New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Syringe Global Market Report 2023" - https://www.reportlinker.com/p06486601/?utm_source=GNW
, Retractable Technologies Inc., Merit Medical Systems Inc., Nipro Corporation, Revolutions Medical Corporation, Sharps Technology, and Unilife Corporation.
The global smart syringes market is expected to grow from $9.3 billion in 2022 to $10.32 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart syringes market is expected to reach $15.37 billion in 2027 at a CAGR of 10.5%.
The smart syringes market consists of sales of exchangeable needle syringes and fixed needle syringes.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Smart syringes are advanced medical devices incorporating technology to enhance safety, accuracy, and efficiency in administering injections. Smart syringes address needlestick injuries, medication errors, and the spread of bloodborne diseases that improve patient and healthcare provider safety.
North America was the largest region in the smart syringes market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in smart syringes report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of smart syringes are auto-disable syringes, active safety syringes, and passive safety syringes.Auto-disable syringes refer to a type of syringe designed to prevent their reuse after a single injection it is used in immunization campaigns and is designed to prevent re-use by automatically locking after a single use, ensuring that individuals receive their doses securely and without danger of contracting an infection from contaminated needles.
These are used by pediatrics and adults and it is applied in drug delivery, vaccination, and blood specimen collection. These are also used by various end users industries such as hospitals and health maintenance organizations (HMOs), diabetic patients, family practices (physicians), psychiatrists, and others.
A surge in the incidences of needlestick injuries is expected to propel the growth of the smart syringes market going forward.Needlestick injuries occur when a needle or another sharp medical device accidentally punctures a healthcare worker’s skin.
Smart syringes are very useful in minimizing needlestick injuries and bloodborne disorders such as HIV and Hepatitis B, as these smart syringes are equipped with exceptional safety features such as retractable needles that automatically get retracted so that accidental needlestick injuries and subsequent transmission of diseases are avoided. For instance, in 2020, according to a survey report of 786 healthcare workers conducted in Saudi Arabia by Frontiers Media, a Switzerland-based publisher of peer-reviewed, open-access scientific journals, the prevalence of needle stick injuries was 11.57%. Further, 42.9% of injuries from needle sticks occurred in the patient room, while about 52.7% happened while utilizing sharp objects. Therefore, increasing needle stick injuries drive the smart syringes market.
Product innovations are a key trend gaining popularity in the smart syringes market.Major companies in the market are introducing innovative products such as the Gx InnoSafe safety syringe to sustain their position in the market.
For instance, in October 2021, Gerresheimer, a Germany-based manufacturer of drug delivery systems and packaging products, launched the Gx InnoSafe safety syringe system.It is the first-in-class syringe to feature an integrated passive safety system.
The uniqueness of the product is that the needle is fixed in an integrated safety sleeve after use so accidental needle stick injuries are avoided after usage. Also, it is easy to fill with no need for an additional assembly for fill the syringe.
In July 2022, Sharps Technology, a US-based medical device manufacturer, acquired Safeguard Medical’s smart syringes manufacturing facility for $2.5 million. The acquisition aims to expand Sharps’ manufacturing capabilities to address the increasing demand for smart synergies. Safeguard Medical is a US-based manufacturer of smart syringes and emergency medical technologies.
The countries covered in the smart syringes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The smart syringes market research report is one of a series of new reports that provides smart syringes market statistics, including smart syringes industry global market size, regional shares, competitors with a smart syringes market share, detailed smart syringes market segments, market trends, and opportunities, and any further data you may need to thrive in the smart syringes industry. These smart syringes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06486601/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
