Rapid Growth Expected for Global Smart Syringe Market

Coherent Market Insights is predicting double-digit growth for the global smart syringe market over the next six years, with an estimated CAGR of 11.3 percent through 2027.

Fueling the expansion is the increasing number of vaccinations globally. For instance, according to the World Health Organization (WHO) in 2018, globally around 86 percent of infants were vaccinated against 26 diseases. Furthermore, manufacturers are adopting inorganic growth strategies such as partnerships and acquisitions in order to strengthen their product portfolio of drug delivery systems. For instance, in October 2017, EVER Neuro Pharma GmbH acquired PHARMAGEN CZ s.r.o, a company that specializes in injectable, located in Slovakia.
 
Other key trends in the market include increasing product approvals and launches, the 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 a 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.
 
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 United States in 2020 and the disease is expected to lead to death of 4,290 women in the same year.
 
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.