The global smart syringes market size was US$ 7,990.1 million in 2021. The global smart syringes market is forecast to grow to US$ 15,985.45 million by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
Smart syringes are medical devices specifically designed to regulate unsafe injection practices. They are designed to prevent the person from needle stick injuries and other diseases like the human immunodeficiency virus (HIV). The device finds its wide applications in vaccination, drug delivery, and blood collection.
Factors Influencing the Market
The growing prevalence of life-associated diseases and increasing demand for effective treatment will drive the smart syringes market forward. In addition, the high prevalence of blood-borne transmissions such as hepatitis B, C, and HIV due to inefficient medical practices will surge the demand for smart syringes during the forecast period.
The growing number of advancements and rising adoption of advanced technology in the healthcare segment will contribute to the growth of the global smart syringes market. Furthermore, mandatory recommendations by the WHO to adopt smart syringes will benefit the market during the study period. For instance, Gerresheimer unveiled an integrated and passive safety syringe called Gx InnoSafe in December 2017. This syringe intends to avoid needlestick injuries. Such advancements are likely to benefit the overall smart syringes market during the study period.
High healthcare expenditure and growing advancements in the healthcare sector will escalate the growth of the market. On the contrary, the high costs associated with smart syringes may restrict the market growth.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic surged the demand for efficient healthcare devices. Smart syringes are expected to gain traction in the coming years due to the substantial number of COVID-19 immunization programs planned by government organizations. In addition, the pandemic raised the burden on the healthcare bodies, which drove the government and private investments. As a result, it offered ample growth opportunities for the smart syringes market growth.
Regional Analysis
The Asia-Pacific smart syringes market is forecast to grow at the highest growth rate. It is due to the presence of a large patient pool and increasing healthcare awareness among the general public. In addition, increasing healthcare expenditure and growing government spending will significantly contribute to the growth of the smart syringes market. In addition, rising awareness from prominent regulatory bodies such as the WHO, UNICEF, and Red Cross, will improve the healthcare infrastructure of the region, which will ultimately benefit the other associated industries.
Competitors in the Market
Market Segmentation
By Product Market Outlook
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By Regional Outlook
