Informative Report On (COVID-19 Updates) Smart Syringe Market is Generating Revenue of $14.18 Billion by 2027, at CAGR 8.7% Growth Rate

The global smart syringe market is driven by rise in count of needle stick injuries, shift from conventional syringes to smart syringes, growth in awareness in emerging economies, and widespread adoption of safety syringes across all applications, especially in drug delivery. In addition, rise in mandatory regulations laid by the 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.

The global smart syringe market was valued at $6.8 billion in 2019 and is estimated to reach $14.18 billion by 2027 at a CAGR of 8.7% from 2020 to 2027.

Download Free Report Sample @ https://www.alliedmarketresearch.com/request-sample/838

North America was the highest contributor to the smart syringe market in 2019, while, Asia-Pacific is expected to witness the highest growth during the forecast period.

COVID-19 scenario-

1) The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.

2) The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.

3) However, as the world has been recovering from the pandemic, the market is estimated to get back on track.

Smart syringes are engineered with features to protect medical professionals or users from possible injuries and infections. These syringes prevent re-use, as they have an inbuilt inactivation mechanism. Many such syringes have a weaker spot in the plunger, which causes it to break if the user tries or attempts to pull back the plunger after injection. In addition, some syringes have a metal clip that blocks plunger so that it cannot be moved back. Moreover, few syringes have a retracting needle feature at the end of the injection. After the injection, a hood or a sheath slides over the needle, which refrains users from getting accidently injured.

Inquire before buying @ https://www.alliedmarketresearch.com/purchase-enquiry/838

Rise in number of needle stick injuries and surge in awareness related to smart syringes are the major factors the boost the smart syringe market growth. Further, shift in focus toward use of technological advancements in manufacturing smart syringes is expected to supplement the market growth throughout the forecast period. On the contrary, factors such as high cost & unaffordability of safety syringes and alternative modes of drug delivery restrict the smart syringe market growth. However, effect of the COVID-19 pandemic is anticipated to remain positive for companies operating in the smart syringe industry. Presently, many companies are facing complications, owing to nationwide lockdowns, which has led to interruptions in supply chain activities across the globe. However, this unfavorable impact is expected to be compensated by rise in demand for smart syringes for use in COVID-19 immunization and vaccination programs, which is expected to start from the end of 2020.

On the basis of product, the active safety syringes segment occupied the largest share in 2019. The active safety syringes segment is anticipated to continue its dominance during the forecast period, owing to their economic cost, ease-to-use, and safety features, which provides optimum protection to patients as well as healthcare employees and reduces the risk of needle stick injuries.

Download Detailed COVID-19 Impact Sample Report at @ https://www.alliedmarketresearch.com/request-for-customization/838?reqfor=covid

By application, the drug delivery segment occupied the largest share in 2019. However, vaccination is the fastest growing segment, owing to high demand for immunization services provided though vaccination to a growing number of pediatrics and neonates across the world. Furthermore, COVID-19 immunization programs are expected to contribute toward revenue of the vaccination segment in the coming years.

On the basis of the age group, the adult segment occupied the largest share in 2019. This is attributable to the growth in number of adult populations infected with unsafe use of syringes.

By end user, it is classified into hospitals & HMOs (Health Maintenance Organization), diabetic patients, family practices, psychiatrics, and others. The hospitals & HMOs are the leading users of smart syringes for drug delivery, vaccination, and collecting blood samples. These hospitals, especially in developed countries have mandated use of smart syringes to substitute conventional syringes to prevent reuse. This prevents multiple usage of needles and helps avoid needle stick injuries as well as blood borne diseases such as hepatitis B, C, HIV, and other deadly diseases. According to the WHO, all healthcare workers such as doctors, pediatricians, and clinicians along with patients should be aware of their policies and guidelines that need to be followed for safe injection practices. This is expected to specifically reduce chances of infection that can be acquired from a host of diseases across different hospitals.

Access Full Report @ https://www.alliedmarketresearch.com/smart-syringes-market

Region wise, North America occupied the largest share, accounting for $2,906.09 million in 2019, and is expected to reach $6,028.82 million in 2027. This is accredited to larger adoption of safety syringes, owing to higher buying power and stringency of regulations, as well as well-established healthcare infrastructure. However, Asia-Pacific is expected to grow at the highest CAGR of 10.3% during the study period, attributed to increase in needle stick injuries, rise in awareness by regulatory bodies such as the WHO and UNICEF, and improvement in health standards.

The Major Key Players Are:

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

Similar Reports:

Anesthesia Devices Market : https://www.einpresswire.com/article/527878623/anesthesia-devices-market-is-expected-to-exhibit-7-1-cagr-by-2023-new-research-by-allied-market-research

Respiratory Care Devices Market : https://www.einpresswire.com/article/527880043/respiratory-care-devices-market-is-generating-revenue-of-21-30-billion-by-2022-at-cagr-7-4-growth-rate

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.