PORTLAND, Ore., Oct. 14, 2020 /PRNewsCentre/ — Allied Market Research recently published a report, titled, "Smart Syringe Market by Product (Auto Disable Syringes, Active Safety Syringes and Passive Safety Syringes), Application (Drug Delivery, Vaccination, and Blood Specimen Collection), Age Group (Pediatrics and Adults), and End User (Hospitals & HMOs, Diabetic Patients, Family Practices, Psychiatric, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global smart syringe industry was pegged at $6.87 billion in 2019, and is projected to garner $14.18 billion by 2027, growing at a CAGR of 8.7% from 2020 to 2027.
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Major determinants of the market
Increase in incidences of needlestick injuries, technological advancements, and rise in awareness drive the growth of the global smart syringe market. However, the high cost of safety syringes and alternative modes of drug delivery hamper the market. On the contrary, increase in need for safety syringes in developing countries is expected to create lucrative opportunities for the market in the future.
The active safety syringes segment dominated the market
By product, the active safety syringes segment held the largest share in 2019, accounting for more than three-fifths of the global smart syringe market, owing to their ease-in-use and safety features that provide optimum protection to patients & healthcare employees. However, the passive safety syringes segment is projected to manifest the highest CAGR of 10.3% during the forecast period, due to safety features and their complete automatic protection.
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The psychiatric segment to manifest the highest CAGR through 2027
By end user, the psychiatric segment is expected to portray the highest CAGR of 11.7% during the forecast period, owing to surge in affordability in developing regions and mandatory guidelines by governments for use of safety syringes across all healthcare centers. However, the hospitals and HMOs segment dominated the market in 2019, contributing to more than one-fourth of the global smart syringe market, due to increased use for drug delivery, vaccination, and collection of blood samples.
North America held the lion’s share
By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the market, owing to large adoption of safety syringes, rise in awareness associated with needle stick injuries, and continual improvements in healthcare practices. However, the global smart syringe market across Asia-Pacific is estimated to register the highest CAGR of 10.3% during the forecast period, due to rise in private and public healthcare expenditures and growth in responsiveness toward the risk of unsafe use of syringes.
Major market players
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SOURCE: Allied Market Research