerous companies are facing complications, due to nationwide lockdowns, which has led to interruptions in supply chain activities across the world. On the other hand, this unfavorable impact is anticipated to be compensated by the rising demand for smart syringes for usage in COVID-19 immunization and vaccination programs, which is anticipated to start from the end of 2020.

 

Among the geographies, the North American region is expected to hold the largest share in the global smart syringes market owing to a surge in funding for research & development and healthcare expenditure. Further, factors such as increasing awareness about needle stick injuries and the presence of a huge geriatric population base are driving the smart syringes market in the North American region. Furthermore, the Asia Pacific region is projected to witness the fastest growth in the smart syringes market during the forecast period because of the rising healthcare infrastructure. In addition, the risk of needle stick injuries and hospital-acquired infections is very high in the Asia Pacific region and substantial efforts are being undertaken by the WHO and numerous other government agencies to reduce the spread of infections, which is in turn anticipated to boost the smart syringes market over the projection period.

Smart Syringes Market

 

Segment Covered

The report on the global smart syringes market covers segments such as therapeutic categories, application, and end-user. On the basis of therapeutic categories, the sub-markets include auto-disable syringes, active safety syringes, and passive safety syringes. On the basis of application, the sub-markets include vaccination, drug delivery, and blood specimen collection. On the basis of end-user, the sub-markets include diagnostics centers, hospitals and HMOs, physician clinics, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Sharps Technology, Inc., L.O.M. Medical International, Revolutions Medical Corp., Becton, Dickinson and Company, Hindustan Syringes & Medical Devices Ltd, Terumo Medical Corp., Retractable Technologies, Inc., AdvaCare Pharma USA, ALSHIFA Medical Products Co., and JMI Syringes & Medical Devices Ltd..

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart syringes market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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