Smart Syringes Market Trendsetters of Tomorrow Market's Dazzling Latest Trends | BD Eclipse and BD SafetyGlide syringes

The world smart syringes market was evaluated at $4.8 billion in 2015, and is estimated to garner $7.6 billion by 2020, registering a CAGR of 9.6% over the forecast period. The world smart syringes market is driven by increasing count of needle stick injuries, high prevalence of blood-borne transmission such as Hepatitis B, C, HIV through improper injection practices, growing adoption of safety syringes and technological advancements. In addition, mandatory recommendation by WHO to switch to smart syringes ensuring safe injection practices is the major factor boosting the market growth. However, the high cost associated with smart syringes especially passive safety syringes, low awareness in developing economies and alternative drug delivery methods are likely to impede the market growth. The world smart syringes market volume is projected to reach 15.8 billion units by 2020 and is projected to grow at a CAGR of 8.2 during the forecast period.

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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.

The world smart syringes market is segmented based on types, applications, end users and geography. The type segment is further categorized into auto disable (AD) syringes, active safety syringes and passive safety syringes. Active safety syringes accounts for the highest revenue in 2015, owing to established market position. Furthermore, auto disable (AD) syringes are especially used for vaccination purposes and are designed specifically for single use, embedded with an internal mechanism that blocks the barrel once used, thereby preventing its further usage. The world smart syringes market by application is categorized into drug delivery, vaccination, and blood specimen collection. Among these, the drug delivery segment generated the highest revenue in 2015. Several advantages associated with syringes such as better bioavailability of intravenous drugs, shorter onset time, accurate titration of the dosage, among others have boosted the market growth. Based on end user, the smart syringes market is categorized into hospitals, diabetic patients, family practices, and psychiatrics among others. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America would continue to dominate the market until 2020, on account of higher adoption of smart syringes, high awareness among the consumers about smart syringes and high healthcare expenditure across the region.

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 includeBD 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 market 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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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.

Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).

Key highlights of the report include

Market Size and Growth Analysis:

Detailed examination of the market size and growth trajectory during the forecast period.
In-depth insights into the factors driving market expansion and the challenges restraining growth.
Accurate revenue projections and trends shaping the market landscape.

Strategic Analysis:

Identification of key drivers influencing market growth and strategic recommendations to leverage emerging opportunities.
Exploration of market trends and future prospects to aid in informed decision-making.
Strategies for market players to capitalize on growth areas and navigate challenges effectively.

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Evaluation of the impact of these developments on the overall market landscape.

Competitive Strategies:

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KEY BENEFITS:

This report provides an extensive analysis of the current and emerging market trends and dynamics in the world smart syringes market.
The smart syringes market scenario has been comprehensively analyzed on the basis of key geographical regions.
The report provides a detailed analysis of the current market and estimations from 2014 to 2020, which would enable the stakeholders to capitalize on the prevailing market opportunities.
A comprehensive analysis of the market scenario in terms of applications, types, end users, and geography helps in identifying the prevailing opportunities in the world smart syringes market.
The key market players operating in the market have been profiled in the report, and their strategies have been thoroughly analyzed to understand the competitive outlook of the market.

SMART SYRINGES MARKET KEY SEGMENTS:

Market By Type

Auto disable syringes
Active safety syringes
Passive safety syringes

Market By Application

Drug delivery
Vaccination
Blood specimen collection

Market By End User

Hospitals and HMOs
Diabetic patients
Family practices (Physicians)
Psychiatrics
Others

Market By Geography

North America
Europe
Asia-Pacific
LAMEA

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