Manufacturers to Stockpile Syringes; New Launches to Thrive the Field
19 Nov 2020
Various studies have estimated that the use of unclean and used syringes has led to an increase in the number of infections such as HIV and hepatitis. More than two million people get infected with diseases, due to the reuse of syringes. The world health organization (WHO), has, therefore, called for discarding multiple usage syringes in 2015 and switch to the adoption of smart syringes.
Smart syringes are properly engineered with a safety mechanism to prevent the reuse of syringes and restrain unsafe injection practices. In addition, it evades needlestick injuries along with preventing transmission of blood-borne diseases. Furthermore, the use of smart syringes may enhance safety in practices including drug delivery, vaccination, and collection of blood samples.
Smart syringes, furthermore, have different types, including passive safety syringes, auto-disable syringes, and active safety syringes. Active safety and auto-disable syringes are most commonly utilized in the healthcare sectors.
The wake of the global pandemic has led to enhance the focus of syringe manufacturing companies towards stockpiling. And, therefore the industry players are highly initiating to meet the demand. Recently, the United Nations stated that it would be amassing around one billion syringes across the world by the end of 2021. At the same time, the UNICEF, UN children’s Fund, specified that it aims to stockpile 520 million syringes by the end of this year.
Besides, various other manufacturers are also bringing up new launches. Earlier this year, Sharps Technology, Inc. an innovative medical device manufacturing company, has announced its plans to produce smart safety syringes, SHARPS PROVENSA, to eliminate potentially infectious accidental needlestick injuries. Furthermore, the company stated that the syringe has received consent from the Food and Drug Administration. However, initially, the production would be limited to the U.S.
As the demand for syringes is increasing, the awareness for diseases based on reusing of syringes is growing as well. The manufacturers are highly focusing on introducing more smart syringes along with increasing their production. According to a report published by Allied Market Research, the global smart syringe market was is expected to hit$14.18 billion, with a CAGR of 8.7% by 2027.
The rate of improper injection practices has been considerably increased. This has fueled the prevalence of blood-borne transmission, thereby increasing the demand for smart syringes. On the other hand, the surge in the count of needlestick injuries has further urged for a smart syringe. Owing to the benefits, the market has witnessed a hike in the adoption of smart syringes. In addition, the advancements in technology further proliferate the demand growth.
The industry is undergoing several activities to bring innovative solutions. On the other hand, WHO has recommended a mandatory switch to smart syringes, for safe injections practices. All these elements are anticipated to usher a plethora of opportunities for the market players along with aiding the market to grow exponentially in the approaching time.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.