According to a new report by MarketIntelReports, titled, “Smart Syringes Market – Global Opportunity Analysis and Industry Forecast, 2014 – 2020“ global sales of smart syringes are projected to grow at a CAGR of 9.6% during 2015 2020. Active safety syringes segment accounted for two-third of the market revenue in 2015, and would remain dominant throughout the analysis period.
The drug delivery/curative segment is expected to generate the highest revenue throughout the analysis period. This is attributed to the high demand for smart syringes for diabetes treatment, growing popularity of passive safety syringes, and higher risk of the transmission of hepatitis B, C, & HIV during injection and rising adoption of safety syringes among doctors. In addition, stringent regulations laid by WHO and UNICEF mandating the use of smart syringes for drug delivery are likely to drive the market growth in the future.
Furthermore, blood specimen collection is projected as the fastest growing segment over the forecast period. This is due to the rising count of accidental needle stick injuries during blood collection, increasing cases of cross-infections such as HIV and growing awareness about safety syringes market in developing economies.
Smart syringes can be defined as medical devices that are engineered with safety mechanisms to prevent the reuse of syringes and regulates unsafe injection practices. Smart syringes are designed with features to protect the person being injected from needle stick injuries, blood-borne diseases such as hepatitis C virus (HCV), hepatitis B virus (HBV), human immunodeficiency virus (HIV) and resulting deadly infections. They cater to a wide range of applications that include vaccination, drug delivery, and blood specimen collection. Different types of smart syringes including auto disable (AD) syringes, passive safety syringes and active safety syringes are used depending on the nature of application. Active safety syringes are the most common type of smart syringes used across all healthcare sectors, whereas, auto disable (AD) syringes are the most popular syringes used for vaccination purposes.
Competitive Intelligence on prominent manufacturers of smart syringes provide key insights in terms of strategies implemented to gain significant share in the smart syringes market. Becton, Dickinson & Company are the leading player that provides a wide range of smart syringes across all healthcare sectors worldwide. Few of the smart syringes provided by these company include BD Eclipse and BD SafetyGlide syringes (uses active system), BD AutoShield Duo Pen Needle (passive mechanism), and BD Soloshot IX Auto-Disable 0.5 mL syringe among others. The key companies operating in the world smart syringes sector include Becton, Dickinson and Company, Medtronic (Covidien), Terumo Medical Corporation, B. Braun Melsungen AG, Baxter International, Smiths Group plc, Unilife Corporation, Revolutions Medical Corporation and Retractable Technologies, Inc., among others.
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Key Findings of Smart Syringes Market:
- Passive safety syringes segment is projected to exhibit the highest CAGR of 12.6% over the forecast period.
- Global smart syringes market volume was estimated to be 10.6 billion units in 2015 and is expected to register a CAGR of 8.2% from 2015 to 2020.
- Within application, the drug delivery segment would continue to lead the market throughout the analysis period.
- Within end user, the psychiatric segment is projected to grow at the highest CAGR of 12.9% during the forecast period.
- Within end user, the hospitals segment is projected to continue maintain its lead position the market, accounting for two-seventh share of the overall market revenue by 2020.
- The Asia-Pacific region is anticipated to be the fastest growing market, registering a CAGR of 11.3% from 2015 to 2020.
- North America accounted for about three-seventh of the overall market revenue in 2015, and will continue to lead until 2020.
SMART SYRINGES MARKET KEY SEGMENTS:
- Auto disable syringes
- Active safety syringes
- Passive safety syringes
- Drug delivery
- Blood specimen collection
By End User
- Hospitals and HMOs
- Diabetic patients
- Family practices (Physicians)
- North America
The key companies profiled in the report include Becton, Dickinson and Company, Medtronic (Covidien), Terumo Medical Corporation, B. Braun Melsungen AG, Baxter International, Smiths Group plc, Unilife Corporation, Revolutions Medical Corporation and Retractable Technologies, Inc., and others.
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