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Smart Syringe Market 2024 - By Share, Top Companies, Revenue Outlook And Growth Forecast By 2033
Smart Syringe Market
According to The Business Research Company's, The smart syringe market size has grown rapidly in recent years. It will grow from $10.32 billion in 2023 to $11.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to need for medication safety, prevalence of blood-borne diseases, regulatory compliance, global immunization programs, increased healthcare awareness..
The smart syringe market size is expected to see rapid growth in the next few years. It will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to global vaccination initiatives, prevention of medication errors, rise in chronic diseases, expansion of home healthcare, government healthcare initiatives.. Major trends in the forecast period include collaborations and partnerships, regulatory compliance, adoption in vaccination programs, focus on sustainable materials, expansion in emerging markets..
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Market Drivers and Trends:
A surge in the incidences of needlestick injuries is expected to propel the growth of the smart syringes market going forward. Needlestick injuries occur when a needle or another sharp medical device accidentally punctures a healthcare worker's skin. Smart syringes are very useful in minimizing needlestick injuries and bloodborne disorders such as HIV and Hepatitis B, as these smart syringes are equipped with exceptional safety features such as retractable needles that automatically get retracted so that accidental needlestick injuries and subsequent transmission of diseases are avoided. For instance, in May 2022, according to a survey report of 361 healthcare workers conducted in Saudi Arabia by Frontiers Media, a Switzerland-based publisher of peer-reviewed, open-access scientific journals, the prevalence of needle stick injuries among physicians was 36% and needle stick injuries among nurses were 34.8% in 2021. Further, 53.8% of injuries from needle sticks were not reported to the authority by healthcare and. Therefore, increasing needle stick injuries drive the smart syringes market.
Product innovations are a key trend gaining popularity in the smart syringes market. Major companies in the market are introducing innovative products such as the Gx InnoSafe safety syringe to sustain their position in the market. For instance, in October 2021, Gerresheimer, a Germany-based manufacturer of drug delivery systems and packaging products, launched the Gx InnoSafe safety syringe system. It is the first-in-class syringe to feature an integrated passive safety system. The uniqueness of the product is that the needle is fixed in an integrated safety sleeve after use so accidental needle stick injuries are avoided after usage. Also, it is easy to fill with no need for an additional assembly for fill the syringe.
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Major Key Players of the Market:
Becton Dickinson and Company; Gerresheimer AG; Baxter International Inc.; Terumo Corporation; Braun Melsungen AG; Cardinal Health Inc.; Smiths Medical Inc; Parker-Hannifin Corporation; Retractable Technologies Inc.; AdvaCare Pharma; Numedico Technologies Pty Ltd.; Merit Medical Systems Inc.; Nipro Corporation; Revolutions Medical Corporation; Sharps Technology; Unilife Corporation; West Pharmaceutical Services Inc.; Schott AG; Vetter Pharma International GmbH; Catalent Inc.; Agilent Technologies Inc.; Shimadzu Corporation; Thermo Fisher Scientific Inc.; Trajan LEAP PAL Parts + Consumables; Clayens-np; Haselmeier GmbH; Owen Mumford Ltd.; Ypsomed Holding AG; Weigao Group; Jiangsu Huida Medical Instruments Co. Ltd.; Shandong Weigao Group Medical Polymer Co. Ltd.; Zibo Minkang Pharmaceutical Packing Co. Ltd.
Smart Syringe Market 2024 Key Insights:
• The smart syringe market size will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Rising Incidences Of Needlestick Injuries Propel Growth In The Smart Syringes Market
• Smart Syringes Market Advances With Product Innovations
• North America was the largest region in the global smart syringes market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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