Portland, OR, Oct. 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global smart syringes industry was pegged at $6.87 billion in 2019, and is projected to reach $14.18 billion by 2027, growing at a CAGR of 8.7% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and fluctuating market trends.
Increase in incidences of needle stick injuries, growth in awareness of smart syringes, and technological advancements propel the growth of the global smart syringes market. On the other hand, high cost and unaffordability of safety syringes and alternative modes of drug delivery restrain the growth to certain extent. Conversely, rise in need for safety syringes in emerging economies are anticipated to usher a number of opportunities in the future.
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Covid-19 scenario:
- The investments inmanufacturing of syringes have doubled to avoid shortage situations during Covid-19 immunization programs all across the globe.
- The government bodies and other organizations are further assisting the manufacturing firms with increased production.
The global market is segmented on the basis of application, product type, age group, end user, and region. Based on application, the drug delivery segment dominated the market in 2019, accounting for 96% of the global market. In addition, the segment is anticipated to maintain its dominance throughout the forecast period. However, the vaccination segment is expected to manifest the highest CAGR of 13.6% during the forecast period. The report also involves blood specimen collection segment.
Based on age group, the market is bifurcated into adult and pediatric. The adult segment accounted for the largest share in 2019, contributing to more than four-fifths of the total market share. At the same time, the pediatric segment is estimated to register the highest CAGR of 9.8% in between 2020 to 2027.
Based on region, the global market across North America held the lion’s share in 2019, accounting for more than two-fifths of the total revenue. The region, furthermore, is anticipated to dominate the market throughout 2027. On contrary, the global smart syringes market across Asia-Pacific is projected to manifest the highest CAGR of 10.3% during the forecast period.
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Major market players in the report includeB. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health, Inc., Gerresheimer AG, Merit Medical, Nipro Corporation, Retractable Technologies, Inc., Revolutions Medical Corporation, Smiths Group Plc. and Terumo Corporation.
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