The 2023 report on the “Smart Syringe Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Smart Syringe Market is valued approximately at USD 6.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.7% over the forecast period 2020-2027. Smart syringes are medical devices which are designed to be reused with safety mechanisms and which also regulate unsafe injection practices. They smart syringes avoid needlestick injuries and prevent transmission of blood-borne diseases such as hepatitis B virus (HBV), hepatitis C virus (HCV), and human immunodeficiency virus (HIV). Smart Syringes used in drug delivery, vaccination, and blood specimen collection.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The rising technological advancements, surge in incidences of needlestick injuries and growth in awareness of smart syringes are the few factors responsible for growth of the market over the forecast period. For instance: according to The World Health Organization (WHO), each year 2 million injuries have been recorded from needle-sticks and other sharp objects occur to over 35 million health care workers in the world. Furthermore, the introduction of products and other strategic alliance by market key players will create a lucrative demand for this market.
For instance: on 08th July 2020, Becton, Dickinson, and Company agreed into a public-private partnership with Government Biomedical Advanced Research and Development Authority (BARDA) to develop new manufacturing lines of injection that delivers more than 100 million of syringes and needles. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery is the major factor restraining the growth of global Smart Syringe market during the forecast period.
The regional analysis of global Smart Syringe market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the large adoption of safety syringes, owing to rise in awareness associated with needle stick injuries, coupled with continual improvements in healthcare practices in healthcare centers across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Braun Melsungen Ag
Becton, Dickinson, And Company
Cardinal Health, Inc.
Gerresheimer Ag
Merit Medical Systems, Inc.
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Nipro Corporation
Retractable Technologies, Inc.
Revolutions Medical Corporation
Smiths Group Plc.
Terumo Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Auto Disable Syringes
Active Safety Syringes
Passive Safety Syringes
By Application:
Drug Delivery
Vaccination
Blood Specimen Collection
By Age Group:
Paediatrics
Adults
By End User:
Hospitals & HMOs
Diabetic patients
Family practices (Physicians)
Psychiatrics
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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