Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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..
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.
Please Choose One of them.