Global Smart Syringe Market is valued approximately at USD 6.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.7% over the forecast period 2020-2027.
Smart Syringe Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Smart Syringe Market by region.
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This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
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Smart syringes are medical devices which are designed to be reused with safety mechanisms and which also regulate unsafe injection practices. They smart syringes avoid needlestick injuries and prevent transmission of blood-borne diseases such as hepatitis B virus (HBV), hepatitis C virus (HCV), and human immunodeficiency virus (HIV). Smart Syringes used in drug delivery, vaccination, and blood specimen collection. The rising technological advancements, surge in incidences of needlestick injuries and growth in awareness of smart syringes are the few factors responsible for growth of the market over the forecast period.
For instance: according to The World Health Organization (WHO), each year 2 million injuries have been recorded from needle-sticks and other sharp objects occur to over 35 million health care workers in the world. Furthermore, the introduction of products and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 08th July 2020, Becton, Dickinson, and Company agreed into a public-private partnership with Government Biomedical Advanced Research and Development Authority (BARDA) to develop new manufacturing lines of injection that delivers more than 100 million of syringes and needles. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery is the major factor restraining the growth of global Smart Syringe market during the forecast period.
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The regional analysis of global Smart Syringe market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the large adoption of safety syringes, owing to rise in awareness associated with needle stick injuries, coupled with continual improvements in healthcare practices in healthcare centers across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are: Braun Melsungen Ag Becton, Dickinson, And Company Cardinal Health, Inc. Gerresheimer Ag Merit Medical Systems, Inc. Nipro Corporation Retractable Technologies, Inc. Revolutions Medical Corporation Smiths Group Plc. Terumo Corporation
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Product: Auto Disable Syringes Active Safety Syringes Passive Safety Syringes
By Application: Drug Delivery Vaccination Blood Specimen Collection
By Age Group: Paediatrics Adults
By End User: Hospitals & HMOs Diabetic patients Family practices (Physicians) Psychiatrics Others
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By Region: North America U.S. Canada Europe UK Germany France Spain Italy ROE
Asia Pacific China India Japan Australia South Korea RoAPAC Latin America Brazil Mexico Rest of the World
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Final Report will add the analysis of the impact of COVID-19 on this industry.”
a large number of indigenous manufacturers of syringes and needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.
It begins with the introduction section which mentions the features and uses of syringes and needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes and needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.
An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes and needles and problems associated with usage. Government legislation in the market has been discussed in the next section. The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.
A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:
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What is the aim of the report?
Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered. An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report. The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa. The various parameters accelerating the growth of Market are incorporated in the research report. The report analyses growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region. The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption. The growth rate of the market in every region, including their countries over the forecast period is included in the market report. Based on what factors are the key market players assessed in this report? The report offers detailed analysis of leading companies in the market across the globe. It provides details of the major vendors involved in the Market including Key Players A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report. The facts and figures about market competitors along with standpoints of leading market players are presented in the report. The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
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What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report. The report offers the present scenario and future growth prospects Market in various geographical regions. The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered. The SWOT analysis is conducted along with Porter’s Five Force analysis. The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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