Global 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), 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), as highlighted in a new report published by Coherent Market Insights.
Increasing awareness about vaccines and immunization among the populace is expected to boost growth of the global smart syringe market over the forecast period. For instance, in the U.S., the month of January is celebrated as Cervical Health Awareness Month, wherein the importance of regular vaccination and screening for the prevention of cancer is forwarded.
Moreover, increasing cases of invasive cervical cancer is also expected to boost growth of the market. Cervical cancer can be prevented through Human papillomavirus (HPV) vaccine and regular cervical screenings. According to World Health Organization 2018, around 90% of deaths from cervical cancer occurred in low- and middle-income countries. .
Global Smart Syringe Market – Impact of Coronavirus (Covid-19) Pandemic
Government authorities and market players are taking various initiatives to meet the surging demand of syringes for COVID-19 vaccine. For instance, on May 12, 2020, ApiJect Systems America, Inc., a public medical technology company, announced that the U.S. Department of the Health and Human Services (HHS) and the Department of Defense (DOD) have granted the HHS-DOD Title 3, Defense Production Act (DPA) funding of US$ 138 Million to the company, in order to ramp up the production of prefilled syringes for COVID-19 response. The company is aiming to supply over 500 Million prefilled syringes in 2021.
Browse 36 Market Data Tables and 35 Figures spread through 155 Pages and in-depth TOC on “Smart Syringe Market”- Global Forecast to 2027, 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).
To know the latest trends and insights prevalent in the global smart syringe market, click the link below:
Preference for safety injection devices such as smart syringes is increasing among healthcare professionals and manufacturers, as these devices reduce the chances of needlestick injuries. For instance, in 2015 WHO recommended the use of safety syringes with sharp injury protection (SIP), in order to prevent needlestick injuries. Moreover, in May 2017, Innovative Neurons LLC announced its plan to commercialize its patented auto retractable multi-needle syringe known as FAST (fast, accessible, safe, and technology), to lessen needlestick injuries.
Key Takeaways of the Global Smart Syringe Market: