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Expanding at 8.7% CAGR between 2020 and 2027, Global Smart Syringes Market to Reach US$6.87 bn by 2027

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Expanding at 8.7% CAGR between 2020 and 2027, Global Smart Syringes Market to Reach US$6.87 bn by 2027

November 17
20:52 2020
Expanding at 8.7% CAGR between 2020 and 2027, Global Smart Syringes Market to Reach US$6.87 bn by 2027
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, PSYCHIATRICS, AND OTHERS): GLOBAL OPPORTUNITY ANALYSIS AND INDUSTRY FORECAST, 2020-2027

A new research 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, Psychiatrics, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027,” is recently added to the repository of Report Ocean.

 GET SAMPLE COPY @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1249

As per the study, the global smart syringes market reached an opportunity worth US$6.87 bn in 2019. Rising at a CAGR of 8.70% during the period between 2020 and 2027, the market is anticipated to reach US$14.18 bn by the end of the forecast period. In terms of volume, the market is projected to rise at a CAGR of 8.90% between 2020 and 2027 and reach 28,078.73 units by 2027.

The wide-ranging application base of smart syringes that include drug delivery, vaccination, and blood collection is the key driving force behind the growth of this market. Apart from this, the increasing count of needle-stick injuries, rising uptake of safety syringes, and the high prevalence of blood-borne conditions through transmission are also supporting this market, significantly. Going forward, mandatory recommendations by the WHO to switch to smart syringes are likely to propel this market in the years to come. However, the high cost of smart syringes, especially passive safety syringes, availability of alternative drug delivery methods, and low awareness in developing economies may impede the market’s growth in the near future.

Impact of Covid 19 on Global Smart Syringe Market

With the outbreak of Coronavirus pandemic, the medical and healthcare sector is witnessing acute shortage of medical equipment, including syringes. To overcome such supply chain issues, manufacturers have already begun to manufacture syringes, owing to the high demand for vaccine delivery. The need for vaccination against novel Coronavirus across the world is poised to propel the production of smart syringe as well during the pandemic phase, adding to the growth of this market. 

Demand for Active Safety Syringes to Remain High

The report assesses the global smart syringes market on the basis of the product, application, age group, end user, and the region. The product segment has been categorized into auto disable (AD) syringes, active safety syringes, and passive safety syringes. The active safety syringe segment leads the global market, thanks to the established market position of this segment.

Based on the application, the market has been classified into drug delivery, vaccination, and blood specimen collection. The demand for smart syringes is higher in the drug delivery segment compared to others. In terms of age group, the market has been classified into pediatrics and adults. By end user, hospitals, health maintenance organization (HMOs), diabetic patients, family practices, and psychiatrics have surfaced as the prominent segments of this market.

Regionally, North America, Europe, Asia Pacific, and LAMEA have been considered as the key segments of the global market. North America has emerged as the global leader in smart syringes market and is expected to remain so throughout the forecast period. The increasing uptake of smart syringes, high awareness level of consumers, and rising healthcare expenditure across the region are likely to support the North America smart syringes market in the years to come.

Key Findings:

  • North America has emerged as the global leader in smart syringes market and is expected to remain so throughout the forecast period.
  • The active safety syringe segment leads the global market, thanks to the established market position of this segment.

The global smart syringe market is segmented into:

By Product

  • Auto Disable Syringes
  • Active Safety Syringes
  • Passive Safety Syringes

By Application

  • Drug Delivery
  • Vaccination
  • Blood Specimen Collection 

By Age Group

  • Pediatrics
  • Adults

By End User

  • Hospitals & HMOs
  • Diabetic patients
  • Family practices (Physicians)
  • Psychiatrics
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA

Companied Mentioned in the Report

  • 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

READ FULL REPORT @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1249

Media Contact
Company Name: Report Ocean
Contact Person: Nishi Sharma
Email: Send Email
Phone: +91-9997112116
Address:BSI Business Park,H-15, Sector-63, Noida
City: Noida
State: UP, 201301
Country: India
Website: www.reportocean.com


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