Our comprehensive research on the Global Smart Syringes Market (2023-2031) provides insights for businesses. It covers trends, investments, tech advancements, and major players. The report uses qualitative and statistical data from 2017-2031, including SWOT, BCG, PESTLE analysis, and visuals. It offers a full market landscape with stakeholder insights, regional outlooks, and financial considerations.
The global smart syringes market size was US$ 7,990.1 million in 2021. The global smart syringes market is forecast to grow to US$ 15,985.45 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
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Smart syringes are medical devices specifically designed to regulate unsafe injection practices. They are designed to prevent the person from needle stick injuries and other diseases like the human immunodeficiency virus (HIV). The device finds its wide applications in vaccination, drug delivery, and blood collection.
Factors Influencing the Market
The growing prevalence of life-associated diseases and increasing demand for effective treatment will drive the smart syringes market forward. In addition, the high prevalence of blood-borne transmissions such as hepatitis B, C, and HIV due to inefficient medical practices will surge the demand for smart syringes during the forecast period.
The growing number of advancements and rising adoption of advanced technology in the healthcare segment will contribute to the growth of the global smart syringes market. Furthermore, mandatory recommendations by the WHO to adopt smart syringes will benefit the market during the study period. For instance, Gerresheimer unveiled an integrated and passive safety syringe called Gx InnoSafe in December 2017. This syringe intends to avoid needlestick injuries. Such advancements are likely to benefit the overall smart syringes market during the study period.
High healthcare expenditure and growing advancements in the healthcare sector will escalate the growth of the market. On the contrary, the high costs associated with smart syringes may restrict the market growth.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic surged the demand for efficient healthcare devices. Smart syringes are expected to gain traction in the coming years due to the substantial number of COVID-19 immunization programs planned by government organizations. In addition, the pandemic raised the burden on the healthcare bodies, which drove the government and private investments. As a result, it offered ample growth opportunities for the smart syringes market growth.
Regional Analysis
The Asia-Pacific smart syringes market is forecast to grow at the highest growth rate. It is due to the presence of a large patient pool and increasing healthcare awareness among the general public. In addition, increasing healthcare expenditure and growing government spending will significantly contribute to the growth of the smart syringes market. In addition, rising awareness from prominent regulatory bodies such as the WHO, UNICEF, and Red Cross, will improve the healthcare infrastructure of the region, which will ultimately benefit the other associated industries.
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Competitors in the Market
- B. Braun Melsungen AG
- Becton, Dickinson, and Company
- Cardinal Health, Inc.
- Gerresheimer AG
- Merit Medical
- Nipro Corporation
- Retractable Technologies, Inc.
- Revolutions Medical Corporation
- Smiths Group Plc.
- Terumo Corporation
- Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Smart Syringes industry experienced notable growth in its workforce. Starting in January, employment within the Smart Syringes sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Smart Syringes output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Smart Syringes output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Smart Syringes market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Smart Syringes market.
Market Segmentation
By Product Market Outlook
- Auto Disable Syringes
- Active Safety Syringes
- Passive Safety Syringes
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By Application Market Outlook
- Drug Delivery
- Vaccination
- Blood Specimen Collection
By Age Group Market Outlook
- Pediatrics
- Adults
By End User Market Outlook
- Hospitals & HMOs
- Diabetic Patients
- Family Practices (Physicians)
- Psychiatric
- Others
By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Smart Syringes Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Smart Syringes Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Smart Syringes Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Smart Syringes Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Smart Syringes market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Smart Syringes market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Smart Syringes business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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