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Smart Syringe Market Analysis

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Smart Syringe Market Analysis

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ SMART SYRINGE MARKET ANALYSIS

  2. SMART SYRINGE MARKET ANALYSIS • Smart Syringe Market, by Product Type (Auto-disable Syringes, Active Safety Syringes, and Passive Safety Syringes), by Application (Vaccination, Drug Delivery, and Blood Specimen Collection), by End User (Hospitals & Clinics, Diagnostic Laboratories, and Homecare Settings), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. The global smart syringe market is estimated to be valued at US$ 7,332.7 million in 2020 and is expected to exhibit a CAGR of 11.3% over the forecast period (2020-2027). • Increasing prevalence of chronic diseases such as diabetes is expected to propel the market growth over the forecast period • Increasing incidence of diabetes across the world is one of the primary factor, which is expected to drive growth of the global smart syringe market as diabetic patients need to subcutaneously administer insulin regularly. For instance, according to the International Diabetes Federation, in 2019, around 463 million adults (20-79 years) were living with diabetes; by 2045 this will rise to 700 million worldwide. Moreover, 1 in 5 of the people who are above 65 years old have diabetes. • Furthermore, according to the National Diabetes Statistics Report 2017 published by Centers of Disease Control and Prevention (CDC), around 9.4% of the American population, which include all age groups i.e., pediatric, adults, and geriatric population accounting for 30.3 million people suffered from diabetes, whereas 33.9% of the rest of population was diagnosed with pre-diabetes.

  4. Figure 1. Global Smart Syringe Market Share (%) in Terms of Value, By Region, 2019

  5. Increasing technological advancements in smart syringes by market players is expected to drive the market growth over the forecast period • Advancements in technology and improvements in designs, materials, construction, and fill volumes of syringes are expected to accelerate the market growth. For instance, on January 23, 2020, Gerresheimer AG, a Germany-based manufacturer of drug delivery devices, expanded its Gx RTF ClearJect product line by introducing the Gx RTF ClearJect polymer needle syringe, 2.25 ml. The syringe is made from cyclic olefin polymer (COP), a high performance polymer. The company displayed the new product at Pharmapack, the European hub for the pharma packaging and drug delivery device industry, in Paris on February 5 and 6, 2020.

  6. GlobalSmart Syringe Market – Impact of Coronavirus (Covid-19) Pandemic • Since the COVID-19 outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 93 million cases and 2 million deaths due to coronavirus disease (COVID-19) were reported up till January 17, 2021 across the globe. • Moreover, on December 14, 2020, the U.K. authorities reported a new variant SARS-CoV-2 VOC 202012/01, of COVID-19 to the World Health Organization due to which parts of U.K. entered the third COVID-19 lockdown. Similarly, on December 18, 2020, the national authorities in South Africa reported another new variant of COVID-19 501Y.V2: • Rapidly increasing cases of COVID-19 has encouraged the biopharmaceutical industry as well as the researchers around the world to develop the vaccine for the virus, as a result of which the demand of smart syringe has surged dynamically. • On 16 January 2020, the Indian government kicked off world’s largest vaccination drive to combat the COVID-19 pandemic. The Government of India collaborated with several market players in order to meet the demand of auto-disabled syringes for COVID vaccines. For instance, on December 29, 2020, Hindustan Syringes and Medical Devices (HMD), a manufacturer of medical disposables, announced that it has ramped up the production of Kojak Auto Disable (AD) syringes, in order to meet the demand for COVID vaccine. The company is planning to increase its production from 700 million Kojak Auto Disable (AD) syringes a year to over one billion by June 2021.

  7. Figure 2. Global Smart Syringe Market Share (%) in Terms of Value, By Product Type, 2019

  8. Smart Syringe Market Restraint • However, availability of alternative drug delivery devices that can replace smart syringe such as needle free injectors, and others and increasing number of people facing needle phobia are the factors that are expected to hinder the market growth. • For instance, according to a study published in January 2019 (in PubMed), needle phobia affects at least 20% to 50% adolescents and 20% to 30% adults globally. • Key Players • Major players operating in the global smart syringe market include Becton, Dickinson and Company, Gerresheimer AG, Sharps Technology, Inc., Cardinal Health, lomMedical, MHC Medical Products, Sol-Millennium Medical Group, UltiMed Inc., Vogt Medical, Retractable Technologies, Inc., DMC Medical Limited, BIOCORP, Hindustan Syringes & Medical Devices Ltd, and Owen Mumford Ltd.

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  10. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

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