Pune, India -- (SBWIRE) -- 05/15/2019 -- Our latest research report entitled Smart Syringes Market (by therapeutic categories (auto-disable syringes, active safety syringes, and passive safety syringes), application (vaccination, drug delivery, and blood specimen collection), end-user (diagnostics center, hospitals and HMOs, physician clinics)) provides complete and deep insights into the market dynamics and growth of smart syringes. Latest information on market risks, industry chain structure smart syringes cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential smart syringes growth factors. 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.

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Smart Syringes Market: Insight

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.

Smart Syringes Market: Drivers and Restraints

The practices of administration of unsafe injections have resulted in the 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. 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.

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Smart Syringes Market: Regional Analysis

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 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.

Smart Syringes Market: Segmentation

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.

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Smart Syringes Market: Competitive Landscape

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.

Report Findings

1. Drivers

- Growing Prevalence of Needle Stick Injuries.

- Rising Awareness Related to Smart Syringe with Safety Mechanism among the Hospitals as Well as patients.

2. Restraints

- Less Awareness Related to Smart Syringe Among Developing Countries.

3. Opportunities

- Key Players are Focusing on the Innovative Technique of Manufacturing Smart Syringe in Order to Reduce the Cost of Smart Syringes.