May 2020 | Report Format: Electronic (PDF)
The global smart syringes market is expected to reach USD 10.2 billion in 2024, according to a new report by Grand View Research, Inc. In 2015, Some key factors driving the market include the rise in the patient population, the increasing number of needle stick injuries, and the spread of diseases due to unhygienic injection practices.
The injection practices and healthcare delivery standards are not uniform across the globe. The use of disposable syringes has been strongly advocated by various healthcare organizations across different countries; however, adherence to the patient safety guidelines is not adequately implemented in the LMIC (Low and Middle Income Countries).
As per the WHO records, the re-usage of syringes has boosted the infection cases of Ebola, malaria, Marburg virus, HIV, hepatitis, and other diseases in LMIC; these countries have been suffering with a huge infectious diseases burden due to the high transmission rates of blood-borne virus infections. Increasing awareness regarding the usage of smart syringes with safety mechanisms amongst the patients and the healthcare providers is anticipated to fuel the expansion of the smart syringes market over the forecast period.
As per the data published by the U.S. Occupational Safety and Health Administration (OSHA), nearly 5.6 million workers in the healthcare sector are at a high risk of occupational exposure to blood-borne pathogens, mainly on account of needle stick injuries and other metal injuries. The data also indicates that on an average 1,000 injuries occur per day in the U.S. hospitals, which translates to 385,000 needle stick and other injuries per year.
Some previously reported outbreaks due to the re-use of syringes include the following:
In 2007, hepatitis C outbreak in Nevada, U.S.
In 2009, more than 400 people were infected with Hepatitis B in Gujarat, India
In 2014, a group of more than 200 people(children and adults) living near Battambang, Cambodia, tested positive for HIV
Hence, in order to improve the healthcare outcomes and reduce the burden of infections, the healthcare practitioners and hospitals are expected to adopt the usage of smart syringes,which would significantly boost the smart syringes market over the forecast period.
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Further key findings from the study suggest:
In 2015, the auto-disable syringes segment dominated the smart syringes market with revenue of over USD 3.0 billion. The established presence of the auto-disable syringes in the market is one of the crucial reasons for its high share.
The passive safety syringes segment is expected to emerge as the fastest growing market during the forecast period
North America accounted for the largest share in 2015 on account of very high healthcare standards, the presence of well-developed hospital and primary healthcare networks, high patient awareness, and the rising demand for sophisticated drug delivery techniques.
Asia Pacific is identified as the most lucrative market. Increase in the disease burden, the rising population levels, and the growing demand for vaccination are the key market drivers in this region. Furthermore, high investments to improve the patient care services and to curb the risk of needle stick infections are expected to spur the smart syringes market over the forecast period.
Some key players of the market include Medtronic Plc (Covidien), Terumo Medical Corporation, Braun Melsungen AG, Unilife Corporation, Becton, Dickinson and Co., Revolutions Medical Corporation, Baxter International, Inc., Retractable Technologies, Inc., and Smiths Group plc.