Global smart syringes market to reach £5.3bn by 2020
Global smart syringe sales are projected to grow at a compound annual growth rate (CAGR) of 9.6% during 2015-20 according to a report by Allied Market Research
The report, titled, “World Smart Syringes Market - Opportunities and Forecasts, 2014 - 2020,” said that the active safety syringes segment accounted for two-third of the market revenue in 2015 and would remain dominant throughout the analysis period.
The world smart syringes market is driven by the rising count of needle stick injuries, shift from conventional syringes to smart syringes, growing awareness in the emerging economies and widespread adoption of safety syringes across all applications, especially in drug delivery, according to Allied Market Research, yet high cost are likely to hamper the market growth.
According to the report, the drug delivery segment is expected to generate the highest revenue throughout the analysis period.
The report attributed this to the high demand for smart syringes for diabetes treatment, growing popularity of passive safety syringes and higher risk of the transmission of hepatitis B, C and HIV during injection and rising adoption of safety syringes among doctors.
In addition, Allied Market Research said that stringent regulations from the World Health Organisation (WHO) and UNICEF, mandating the use of smart syringes for drug delivery, are likely to drive the market growth in future.
The study found that the passive safety syringes segment will have a CAGR of 12.6%, the psychiatric segment is projected to grow at the highest CAGR of 12.9% during the forecast period and that North America accounted for about three-sevenths of the overall market revenue in 2015, and will continue to lead until 2020.
The key companies profiled in the report include Becton, Dickinson and Company, Medtronic (Covidien), Terumo Medical Corporation, B. Braun Melsungen, Baxter International, Smiths Group, Unilife Corporation, Revolutions Medical Corporation and Retractable Technologies and others.
To get more details about the report, click here.