The smart syringes market size is predicted to surpass around US$ 13.22 billion by 2028 from valued at US$ 7.84 billion in 2021, growing at a CAGR of 7.8% over the forecast period 2021 to 2030.
The smart syringes market size is predicted to surpass around US$ 13.22 billion by 2028 from valued at US$ 7.84 billion in 2021, growing at a CAGR of 7.8% over the forecast period 2021 to 2030.
Growth Factors
The smart syringes are injections that can be used with low risk on the body. There are different kinds of smart syringes used in the healthcare sector. Those smart syringes are active safety syringes, auto disable syringes, and passive safety syringes. The smart syringes are used for the purpose of blood specimen collection, vaccination, and drug delivery.
The global smart syringes market is growing due to the surge in the number of diabetic patients. The diabetic patients are the one who use syringes on a daily basis at least twice a day. This factor drives the demand for the smart syringes globally. According to International Diabetes Federation (IDF), diabetes affected approximately 537 million people in 2021. By 2030, the overall number of diabetics is expected to reach 643 million and by 2045, it will reach 783 million. Three out of every four adults with diabetes lives in a low- and middle-income nations. Thus, the rising prevalence of diabetes is creating lucrative opportunities for the growth of the global smart syringes market during the forecast period.
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The global smart syringes market saw boom in terms of sales and revenue during the pandemic. The adoption and application of smart syringes was increased during the outbreak. The reason being, strict government regulations and guidelines. In addition, World Health Organization (WHO) also recommended to use safety syringes and injections while vaccinating COVID-19 virus affected people. Thus, the demand for smart syringes increased substantially due to the epidemic.
Moreover, the demand for smart syringes increased in underdeveloped regions due to the pandemic. The developed and developing regions have exported wide range of syringes to these regions. Gradually, the supply also increased within a short period of time. This also resulted into the expansion of healthcare and medical devices sectors. The favorable government policies also created growth prospects for the smart syringes market over the projected period.
Report Highlights:
- Based on the product, the auto disable syringessegment dominated the global smart syringes market in 2020 with largest market share. The auto disable syringes are widely used in the route of administration of drugs and medications. The fluid can be transferred easily to the body with the help of auto disable syringes.
- On the basis of application, the drug deliverysegment holds the largest market share the global smart syringes market in 2020. The main purpose of smart syringes is to transfer drug and medications to the body. The growing prevalence of diseases is driving the growth of the segment.
- Based on the end user, the hospitals segment dominated the global smart syringes market in 2020 with largest market share. The rise in the number of hospitals visits is driving the growth of the segment.
- North America is the largest segment for smart syringes market in terms of region.The growth of the smart syringes market in North America is attributed to rising geriatric population, existence of key industry players, and surge in demand and need for syringes.
- Asia-Pacific region is the fastest growing region in the smart syringes market.The expansion of the smart syringes market in Asia-Pacific region is owing to rising prevalence of chronic diseases and growing healthcare expenditure.
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Future of Smart Syringes Market
The growth of the global smart syringes market is attributed to the surge in the number of chronic and cardiovascular disorders. According to the World Health Organization (WHO), cardiovascular diseases are the most frequent reason for the fatalities around the world. The cardiovascular disorders claimed the lives of 17.9 million individuals worldwide in 2019, accounting for 32% of all deaths. The strokes and heart attacks are responsible for 85% of deaths globally. This number is rising at a rapid pace. The smart syringes act an important part of the medical devices. As a result, the growing number of cardiovascular disorders and patients is creating prospects for the growth of the global smart syringes market in upcoming years.
COVID-19 Impact Analysis:
- The healthcare sector saw significant shift in demand and supply of healthcare supplies during 2020.
- The coronavirus pandemic had surged the demand for smart syringes in the market.
- This was owing to the increased demand for vaccination against COVID-19 virus.
- Thus, the impact of the COVID-19 pandemic on the growth and development of the global smart syringes market was positive.
Key Developments in the Marketplace:
- During the COVID-19 pandemic in the U.S. in July 2020, Sharps Technology introduced their Sharps Provensasmart syringes for dispensing COVID-19 vaccines.
Segments Covered in the Report
By Product
- Auto Disable Syringes
- Passive Safety Syringes
- Active Safety Syringes
By Application
- Vaccination
- Drug Delivery
- Blood Specimen Collection
By End User
- Hospitals
- Psychiatrics
- Family Practices
- Diabetic Patients
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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