Smart Syringe Market Size to hit $13,792 million by 2025, at CAGR of 10.3% With Top Companies Becton, Dickinson and Company, Cardinal Health, Terumo Medical Corporation, B. Braun Melsungen AG, Baxter International

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Global Smart Syringe Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2019-2026). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly changing market scenarios and their impact are covered in the report.

The global smart syringe market was valued at $5,737 million in 2017 and is estimated to reach $13,792 million at a CAGR of 10.3% from 2018 to 2025. North America was the highest contributor to the smart syringe market in 2017, while, Asia-Pacific is expected to witness the highest growth during the forecast period.

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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 application, vaccination is the fastest growing segment owing to the high demand for immunization service administered to pediatrics and neonates across the world.

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.

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.

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.

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The Major Key Players Are:

o Cardinal Health
o Unilife Corporation
o B. Braun Melsungen AG
o Becton
o Baxter International
o Gerresheimer AG
o Dickinson and Company
o Terumo Medical Corporation
o Smiths Group plc
o Retractable Technologies, Inc.

The Other Prominent Players Are:

o L.O.M. Medical International
o Techcon
o Tecan Trading AG
o Meissner Filtration Products, Inc.
o ARxIUM
o Parker Hannifin Corporation.

Key Finding of the Smart Syringe Market:

o Based on end user, the psychiatric segment is projected to grow at the highest rate during the analysis period.
o North America dominated the global smart syringe market in 2017 and is projected to continue this trend in future.
o China is expected to grow at the highest rate in Asia-Pacific during the forecast period.
o Based on age group, the adult segment was the largest revenue contributor in 2017.
o The drug delivery segment generated the highest revenue and is expected to remain dominant in the future.

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