Dublin, Dec. 30, 2021 (GLOBE NEWSWIRE) -- The "Smart Syringe Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The smart syringe market is expected to grow at a compound annual growth rate of 13.77% over the forecast period to reach a market size of US$17.123 billion in 2026 from US$6.940 billion in 2019.
Smart syringes are engineered in such a way that prevents their reutilization, thus, regulating unsafe injection practices. These syringes cater to a wide range of applications including vaccination, drug delivery, and body fluid specimen collection.
The rise in the incidences of diseases such as HIV, Hepatitis C, and other infections due to unsafe injection practices is driving the market for smart syringes.
Major companies have been making significant developments in the market, in the past few years. For instance, PAL Systems, one of the key players in the market, provides a smart syringe that contains electronic data storage for process safety and the highest precision. The company's consistent quality of every syringe had been guaranteed by CTC Analytics.
Other players have also been making a considerable impact in the market. AccPoint, a division of AdvaCare Pharma USA, provides auto-disable syringes, which had been made of a plethora of materials, and medical-grade PVC for the plunger and barrel, that ensures reliability regarding the precision needle and syringe's seal.
Impact of COVID-19 Pandemic.
The COVID-19 pandemic had been expected to accelerate the demand for smart syringes, because of the rise in the covid vaccination process. Countries, worldwide, have been spending a significant sum of capital to purchase vaccines and medical equipment, to vaccinate their population.
Major companies have been making a significant impact in the market. For instance, in June 2021, IHDLife, one of the key players in the market, announced that it had been shipping two million auto-disable syringes to the United States government, intending to ensure vaccination against the covid virus.
There are other developments in the market. For instance, in November 2020, Hindustan Syringes & Medical Devices Ltd., announced that it had shipped over 100 million pieces of KOJAK auto-disable syringes to COVAX, the global vaccination organization's stockpile facility. The company had also stated that they had been planning to allocate 50% of the total 0.5 ML auto-disable syringes for export and the rest 50% for the government of India.
In February 2021, UNICEF announced that it had sent 100,000 syringes to the Maldives for COVID-19 vaccination. The organization had also stated that they would ship over 14.5 million auto-disable syringes to more than 30 nations, globally. been These trends are expected to have a positive impact on the market, in the coming period.
Latest Developments.
In June 2021, The Odisha Drug Controller Directorate in India had announced that it had given Nobel Pharmacare Limited the license to produce and manufacture 0.5 ml Auto Disable syringes. This development is expected to have a positive impact on the market, in the coming years.
In January 2021, The Hindustan Syringes and Medical Devices announced that it had received the WHO-performance, quality, and safety certification for its major flagship 0.3 ML KOJAK auto-disposal syringes. The company had stated that these syringes would be required for Pfizer's Corona vaccine. The company had also been accelerating its production capacity to manufacture a 0.5 ML auto disposal syringe.
In December 2020, Becton, Dickinson and Company, a key player in the market, announced that it had been planning to invest around US$1.2 billion over the next years to upgrade and expand manufacturing technology and capacity for advanced drug delivery systems and pre-fillable syringes, across its six major manufacturing locations. The company had also been planning to add a novel production facility in Europe.
Increasing cases of Hepatitis.
Hepatitis is known as an inflammation of the liver that causes a wider range of health problems. There are mainly five strains of the hepatitis virus, which are referred to as A, B, C, D, and E.
According to the World Health Organization, an estimated number of 325 million people, globally, live with hepatitis type B or C. The WHO had stated that around 7,134 deaths, globally, had been due to hepatitis A, in the year 2016. In the year 2019, over 250 million were living with chronic hepatitis B infection.
Globally, around 71 million people have been living with chronic hepatitis C virus infection. The increasing rate of hepatitis virus is expected to accelerate the demand for smart syringes, globally. Millions of people, worldwide, could be protected from certain infections caused due to unsafe and lower quality injections.
The World Health Organization had recommended that there should be an acceleration in the adoption of smart syringes, that cannot be used more than once.
The International Health Body had also launched a policy of global and injection safety with the support from some of the reputed organizations, such as the Vaccine Alliance, IKEA Foundation, and Gavi. These trends are expected to have a positive impact on the market, in the coming years.
Companies Mentioned
- BD
- PAL System
- VOGT Medical
- L.O.M. Medical International
- Credence MedSystems Inc.
- Retractable Technologies Inc.
- PRICON
- Dali Medical Devices
- AlShifa Medical Products
- Advacare Pharma USA
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