Smart Syringes Market to Grow with a CAGR of 10.84% over the Forecast Years

Smart syringes are gaining substantial popularity around the globe. These smart syringes are equipped with safety mechanisms, averting their reutilization, and therefore controlling unsafe injection practices. Furthermore, smart syringes are engineered with features to protect medical professionals or users from potential injuries and infections. In recent times, the incidence of infections, because of unsafe injection practices, has augmented considerably. Moreover, smart syringes are generally utilized in drug delivery, vaccination, and blood specimen collection, among which drug delivery is the most common application area for these smart syringes.

Additionally, the COVID-19 the outburst has affected numerous countries worldwide, and to curb the rapid spread of the disease and tackle the current epidemic, nations have resorted to social distancing norms and nationwide lockdowns. The increasing number of COVID-19 patients across the globe are leading to a rise in the overall use of syringes, particularly smart syringes. Higher demand for smart syringes is set to put pressure on the companies along with healthcare professionals to supply the smart syringes. This, in turn, is projected to increase the demand for smart syringes and boost market growth. Infinium Global Research’s recent report on the “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” provides a comprehensive outline of the factors responsible for the growth of the market.

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Increasing Prevalence of Chronic Diseases Worldwide Drives the Market Growth

The high growth is projected on an account of the growing prevalence of numerous target diseases, the upsurge in the number of vaccinations, the growth of the geriatric population, and the requirement to prevent hospital or clinic-acquired infections. Due to the age-associated risk factors and the frequent adoption of unhealthy lifestyle practices, the elderly population is anticipated to suffer from chronic diseases and as a result, this upward trend in diseases is projected to increase the usage rates of smart syringes over the projection period. Furthermore, an increase in the number of needle stick injuries and a surge in awareness associated with smart syringes are the major factors propelling the smart syringe market growth. In contrast, factors such as high cost & the unaffordability of safety syringes and substitute modes of drug delivery hamper the smart syringe market growth. However, the increasing demand for efficient protection from the transmission of infections offered by the syringes is estimated to provide lucrative opportunities for market vendors.

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Asia Pacific to be the Fastest Growing Region in the Smart Syringes Market

Geographically, North America generated the largest revenue in the smart syringes market in 2019 and is expected to continue its dominance over the forecast years. The increasing geriatric population, the launch of novel medical devices, and the rising number of chronic patients in the region will increase demand for the smart syringes market in the North American region. Rising concerns about needlestick injuries are driving the smart syringes market in the region. Moreover, the Asia Pacific region is anticipated to grow with the fastest CAGR in the smart syringes market owing to rising healthcare infrastructure in countries such as China and India. A rise in the cancer population, a rise in per capita expenditure, and an increase in awareness among patients regarding safe injection practices are the factors responsible for the growth of the smart syringes market.

Revolutions Medical Corp., Becton, Dickinson and Company, Retractable Technologies, Inc. to Emerge as Top Vendors of the Global Smart Syringes Market

The Smart Syringes Market is intensely concentrated, and the market is in a growth phase, the competition among companies is intense. The major players in the market such as Sharps Technology, Inc., L.O.M. Medical International, Revolutions Medical Corp., Becton, Dickinson, and Company, Hindustan Syringes And Medical Devices Limited, Retractable Technologies, Inc., and many others are uninterruptedly focusing on enhancing R&D and facilitate other organic strategies to gain a competitive edge in the market. These manufacturers are also adopting several strategies, for instance, expansions, agreements, joint ventures, partnerships, mergers & acquisitions, and others to increase their footprints in the smart syringes market. Infinium Global Research’s recent report on the global smart syringes market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the smart syringes market and also estimates the impact of recent developments in the global market.