Increase in incidences of needlestick injuries, technological advancements, and rise in awareness drive the growth of the global smart syringe market
The global smart syringe market was valued at $6.8 billion in 2019 and is estimated to reach $14.18 billion by 2027 at a CAGR of 8.7% from 2020 to 2027. North America was the highest contributor to the smart syringe market in 2017, while, Asia-Pacific is expected to witness the highest growth during the forecast period.
Smart syringes can be defined as medical devices that are engineered with safety mechanisms to prevent the reuse of syringes and regulate unsafe injection practices. The factors driving the market growth include, rise in the number of needle stick injuries and surge in awareness about smart syringes. Further, shift in focus toward the use of innovative techniques for manufacturing smart syringes is expected to supplement the market growth throughout the forecast period. On the other hand, factors such as high cost along with unaffordable prices of safety syringes, and alternative modes of drug delivery restrict the market growth.
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- The increase in Covid-19 immunization programs across the globe has increased the demand for smart syringes.
- The rising number of Covid-19 patients has created a supply shortage of face masks, PPE, and gowns. Thus, government and private companies have started manufacturing of smart syringe.
- However, the prolonged lockdown across the globe has resulted into disrupted supply chain and lack of raw materials for manufacturing of smart syringe.
The market report provides an in-depth analysis of the major market players such as
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.
Based on product, the active safety syringes segment occupied the largest share in the global market. It is anticipated to remain dominant during the forecast period owing to its cost-effectiveness, ease-of-use, and optimum protection to patients and healthcare employees by reducing the risk of needle sick injuries.
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Based on application, vaccination is the fastest growing segment owing to the high demand for immunization service administered to pediatrics and neonates across the world.
Depending on age group, the adult segment occupied the largest share, which was attributed to growth in adult population that was infected by unsafe use of syringes.
Based on region, North America occupied the largest share, which was attributed to a well-established healthcare infrastructure along with rise in adoption of safety syringes owing to high buying power and stringent safety regulations. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, due to increase in needle stick injuries, rise in awareness by regulatory bodies such as WHO, UNICEF, & others, and improvement in health standards.
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Scope of The Report:
|Market size available for years||2019-2027|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Product, Application, Age Group, and End User|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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