Burgeoning Incidences of Re-Use of Vaccine is Escalating the Demand of Smart Syringe Globally

The demand for Smart Syringe is witnessing an uptick on account of the rising prevalence of diseases such as hepatitis B virus (HBV) and HIV (human immunodeficiency virus) caused due to reuse of Syringe or similar devices globally. A campaign against using unsafe syringes was started by the WHO in 2015. In 2021, 1 billion children received vaccination. Smart syringes stop the reuse of syringes decreasaing disease transmission and needle stick injuries among vaccinators. The reuse of syringes however has been growing over the years. Immunization prevents 4-5 million deaths every year. The WHO is promoting the use of smart syringes and implementing safe disposal of syringes. High cost acts as the major hindering factor for the adoption of Smart syringes, as smart syringes cost twice, compared to normal syringes. The world health organization is looking for donors who can support and fund the transition of these syringes. However, as the demand increases, the price of smart syringes is most likely to reduce.?

Covid-19 has effected businesses worldwide. The smart syringe market however was able to sustain and flourish through the time. Key factors influencing the smart syringe supply increase was the rising concern of syringe reuse, reduction in price of AD syringes compared to conventional syringes, due to bulk purchase of smart syringes from UNICEF. Additionally, immunization is expanding and hence the governments have increased regulance on the kinds of syringes being used. Also the increased patient safety and security concern and growth in number of syringes manufacturers globally is influencing the market growth for smart syringe.

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According to UnivDatos Market Insights (UMI)’ research report “Smart Syringe Market Analysis, 2020”, the Global Smart Syringe market is projected to grow at a CAGR of 9.6% during 2021-27F. A rise in vaccination drives and awareness among people are the prominent reasons which is driving the market of the Smart Syringe. For Instance: In a 2021 publication from WHO, it was reported that 1 billion children have been vaccinated over the last decade. Also, Between 1998-2014 more than 50 outbreaks of viral and bacterial infections occurred in the United States due to unsafe medical practices.?

Based on the Product, the Auto-Disable Syringe segment acquired the major market share and grabbed US$ X Bn revenue in 2020. Smart syringes can prevent various syringe injuries and disease transmissions. WHO reported in 2000 that 40% of the 16 billion injections given were reused. Reused syringes can also cause needlestick injuries. In 2018, around 1 million needlestick injuries was caused to the healthcare workers in the EU.

Drug Delivery through Smart Syringes to Witness Robust growth

Based on application, drug delivery segment generated revenue of US$ X billion in 2020 and is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of US$ X billion by 2027F. This is attributed to their increased use in diabetes treatment. As the prevalence of diabetes is increasing throughout the world, so is the use of smart syringes. In 2018, out of the global syringe administration, 95% of the syringes were given for Curative Purpose, 3% were given as vaccination and only 2% were used for other purposes such as blood transfusion.

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North America to Grab Lion’s Share and to witness Explicit Growth

Based on the Region, North America dominated the Global Smart Syringe market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the rising number of?vaccination drives and awareness among people. North Amrica is expected to skyrocket with a CAGR of 9.6% in the forecast period, as stated in UnivDatos Market Insights (UMI)’ research report “Smart Syringe Market Analysis, 2020”.?

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Smart Syringe market are Retractable Technologies, Inc., AdvaCare Pharma, Numedico Technologies Pvt. Ltd., Gerresheimer AG, Parker Hannifin Corp, Cardinal Health, Terumo Corporation, Baxter International Inc., Braun melsungen AG, and Becton, dickinson, and company among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. For an instance:

• In May, 2021 Becton, Dickinson and Company confirmed a US$ 200 million investment in a new manufacturing facility in Spain
• In May, 2020 Baxter International Inc. announced CE marking and regulatory approval from Australia’s Therapeutic Goods Administration (TGA) for the Evo IQ Syringe Infusion System

“Global Smart Syringe Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Smart Syringe providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.??????

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Market Segmentation:

1. By Product (Active Safety Syringes, Passive Safety Syringes, Auto Disable Syringes)
2. By Application (Drug Delivery, Vaccination, Blood Specimen Collection)
3. By End-User (Hospitals and Clinics, Homecare, Others)
4. By Region (North America (US, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World)
5. By Company (Retractable Technologies, Inc., AdvaCare Pharma, Numedico Technologies Pvt. Ltd., Gerresheimer AG, Parker Hannifin Corp, Cardinal Health, Terumo Corporation, Baxter International Inc., Braun melsungen AG, Becton, dickinson, and company )

Key questions answered in the study:

1. What are the current and future trends of the Smart Syringe industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Smart Syringe industry?
5. What are the customer orientation, purchase behavior, and expectations from the Smart Syringe firms across various regions?