Research report published by Proficient Market Research “Smart Syringe Market, By Type (Liquid Smart Syringes, Headspace Smart Syringes and Others); By Applications (Vaccination, Drug Delivery, Blood Specimen Collection and Others) Market – Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”, states that the global smart syringe market is expected to grow at a CAGR of 10.7% during the forecast period from 2021 to 2028.
Usage of smart syringes is witnessing a huge demand for preventing the spread of diseases between patients. According to WHO, improper usage and reuse of syringes has been recorded which leads to transfer of diseases among patients, therefore, utilization of smart syringes are increasingly being used. Especially at present there is high growth of the smart syringe market due to increasing need for vaccination of patients to reduce the spread of diseases, COVID-19 is on the surge due to which there is an elevated need for smart syringes to contain the virus such that it does not spread from one individual to another and thereby at present there is a higher growth of the market.
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Several types such as liquid smart syringes, headspace smart syringes, among others are increasingly being used for vaccination purpose during COVID-19. Rising use of liquid smart syringes for drug delivery as well as to inject the exact amount of drug into the body is growing the sales of liquid smart syringes globally.
The companies are also investing towards COVID-19 testing and relief thereby for these needs the companies are designing innovating products such as smart syringes to aid in cubing the spread of the virus and to carry out viral testing with ease.
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Some of the key players in the market include Becton, Dickinson and Company, Terumo Corporation, Braun Melsungen AG, Baxter International, Inc., Retractable Technologies, Inc., Smiths Group Plc, Unilife Corporation, Revolutions Medical Corporation, Cardinal Health, Inc. and CTC Analytics AG (PAL).
Trends and Future Outlook:
The World Health Organization has stated that by the year 2020 the multi usage injections have to be replaced with smart syringes to reduce the spread of diseases through reused syringes.
In August 2020, Hindustan Syringes & Medical Devices Ltd has announced that they have received an order from the (UNICEF) united nations children fund to send around 140 million auto disable syringes to handle the COVID-19 situation.
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Based on type, the Smart Syringe market is segmented into the following:
Liquid Smart Syringes
Headspace Smart Syringes
Liquid Smart Syringes segment held the dominating position in the smart syringe market
In 2020, the liquid smart syringe segment held the dominating position in the smart syringe market in terms of market value. As liquid smart syringes have majority purpose of drug delivery, vaccination, etc., their demand and supply is expected to grow during the forecast period.
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Based on End-use, smart syringes market is segmented into following:
Blood Specimen Collection
Vaccination segment led the overall smart syringe market in terms of market value
In 2020, the vaccination segment led the overall smart syringe market in terms of market value. In addition, with the ongoing health safety concerns, the segment is also expected to witness continued demand during the forecast period from 2020 to 2028. Due to increasing number of vaccinations drives in effect to contain COVID-19, use of smart syringes is increased approximately 10 times.
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North America accounted for the largest share in the smart syringe market
In 2020, North America accounted for the largest share in the smart syringe market due presence of well-established health care companies, improved healthcare treatment, investment towards new technology to treat various diseases. Thereby, these factors are increasing the growth of the market in the region.
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