Smart Syringe Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030

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Smart Syringe Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030

Status : April, 2021 | Medical Devices

Report Digest

Smart Syringe Market: Overview

Smart syringes are an advancement in parenteral packaging. The drive for smart syringes market stems from the increased focus on promoting safe injection practices across the healthcare systems. This is gaining attention among worldwide population on the back of growing morbidity of blood-borne infections, caused due to unsafe injection administrations, commonly in countries with low-resource settings. Key infections found in low/middle income nations include hepatitis B virus, hepatitis C, and HIV. Hence, the WHO has been reiterating widespread acceptance of smart syringes, and communicating the related guidelines with health workers at large.

Focus has also been to increase the affordability of smart syringes. These syringes break after a single use, thereby preventing multiple usage. Growing implementation of policies on injection safety will expand the demand potential of smart syringes in various healthcare settings.

The study on the smart syringe market presents a fact-based scrutiny of the regulatory, technological, and macro- and micro-economic factors that have shaped the evolution of the market in recent years. Products development initiatives by prominent medical device manufacturers in the smart syringes market are given a closer look, backed by data. The study also presents insights on the growth avenues in various key geographies and the strategic landscape during the forecast period of 2020 – 2030.

Smart Syringe Market: Key Trends

The smart syringes market is growing on the back of growing role of smart syringes on reducing the risk of needlestick injuries. The incidence of needlestick injuries due to unsafe injections has been constantly highlighted by agencies such as the WHO, adding momentum to the need for smart syringes. A growing number of diabetic population is a key trend bolstering the expansion of the smart syringes market. This is because over the years, there is a growing demand for subcutaneous administration of insulin among the patient population.

Rapidly aging populations in some of the developed nations of the world has favored the demand dynamic in the smart syringes market. Advances in design and materials used in making smart syringes will boost the adoption rate in the market.

Smart Syringe Market: Competitive Dynamics and Key Developments

Companies have increasingly focused on improving the functionality and efficacy of smart syringes by making engineering advancements in the injection mechanism. In order to develop innovative products, some of the key players are focusing on electronics used in these syringes. Another area that has attracted attention of technology disruptors in the smart syringes market is optical fiber technology for smart needle guidance in epidural procedures in chronic, labor, and post-operative pain. These medical specialties have seen an unmet need. An in vivo swine study demonstrated that fiber optic sensor technology-based smart syringes results in higher safety in epidural anesthesia.

Another potentially lucrative area for product development lifecycle is dentistry. The need for safer drug infusion for sedating patients in dentistry has led to growing interest in developing smart syringe pumps.

Some of the aspiring industry players operating in the smart syringes market are;

  • Hindustan Syringes & Medical Devices Ltd.
  • Owen Mumford Ltd.
  • Retractable Technologies, Inc.
  • Sol-Millennium Medical Group
  • Sharps Technology, Inc.
  • Becton, Dickinson and Company.

Smart Syringe Market: Regional Assessment

Geographically, Asia Pacific is exhibiting incredible revenue potential for the smart syringe market. The growth of the regional market can be attributed to the rise in demand for smart technologies for injection administration. Emerging economies in the region have seen rise in new product development, propelling prospects of the regional market.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?