Allied Market Research published a report, titled, “Smart Syringe Market by Product Type (Auto Disable, Active Safety, and Passive Safety), Application (Drug Delivery, Vaccination, and Blood Specimen Collection), Age Group (Pediatric and Adult), and End User, (Hospitals and HMOs, Diabetic Patients, Family Practices, and Psychiatrics): Global Opportunity Analysis and Industry Forecast, 2018–2025.” According to the report, the global smart syringe market generated $5.73 billion in 2017 and is estimated to reach $13.79 billion, growing at a CAGR of 10.3% from 2018 to 2025.
Increase in the number of needle stick injuries and rise in awareness about smart syringes is expected to drive the global market. Furthermore, paradigm shift toward the usage of novel techniques for production of smart syringes would supplement the growth. However, high cost of safety syringes and alternative modes of drug delivery would hamper the market growth.
The report offers a detailed segmentation of the global smart syringe market into product type, application, age group, end user, and geography. Based on product type, the report sub-segments the market into active safety, auto disable, and passive safety. The active safety syringes segment contributed to the highest share in the market and would remain dominant during the forecast period, owing to its cost-effectiveness, ease in use, and maximum protection offered to patients and healthcare employees to reduce the risk of needle sick injuries. Based on application, the report provides analysis of segments including vaccination, drug delivery, and blood specimen collection. Vaccination would grow at the fastest growing segment, owing to rise in demand for immunization service offered to pediatrics and neonates across the world. The age group is further segmented into pediatric and adult. The adult segment occupied the highest share, owing to rise in number of adults infected by unsafe usage of syringes.
Based on region, North America contributed to the highest share, owing to a well-established healthcare infrastructure and rise in adoption of safety syringes. On the other hand, Asia-Pacific is estimated to grow at the largest CAGR throughout the forecast period, owing to rise in needle stick injuries and demand for improvement in health standards.
The key players operating in the global smart syringe market include Welltok, Inc., Nvidia Corporation, Intel Corporation, IBM Corporation, Google Inc., General Vision, Inc., Microsoft Corporation, BioXcel Corporation, Enlitic, Inc., and Berg Health. They have implemented various strategies such as partnerships, expansions, mergers & acquisitions, joint ventures, collaborations, and others to gain stronghold in the industry.
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