Smart syringe devices play an increasingly important role in delivering blood safely and easily. As more people live in low-income households that struggle to afford essential health supplies such as vaccines, basic medicines, and other life-saving medical devices, access to sterile supplies is hindered by a lack of infrastructure and lack of access to trained healthcare professionals. In developing countries, many people rely on untrained healthcare professionals who may be unable or unwilling to provide patients with the necessary medical equipment to deliver these supplies safely. In addition to this, poorly maintained equipment facilitates infectious diseases, such as hepatitis B and HIV, which can have disastrous consequences if not treated.
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Major players operating in the global smart syringe market include Revolutions Medical Corporation, Unilife Corporation, Medtronic Plc (Covidien), Smiths Group Plc, Retractable Technologies, Inc., Baxter International, Inc., Terumo Medical Corporation, Braun Melsungen AG, Dickinson and Co., and Becton.
Key Market Drivers:
The increasing prevalence of diseases in the world that needs blood testing such as thyroid is the main factor that is expected to augment the growth of the global smart syringe market. For instance, according to American Thyroid Association, around 20 million individuals in the United States suffer from thyroid. Healthcare application experts forecast that smart syringe applications will continue to expand their global reach as more people gain access to improved healthcare and the need for safe and effective medical supplies grows in developed regions. The growth of these devices is expected to accelerate in 2021 due to the introduction of new private sector players and the gradual increase in population in these regions. In developing countries, the introduction of new and improved devices and equipment for the safe distribution of contaminated fluids is expected to lead to a marked increase in the demand for these devices among men of reproductive age. Moreover, increasing product launches by key market players are estimated to enhance the growth of the global smart syringe market.
Covid-19 Impact Analysis:
The increasing COVID positive cases in the world is the main factor that posed challenges for the growth of the global smart syringe market. For instance, according to Our World in Data, the 7-day average of COVID positive cases in the world on January 2021 was 780236.
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The size of the global smart syringe market was assessed at around US$ 6870.19 million in the year 2019 and increasing at a CAGR of 8.7% is projected to reach around US$ 14185.45 million by the year 2027, owing to the increasing cases of diseases such as diabetes in the world. For instance, according to IDF Diabetes Atlas, approximately 59 million individuals with the age range 20-79 years were suffering from diabetes in 2019 in Europe.
North America is expected to hold a major share of the global smart syringe market, owing to the increasing prevalence of blood banks in the region. For instance, according to Howard and Abby Milstein Foundation, the New York Blood Center (NYBC), is one of the largest blood centers in the world and serves around 200 hospitals by initiating safe blood supply to around 20 million inhibits.
The Asia Pacific is estimated to witness high growth in the global smart syringe market, owing to the prevalence of diseases such as thyroid in developing nations. For instance, according to Down to Earth, in 2018, around 42 million individuals in India were suffering from thyroid disorders and hypothyroidism.
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