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.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. 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, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
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
Market Segmentation
By Product Market Outlook
- Auto Disable Syringes
- Active Safety Syringes
- Passive Safety Syringes
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
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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
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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