Smart Syringe Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030
Smart Syringe Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030
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.
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- Industrial Analogy
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- How has COVID-19 affected the market?
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