PORTLAND, Oregon, October 10, 2018 /PRNewswire/ --
Rise in incidence of needlestick injuries, high prevalence of blood-borne infection, and mandatory recommendation by WHO to increase adoption of smart syringes to ensure patient safety are expected to boost the growth of the global smart syringe market
Allied Market Research recently published a report, titled, "Smart Syringe Market by Product Type (Auto Disable, Active Safety, and Passive Safety), Application (Drug Delivery, Vaccination, and Blood Specimen Collection), Age Group (Pediatric and Adult), and End User (Hospitals & HMOs, Diabetic Patients, Family Practices, and Psychiatrics): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". The report offers in-depth analyses of the market size; key market segments; drivers, restraints, challenges, opportunities; and marketing strategies adopted by leading market companies across the globe. According to the report, the global smart syringe market garnered $5.74 billion in 2017 and is expected to $13.79 billion by 2025, registering CAGR of 10.3% through 2025.
High prevalence of blood-borne transmissions such as Hepatitis B, C, and HIV through improper injection practices, rise in incidence of needlestick injuries, and increased adoption of safety syringes in healthcare settings drive the growth of the market. However, high cost associated with smart syringes and low awareness in developing countries hamper the market growth. On the contrary, mandatory recommendation by the WHO to promote the use of smart syringes is expected to create lucrative opportunities for the market players in the coming years.
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Passive safety syringes segment to manifest fastest growth by 2025
The passive safety syringe segment is expected to grow at the fastest CAGR of 14.7% through 2025, owing to the high demand for passive safety syringes with integrated retractable needles, which have safety features and an automatic working mechanism. However, the active safety syringes segment accounted for about two-thirds share of the market in 2017. Moreover, the auto-disable syringes segment would portray gradual growth during the study period.
Vaccination segment to become fastest growing segment by 2025
The vaccination segment is expected to register the fastest CAGR of 16.8% owing to the high demand for immunization services provided through vaccination. However, the drug delivery segment held the largest market share in 2017, contributing about 96% of the total market revenue. This is attributed to the associated advantages such as better bioavailability of intravenous drugs, shorter onset time, and accurate titration of the dosage. In addition, blood specimen collection segment would witness significant growth from 2018 to 2025.
Adult age group segment to be the major revenue contributor through 2025
In 2017, the adult segment held the highest market share, contributing about 83% of the total market, and is expected to continue its dominance throughout the study period. However, the pediatrics segment is expected to register the fastest CAGR of 13% through 2025, owing to increase in the number patients suffering from transmitted infections, especially in the age group of 0-18 years.
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Major end users in the market
The key end users of the global smart syringe market include hospital, diabetic patients, family practices, psychiatric, and others. In 2017, the hospital segment held about one-third share of the market revenue and is projected to maintain this trend during the forecast period. However, the psychiatric segment would grow at the fastest CAGR of 14.9% during the forecast period, owing to increase in affordability in the developing region and stringent regulations by government bodies regarding the use of safety syringes.
North America to dominate the global market through 2025
North America region contributed the highest market share in 2017, accounting for 42% of the total market revenue, owing to high buying power, stringent regulations, and well-developed healthcare infrastructure. However, the Asia-Pacific region would manifest the fastest CAGR of 13.6% during the study period due to rise in awareness about these products by regulatory bodies such as WHO, UNICEF, and others. The other regions analyzed in the study are Europe and Latin America, Middle East and Africa (LAMEA).
Torchbearers of the market
The major market players operating in the global smart syringe market include Dickinson and Company, Terumo Medical Corporation, Baxter International, Unilife Corporation, Retractable Technologies, Inc., Becton, Cardinal Health, B. Braun Melsungen AG, Smiths Group plc, and Gerresheimer AG. The report analyzes the growth strategies adopted by these market players, which include product launches, partnerships, collaborations, mergers & acquisition, joint ventures, and others to strengthen their position in the industry.
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SOURCE Allied Market Research