New York, Nov. 14, 2022 (GLOBE NEWSWIRE) -- According to our new research study on "Smart Syringes Market Size, Share, Growth, Trends and Forecast to 2027 – Global Analysis – by Type, Application, End User, and Geography," the global smart syringes market is expected to grow from USD 5.9 billion in 2018 to USD 14.3 billion by 2027; it is estimated to grow at a CAGR of 10.6% from 2019 to 2027. The soaring costs of vaccines and low awareness in developing economies are among the restraints hampering the market growth.
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Global Smart Syringes Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.9 billion in 2018 |
| Market Size Value by | USD 14.3 billion by 2027 |
| Growth rate | CAGR of 10.6% from 2019 to 2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 138 |
| Historical data available | Yes |
| Segments covered | Type, Application, End User, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Smart Syringes Market: Competitive Landscape and Key Developments
The prominent players in the smart syringe market focus on various growth strategies to enroot their presence and garner significant market share across the globe. The smart syringe market majorly consists of the players such as Retractable Technologies, Inc., AdvaCare Pharma, Numedico Technologies Pty Ltd, Gerresheimer AG, Parker Hannifin Corp, BD, Cardinal Health, B. Braun Melsungen Ag, Terumo Corporation, and Baxter among others. The major market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a vivid picture of the strategies adopted by the market players to retain their positions and generate increased growth revenue in the smart syringes market.
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The global leaders in the smart syringes market have majorly chosen product launches as one of the critical strategies to improve its product lines to offer customer-centric benefit to its end-users and enhance its geographic diversification. Away from mainstream and conventional products, the companies has focused towards developing new products.
For instance, in February, 2017 Baxter International Inc. launched new enteral ENFit syringe and accessory line for patients who require tube feeding.
Apart from inorganic growth strategies, the companies have also adopted organic growth strategies such as, product launch & development and expansion during recent years.
For instance, in March 2019, Gerresheimer built a new plant in Skopje, Republic of North Macedonia.
The company produces plastic systems for pharmaceutical and the medical technology industry as well as prefillable syringes. The country offers significant growth opportunities. Similar small and large enhancement activities are expected to generate turbulence and act as growth boosters in the global smart syringes market.
Smart syringes can be described as medical devices that are engineered with safety mechanisms to restrict the reuse of syringes and unsafe injection practices. They are equipped with features to withdraw needlestick injuries in the person who uses those syringes and prevent transmission of blood-borne diseases such as hepatitis B virus (HBV), hepatitis C virus (HCV), human immunodeficiency virus (HIV), and other life-threatening infections.
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Accidental Percutaneous Injuries due to Sharps
Medical instruments can cause injuries if they are not handled carefully. With hollow-bore needles, there is always a higher risk of infections during intravascular cannulation, injections, venipuncture, etc. Sharp instruments generally contaminated with an infected patient's blood can transmit several diseases, including hepatitis B, hepatitis C, and acquired immune deficiency syndrome (AIDS). According to the Ontario Hospital Association/Ontario Medical Association (2016), it estimated that in a workplace there is a 6–30% chance to infect an exposed person from a contaminated needle with hepatitis B virus. Moreover, there is about a 0.3% chance of infection of HIV and a 1.8% chance of infection for hepatitis C in the same workplace. Therefore, smart syringes are gaining traction because they are engineered to protect people from exposure to blood-borne infections and safeguard providers and clients from accidental injuries from used needles.
Development in Healthcare Market
The healthcare industry has been beholding rapid transformations during the previous years. With a need for better healthcare facilities, advanced techniques and solutions are being referred to in the healthcare systems. High probability of blood-borne transmission of viruses such as Hepatitis B & C, and HIV through improper injection practices and rising adoption of smart syringes to prevent accidental percutaneous injuries are among the factors that help drive the growth of smart syringes in the healthcare sector.
Several established players have been investing significant amount of their revenue in R&D activities for the innovation of better and advanced products, as well as technologies, to be used in the healthcare industry. As per the data provided by the World Bank, healthcare expenditure accounted for 9.94% of global GDP. In the US, 17.1% of its GDP is committed to the healthcare industry, whereas in Latin America, healthcare expenditures account for only 7.24%, while Brazil at 8.3% and Mexico at 6.3%. Likewise, the healthcare expenditure per capita was 11.3%, 9.1%, 5.6%, and 4.7% in Germany, the UK, China, and India, respectively, in 2017. The above-stated factors are expected to offer broad growth opportunities in the healthcare industry at the global level.
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Global Smart Syringes Market: Segmental Overview
Based on type, the smart syringes market is segmented into active safety syringes, passive safety syringes, and auto-disable syringes. In 2018, the active safety syringe segment held the largest share of the market. The auto-disable syringes segment is expected to grow at the fastest rate during the forecast period.
Based on application, the smart syringes market is segmented into vaccination, drug delivery, and blood specimen collection. In 2018, the drug delivery segment held the largest share of the market. The vaccination segment is expected to grow at the fastest rate during the projected period.
Based on end user, the smart syringes market is segmented into hospitals & clinics, home care, and others. In 2018, the hospital & clinics segment held the largest share of the market and is expected to grow at the fastest rate during the forecast period.
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