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Smart Syringes Market [GROWTH] Pegged for Robust Expansion by 2021 to 2030

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 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.

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Market Statistics:

The file offers market sizing and forecast throughout 5 primary currencies – USD, EUR GBP, JPY, and AUD. It helps corporation leaders make higher choices when foreign money change records are available with ease. In this report, the years 2020 and 2021 are regarded as historic years, 2020 as the base year, 2021 as the estimated year, and years from 2022 to 2030 are viewed as the forecast period.

The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.

This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.

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.

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.

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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 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 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.

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

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Market By End User

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

Market By Geography

North America
Europe
Asia-Pacific
LAMEA

Table of Content:

  • Market Definition and Overview
  • Research Method and Logic
  • Market Competition Analysis
  • Product and Service Analysis
  • Strategies for Company to Deal with the Impact of COVID-19
  • Market Segment by Type, Historical Data and Market Forecasts
  • Market Segment by Application, Historical Data and Market Forecasts
  • Market by by Region, Historical Data and Market Forecasts
  • Market Dynamic Analysis and Development Suggestions

Key Questions Answered in the Market Report

• How did the COVID-19 pandemic impact the adoption of by various pharmaceutical and life sciences companies?
• What is the outlook for the impact market during the forecast period 2021-2030?
• What are the key trends influencing the impact market? How will they influence the market in short-, mid-, and long-term duration?
• What is the end user perception toward?
• How is the patent landscape for pharmaceutical quality? Which country/cluster witnessed the highest patent filing from January 2014-June 2021?
• What are the key factors impacting the impact market? What will be their impact in short-, mid-, and long-term duration?
• What are the key opportunities areas in the impact market? What is their potential in short-, mid-, and long-term duration?
• What are the key strategies adopted by companies in the impact market?
• What are the key application areas of the impact market? Which application is expected to hold the highest growth potential during the forecast period 2021-2030?
• What is the preferred deployment model for the impact? What is the growth potential of various deployment models present in the market?
• Who are the key end users of pharmaceutical quality? What is their respective share in the impact market?
• Which regional market is expected to hold the highest growth potential in the impact market during the forecast period 2021-2030?
• Which are the key players in the impact market?

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