SMART SYRINGE MARKET ANALYSIS

Market Challenges And Opportunities

Global Smart Syringe Market– Drivers

• Increasing technological advancements in smart syringes by market players : Increasing technological advancements such as improvements in designs, materials, construction, and fill volumes of syringes are expected to boost market growth over the forecast period. For instance, on January 23, 2020, Gerresheimer AG, a Germany-based manufacturer of drug delivery devices, expanded its Gx RTF ClearJect product line by introducing the Gx RTF ClearJect polymer needle syringe, 2.25 ml. The syringe is made from cyclic olefin polymer (COP), a high-performance polymer. The company displayed the new product at Pharmapack, the European hub for the pharma packaging and drug delivery device industry, in Paris on February 5 and 6, 2020.

Increasing inorganic growth strategies such as partnerships by key market players

Increasing inorganic growth strategies, such as partnerships by key market players, are expected to drive market growth over the forecast period. For instance, in October 2020, Credence MedSystems, an innovator of drug delivery systems, announced a partnership with SCHOTT AG, a leading international technology group, to apply Credence Companion technology to SCHOTT's prefillable SyriQ glass and SCHOTT TOPPAC polymer syringe systems. The two companies work together to integrate technologies and provide the pharmaceutical industry with innovative and differentiated products for the delivery of injectable drugs through prefilled syringes.

Global Smart Syringe Market: Restraint

• A shortage of syringes: Factors such as the increasing number of people facing needle phobia and a shortage of syringes are expected to hamper the growth of the global smart syringe market over the forecast period. For instance, in November 2021, according to data provided by the World Health Organization, there could be a shortage of one to two billion syringes needed to administer COVID-19 vaccinations in 2022, which could also impact routine immunizations. A shortage could lead to delays in routine vaccinations, particularly for children, and other health services, and it could also encourage the unsafe reusing of syringes and needles, particularly in poorer countries such as Africa

Key players are focusing on to expanding capacity for specialized immunization syringes, which is expected to drive market growth over the forecast period.