Smart Syringe Market to exceed US$ 14.4 Billion by 2027 Globally |CAGR: 9.6%| UnivDatos Market Insights
NOIDA, India, July 5, 2021 /PRNewswire/ -- A comprehensive overview of the Smart Syringe market is recently added by UnivDatos Market Insights to its humongous database. The Smart Syringe market report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smart Syringe market. The Smart Syringe market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Smart Syringe market at the global and regional levels. Smart Syringe market is expected to grow at a CAGR of 9.6% from 2021-2027 to exceed US$ 14.4 billion by 2027.
In 2016, the cost of standard disposable syringes was around US$ 0.04 whereas the cost of SIP (sharp injuries protection) syringes was around US$ 0.18. The cost difference between the two is massive and the prices haven't come down over the years. Each year 16 billion injections are administered globally. In India, 95% of the injections are for curative care and a 63% of these are unsafe. To make injections safe, smart syringes such as RUP (reuse prevention) and SUP/RIP should be implemented in all major ecomonies. Many regions such as the United States, EU and Japan have already implemented SES (safety engineered syringe) practices. Lately countries like India, South Africa, Brazil and Taiwan have also implemented SES practices but only in the immunization sector are including smart syringes in their policies. However, the cost burden of these syringes on the healthcare system of the countries is very high and thus making its harder for the low-income countries to adopt Smart Syringe.
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The Smart Syringe market is expected to grow even after the COVID-19 outbreak as the pandemic is causing a rise in awareness about the safety and importance of vaccination within the population. Even though the market was predicted to grow even before the covid pandemic, the pandemic has only helped the Smart Syringe market to grow. Key factors that are responsible for the increase in smart syringe supply during the Covid-19 vaccination around the globe include rising concern over syringe reuse, expanding immunization programs, price of AD syringes comparable with conventional disposable syringes due in large part to consolidating purchasing power from UNICEF procurement (~40% of immunization market), engaged partners and established partner forums, stricter government regulation around patient safety and security, long shelf life of product (up to 5 years) and increasing geographic spread and local manufacturing capacity.
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Smart Syringe market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product, the market is primarily segmented into
- Active Safety Syringes
- Passive Safety Syringes
- Auto Disable Syringes
The Auto-Disable Syringes segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
By Application, the market is primarily segmented into
- Drug Delivery
- Blood Specimen Collection
Amongst Application, the Drug Delivery segment of the Smart Syringe market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027.
By End-User, the market is primarily segmented into
- Hospitals and Clinics
Amongst End-User, Hospitals and Clinics accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period.
Smart Syringe Market Geographical Segmentation Includes:
- North America (US, Canada, and Rest of North America)
- Europe (Germany, France, Italy, Spain, UK, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and Rest of APAC)
- Rest of World
Based on the estimation, the North America region dominated the Smart Syringe market with almost XX% revenue share in 2020. North America is also expected to witness highest CAGR of XX% in the forecast period due to in the vaccination drives and awareness programs.
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The major players targeting the market includes
- Retractable Technologies, Inc.
- AdvaCare Pharma
- Numedico Technologies Pvt. Ltd.
- Gerresheimer AG
- Parker Hannifin Corp
- Cardinal Health
- Terumo Corporation
- Baxter International Inc.
- Braun melsungen AG
- Becton, dickinson, and company
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Smart Syringe market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Smart Syringe market?
- Which factors are influencing the Smart Syringe market over the forecast period?
- What are the global challenges, threats, and risks in the Smart Syringe market?
- Which factors are propelling and restraining the Smart Syringe market?
- What are the demanding global regions of the Smart Syringe market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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