Smart Syringe Market to Reach $14.18 Bn, Globally, by 2027 at 8.7% CAGR, Says Allied Market Research

Increase in incidences of needlestick injuries, technological advancements, and rise in awareness drive the growth of the global smart syringe market

PORTLAND, Ore., Oct. 14, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Syringe Market by Product (Auto Disable Syringes, Active Safety Syringes and Passive Safety Syringes), Application (Drug Delivery, Vaccination, and Blood Specimen Collection), Age Group (Pediatrics and Adults), and End User (Hospitals & HMOs, Diabetic Patients, Family Practices, Psychiatric, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global smart syringe industry was pegged at $6.87 billion in 2019, and is projected to garner $14.18 billion by 2027, growing at a CAGR of 8.7% from 2020 to 2027.

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

Major determinants of the market

Increase in incidences of needlestick injuries, technological advancements, and rise in awareness drive the growth of the global smart syringe market. However, the high cost of safety syringes and alternative modes of drug delivery hamper the market. On the contrary, increase in need for safety syringes in developing countries is expected to create lucrative opportunities for the market in the future.

Covid-19 scenario:

• The increase in Covid-19 immunization programs across the globe has increased the demand for smart syringes.
• The rising number of Covid-19 patients has created a supply shortage of face masks, PPE, and gowns. Thus, government and private companies have started manufacturing of smart syringe.
• However, the prolonged lockdown across the globe has resulted into disrupted supply chain and lack of raw materials for manufacturing of smart syringe.

The active safety syringes segment dominated the market

By product, the active safety syringes segment held the largest share in 2019, accounting for more than three-fifths of the global smart syringe market, owing to their ease-in-use and safety features that provide optimum protection to patients & healthcare employees. However, the passive safety syringes segment is projected to manifest the highest CAGR of 10.3% during the forecast period, due to safety features and their complete automatic protection.

For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/838

The psychiatric segment to manifest the highest CAGR through 2027

By end user, the psychiatric segment is expected to portray the highest CAGR of 11.7% during the forecast period, owing to surge in affordability in developing regions and mandatory guidelines by governments for use of safety syringes across all healthcare centers. However, the hospitals and HMOs segment dominated the market in 2019, contributing to more than one-fourth of the global smart syringe market, due to increased use for drug delivery, vaccination, and collection of blood samples.

North America held the lion's share

By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, owing to large adoption of safety syringes, rise in awareness associated with needle stick injuries, and continual improvements in healthcare practices. However, the global smart syringe market across Asia-Pacific is estimated to register the highest CAGR of 10.3% during the forecast period, due to rise in private and public healthcare expenditures and growth in responsiveness toward the risk of unsafe use of syringes.

Major market players

• B. Braun Melsungen AG
• Becton, Dickinson and Company
• Gerresheimer AG
• Cardinal Health, Inc.
• Nipro Corporation
• Merit Medical,
• Revolutions Medical Corporation
• Retractable Technologies, Inc.
• Terumo Corporation
• Smiths Group Plc.

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

Similar Reports:

Prefilled Syringes Market - Global Opportunity Analysis and Industry Forecast, 2020–2026

Safety Syringes Market - Global Opportunity Analysis and Industry Forecast, 2019-2026

Retractable Safety Syringe Market - Global Opportunity Analysis and Industry Forecast, 2019-2026

Insulin Syringes Market - Global Opportunity Analysis and Industry Forecast, 2019–2026

Disposable Syringes Market - Global Opportunity Analysis and Industry Forecast, 2019–2026

Surgical Waste Management Market - Global Opportunity Analysis and Industry Forecast, 2019–2026

Rapid Diagnostics Market - Global Opportunity Analysis and Industry Forecast, 2019–2026

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. 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.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): 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
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg