Smart Syringe Market Worldwide Business Growth Report with Becton, Dickinson and Company, Cardinal Health, Terumo Medical Corporation and Others
The global smart syringes market is driven by the rise in count of needle stick injuries, shift from conventional syringes to smart syringes, growth in awareness in the emerging economies, and widespread adoption of safety syringes across all applications, especially in drug delivery. In addition, rise in mandatory regulations laid by WHO about the use of smart syringes is further expected to boost the market growth. However, high cost associated with smart syringes and alternative drug delivery methods are expected to hamper the market growth
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The key players operating in the global smart syringe market include Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., BioXcel Corporation, and Berg Health.
The other prominent players in the value chain include L.O.M. Medical International, Techcon, Tecan Trading AG, Meissner Filtration Products, Inc., ARxIUM, and Parker Hannifin Corporation.
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.
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.
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.
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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.
Key Benefits for Smart Syringe Market:
• This report entails a detailed quantitative analysis of the current market trends from 2017 to 2025 to identify the prevailing opportunities.
• Market estimations are based on a comprehensive analysis of the key developments in the industry.
• The global market is comprehensively analyzed with respect to product type, technology, application, and region.
• In-depth analysis based on region helps to understand the regional market to assist in strategic business planning.
• The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
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