Smart Syringes Market by Product Type (Active Safety Syringes, Passive Safety Syringes, and Auto Disable Syringes), Age Group (Adults and Pediatrics), Application (Vaccination, Drug Delivery, and Blood Specimen Collection), and End User (Hospitals & HMOs, Family Practices, Diabetic Patients, Psychiatrics, and Others): Global Opportunity Analysis and Industry Forecast, 2020 – 2030
Industry: Healthcare | Publish Date: 14-Jan-2021 | No of Pages: 341 | No. of Tables: 194 | No. of Figures: 164 | Format: PDF | Report Code : N/A
Speak to Our Analyst
Market Definition:
At an estimated value of over USD 6.78 billion in 2019, the Global Smart Syringes Market is predicted to thrive at a CAGR of 7.9%and valued at over USD 15.65 billion over the forecast year 2020-2030.
Smart syringes are medical devices designed with safety mechanisms to avoid the reuse of syringes and regulate the unsafe injection practices. These syringes are equipped with its own read/write chip containing preset parameters, ranges, and usage tracking. It also prevents needlestick injuries to the patient and helps in minimizing transmission of blood-borne diseases such as hepatitis B virus (HBV), hepatitis C virus (HCV), and human immunodeficiency virus (HIV). These syringes are used in various applications including drug delivery, vaccination, and blood specimen collection. There are different types of smart syringes such as passive safety syringes, auto disable (AD) syringes, and active safety syringes that are used according to the application. For the activation of the safety feature, the passive safety syringes usually retract automatically after the use, while active safety needles require manual activation. On the other hand, auto-disable (AD) syringes automatically get disabled after one use.
Market Dynamics and Trends:
Various factors such as increasing need to avoid needle stick injuries, high rate of blood-borne disease transmission such as hepatitis B, C, and HIV through inappropriate injection practices, and technological investments drive the smart syringes market growth. In addition, growing geriatric population, increase in the number of vaccination programs, and the need for preventing hospital or clinic-acquired infections significantly contribute to the growth of smart syringes market. However, low awareness among developing nations and high cost of smart syringes is expected to hamper market growth during forecast period. On the contrary, upsurge in the demand for auto-disabled (AD) syringes is expected to be opportunistic for the smart syringes market growth in the forecast period.
Market Segmentations and Scope of the Study:
The global Smart Syringes market share is segmented on the basis of product type, age group, application, end user, and geography. On the basis of product type, the market is segmented into active safety syringes, passive safety syringes, and auto disable syringes. On the basis of age group, the market is segmented into adults and pediatrics. By application, the market is divided into vaccination, drug delivery, and blood specimen collection. On the basis of end user, the market is segmented into hospitals & HMOs, family practices, diabetic patients, psychiatrics, and others. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and RoW.
Geographical Analysis:
In terms of geography, North America held major share of the smart syringes market in 2019. This is due to the extensive adoption of safety syringes in this region due to increasing awareness related with needle stick injuries. Also, constant improvements across healthcare practices in the region fuels the market growth. However, Asia-pacific is expected to grow rapidly with increasing market size. This is attributed to the increased healthcare expenses owing to the growing disposable income in developing countries across the region.
Competitive Landscape:
Maximum growth opportunities make the Smart Syringes market highly competitive. Some of the major players in the market are Smiths Group Plc, Baxter International Inc., B. Braun Melsungen AG, Terumo Medical Corp., Unilife Corp., Revolutions Medical Corp., Retractable Technologies Inc, Medtronic Plc (Covidien), Becton, Dickinson and Company., and many more. A number of developmental strategies have been adopted by companies in the past few years.
For instance, in December 2020, BD (Becton, Dickinson and Company) planned to invest about $1.2 billion over a 4-year period to expand as well as add a new manufacturing facility in Europe and to upgrade manufacturing capacity and technology for pre-fillable syringes (PFS) and advanced drug delivery systems (ADDS) across its six global manufacturing locations. In May 2020, Baxter International Inc. announced the approval of CE marking and regulatory from Therapeutic Goods Administration (TGA), Australia for the Evo IQ Syringe Infusion System.
KEY BENEFITS:
-
The smart syringes market report provides the quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
-
The study comprises an extensive analysis of the Smart Syringes market trend including the current and future trends for depicting the prevalent investment pockets in the market
-
The information related to key drivers, restraints and opportunities and their impact on the smart syringes market is provided in the report.
-
The market share of the players in the global Smart Syringes market along with their competitive analysis.
-
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
By Product Type
-
Active Safety Syringes
-
Passive Safety Syringes
-
Auto Disable Syringes
By Age Group
-
Adults
-
Pediatrics
By Application
-
Vaccination
-
Drug Delivery
-
Blood Specimen Collection
By End User
-
Hospitals & HMOs
-
Family Practices
-
Diabetic Patients
-
Psychiatrics
-
Others
By Geography
-
North America
-
U.S.
-
Canada
-
Mexico
-
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
India
-
Japan
-
Rest of Asia-Pacific
-
-
Rest of World
-
Brazil
-
Saudi Arabia
-
South Africa
-
Remaining Countries
-
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Analysis Period |
2019–2030 |
|
Base Year Considered |
2020 |
|
Forecast Period |
2020–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Market Segmentation |
By Product Type (Active Safety Syringes, Passive Safety Syringes, Auto Disable Syringes) By Age Group (Adults, Pediatrics) By Application (Vaccination, Drug Delivery, Blood Specimen Collection) By End User (Hospitals & HMOs, Family Practices, Diabetic Patients, Psychiatrics, Others) |
|
Geographical Segmentation |
North America (U.S., Canada, Mexico) Europe (UK, Germany, Italy, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of APAC), Rest of the World (Brazil, South Africa, Saudi Arabia, Remaining Countries) |
|
Companies Profiled |
Smiths Group Plc, Baxter International Inc., B. Braun Melsungen AG, Terumo Medical Corp., Unilife Corp., Revolutions Medical Corp., Retractable Technologies Inc, Medtronic Plc (Covidien), Becton, Dickinson and Company. |
KEY PLAYERS:
-
Smiths Group Plc
-
Baxter International Inc.
-
B. Braun Melsungen AG
-
Terumo Medical Corp.
-
Unilife Corp.
-
Revolutions Medical Corp.
-
Retractable Technologies Inc
-
Medtronic Plc (Covidien)
-
Becton, Dickinson and Company
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
Related Report
Related Blogs
Technological Advancements Shaping The Minimally Invasive Surgical Systems Market
Introduction The landscape of medical interventions is un...
Revolutionizing Kidney Health: Latest Trends and Advancements in Dialysis Technology
Introduction Dialysis, a crucial medical procedure, is ca...
Transforming Healthcare With Patient Monitoring Innovations
Introduction Patient monitoring refers to the continuous or periodic observat...
