A recent report published by Infinium Global Research on smart syringes market provides in-depth analysis of segments and sub-segments in the global as well as regional smart syringes market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart syringes market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart syringes market. According to the report, the global smart syringes market is projected to grow at a CAGR of 10.5% over the forecast period of 2018-2024.
The smart syringes are used to protect patients from needlestick injuries and infection caused by syringes reuse. The smart syringe prevents the re-use of the syringe. It is used for preventing transmission of blood-borne diseases such as Human immunodeficiency virus (HIV), hepatitis B virus (HBV), and hepatitis C virus (HCV). Some models of smart syringes include a weak spot in the plunger that causes it to break if the user attempts to pull back on the plunger after the injection. Others have a metal clip that blocks the plunger so it cannot be moved back, while in others the needle retracts into the syringe barrel at the end of the injection.
The practices of administration of unsafe injections have resulted in extensive transmission of blood-borne infections among the patients, health professionals, and the community. According to the world health organization, Use of the same syringe or needle to give injections to more than one person is driving the spread of a number of deadly infectious diseases worldwide. A 2014 study sponsored by WHO, which focused on the most recent available data, estimated that in 2010, up to 1.7 million people were infected with hepatitis B virus, up to 315 000 with hepatitis C virus and as many as 33 800 with HIV through an unsafe injection. The growing prevalence of needle stick injuries and rising awareness related to a smart syringe with safety mechanism among the hospitals as well as among the patients are the key factors driving the growth of the Smart syringes market. Additionally, High prevalence of blood-borne transmission such as HIV, hepatitis B, viral hemorrhagic fevers is also augmented the Smart syringes market. However, less awareness related to smart syringe among developing countries are hampering the growth of the market. Going further, key players are focusing on the innovative technique of manufacturing smart syringe in order to reduce the cost of smart syringes which is anticipated to create growth opportunities for the Smart syringes market during the forecast period.
Based on geographies, North America accounted for the largest share in the smart syringe market. The major factors responsible for the growth of the market are well-established healthcare infrastructures, expanding awareness associated with needlestick injuries. Moreover, the rising adoption of smart syringe owing to high buying power is supporting the market growth. The Asia Pacific is expected to be the fastest growing region during the forecast period, owing to rising public and private healthcare expenditure. Additionally, high prevalences of infections caused by accidental needle stick and initiatives undertaken by the government to reduce infectious diseases are some of the factors boosting the smart syringes market growth in the Asia Pacific region.
The report on global smart syringes market covers segments such as therapeutic categories, application, and end-user. On the basis of therapeutic categories, the global smart syringes market is categorized into auto-disable syringes, active safety syringes, and passive safety syringes. On the basis of application, the global smart syringes market is categorized into vaccination, drug delivery, and blood specimen collection. On the basis of end-user, the global smart syringes market is categorized into diagnostics center, hospitals and HMOs, physician clinics, and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer substantial potential for the growth in the smart syringes market. As a result, the APAC region is projected to experience growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global smart syringes market such as B. Braun Melsungen AG, Smiths Group Plc, Unilife Corp., Baxter International Inc., Retractable Technologies Inc, Revolutions Medical Corp., Terumo Medical Corp., Medtronic Plc (Covidien), and Becton Dickinson and Co.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global smart syringes market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart syringes market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the smart syringes market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the smart syringes market to understand the present and future trends in this market and formulate their strategies accordingly.
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