Smart Syringes Market is Expected to Reach $7.6 Billion, Globally, by 2020

According to a new report by Allied Market Research, titled, “World Smart Syringes Market – Opportunities and Forecasts, 2014 – 2020,” global sales of smart syringes is 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.

To know more about the report, visit the website at https://www.alliedmarketresearch.com/smart-syringes-market

The world smart syringes market is driven by the rising count of needle stick injuries, shift from conventional syringes to “smart syringes”, growing awareness in the emerging economies, and widespread adoption of safety syringes across all applications, especially in drug delivery. In addition, growing mandatory regulations laid by WHO about the use of smart syringes is further expected to boost the market growth. However, high cost associated with smart syringes and alternative drug delivery methods are likely to hamper the market growth.

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 is likely to drive the market growth in 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 in developing economies.

“The global smart syringes market is driven by the rising count of needle stick injuries, shift from conventional syringes to smart syringes, growing awareness in the emerging economies, and widespread adoption of safety syringes across all applications, especially in drug delivery. In addition, growing mandatory regulations laid by WHO about the use of smart syringes is further expected to boost the market growth. However, high cost associated with smart syringes and alternative drug delivery methods are likely to hamper the market growth.” states Onkar Sumant and Garima Chandra, Experts at Allied Market research.

Key findings of the study:

  • 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.

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.

Read similar market research reports on Medical Devices at: https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report

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