Smart Syringes Market to 2024: Trends, Business Strategies and Opportunities with Key Players Analysis
Smart Syringes Market: Overview
Smart syringes are gaining significant popularity around the world. These syringes are equipped with safety mechanisms, preventing their reutilization, and hence controlling unsafe injection practices.
In the recent times, the incidence of infections, owing to unsafe injection practices, has increased substantially. According to the WHO, around 1.7 million people were infected with the hepatitis B virus, almost 0.3 million were infected with hepatitis C virus, and approximately 34,000 individuals were reported to be infected with HIV due to unsafe injections in 2014. These cases, together with rising reports of needlestick injuries, have remarkably boosted the demand for smart syringes worldwide over the years.
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This research report on the global market for smart syringes provides a comprehensive analysis of this market, taking its current as well as historical performance into consideration. Analysts have also predicted the future status of this market in this study by examining its future prospects and current and imminent major trends.
Smart Syringes Market: Key Trends and Opportunities
Smart syringes are generally utilized in vaccination, drug delivery, and blood specimen collection, among which drug delivery is the most common application area for these syringes. The prime end users of smart syringes are hospitals and health maintenance organizations (HMOs), psychiatrists, and diabetic patients. The demand for these syringes has been the highest from hospitals and HMOs over the last few years.
Auto-disabled (AD) syringes are attracting the highest demand among all the smart syringe products due to their single-use characteristic. These syringes find maximum application in the routine administration of medicines and fluids, owing to which the demand for them is likely to remain high over the next few years.
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The passive safety syringes segment is also expected to gain significant impetus in the coming years. The ease of use, the improved patient safety ensured by the automated activation of the safety feature, and the efficient protection from the transmission of infections offered by these syringes are anticipated to fuel their demand in the future.
Smart Syringes Market: Region-wise Outlook
Geographically, the worldwide smart syringes market can be broadly segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Currently, North America is leading the global market. Rising concerns about needlestick injuries, constant advancements in health-care practices, and the presence of a well-developed medical and health-care infrastructure in this region are driving the smart syringes market in North America.
Apart from this, Asia Pacific is likely to report a significant rise in its market share over the next few years. The rapid growth in disposable income has raised the level of health-care expenditure in this region. Awareness regarding safe injection practices is also rising. Several initiatives by the WHO and local governments to reduce needlestick injuries in order to curb various infections are projected to promote the usage of smart syringes in this region substantially in the near future. All these factors are expected to fuel the Asia Pacific smart syringes market in the coming years.
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Smart Syringes Market: Competitive Outlook
Some of the leading participants in the global market for smart syringes are Smiths Group Plc, B. Braun Melsungen AG, Baxter International Inc., Terumo Medical Corp., Retractable Technologies Inc, Unilife Corp., Revolutions Medical Corp., Medtronic Plc (Covidien), and Becton, and Dickinson and Co.
The high level of unmet needs in several emerging economies have provided market participants huge scope for growth. The growing trend of safe injection practices in medical and health-care systems globally is also presenting lucrative opportunities.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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