Global Smart Syringe Market to Surpass US$ 1,937.99 Million by 2027, Says Coherent Market Insights (CMI)

SEATTLE--(BUSINESS WIRE)--#ActiveSafetySyringes--According to Coherent Market Insights, the global smart syringe market is estimated to be valued at US$ 15,542.2 million in 2020 and is expected to exhibit a CAGR of 11.3% over the forecast period (2020-2027).

Key Trends and Analysis of the Global Smart Syringe Market:

Key trends in the market include increasing product approvals & launches, prevalence of chronic diseases such as diabetes and cancer, and increasing acquisitions, partnerships, and agreements by key players. These are expected to drive growth of the market. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2018.

Moreover, rapid product developments by manufacturers that are approved by the regulatory authorities is a major factor augmenting growth of the global smart syringe market. For instance, in August 2019, GlaxoSmithKline received marketing authorization from the European Commission for administering Nucala (mepolizumab) through pre-filled safety syringe for patients with severe eosinophilic asthma.

Furthermore, increasing focus of manufacturers on adoption of inorganic growth strategies such as partnerships and acquisitions, in order to strengthen their product portfolio of drug delivery systems, which is expected to drive the market growth over the forecast period. For instance, in October 2017, EVER Neuro Pharma GmbH acquired PHARMAGEN CZ s.r.o, a company that specializes in injectable, located in Slovakia.

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Key Market Takeaways:

The global smart syringe market is expected to exhibit a CAGR of 11.3% over the forecast period. This is owing to increasing number of vaccinations globally. For instance, according to the World Health Organization (WHO) 2018, globally around 86% of infants were vaccinated against 26 diseases.

Among regions, North America is expected to hold dominant position in the global smart syringe market over the forecast period, owing to rising prevalence of cervical cancer in the region. For instance, according to the American Cancer Society, about 13,800 new cases of invasive cervical cancer are expected to be diagnosed in the U.S. in 2020 and the disease is expected to lead to death of 4,290 women in the same year.

Competitive Landscape:

Key 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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Market Segmentation:

• Global Smart Syringe Market, By Product Type:
  • Auto-disable Syringes
  • Active Safety Syringes
  • Passive Safety Syringes
• Global Smart Syringe Market, By Application:
  • Vaccination
  • Drug Delivery
  • Blood Specimen Collection
• Global Smart Syringe Market, By End User:
  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Homecare Settings
• Global Smart Syringe Market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country:
      • GCC
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • South Africa
      • Central Africa
      • North Africa

Related Market Intelligence Reports:

Disposable Syringes Market, By Product Type (Safety Syringes (Automatic Retractable, Manual Retractable, Non-retractable), Conventional Syringes (Syringes without Needle, Syringes with Needle)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

Read more: https://www.coherentmarketinsights.com/market-insight/disposable-syringes-market-3778

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