According to Goldstein Research, unsafe safety products, needle stick injuries, catheter related bloodstream infection and syringe reuse are the key drivers to boost the global smart syringe market.
Global smart syringes market is expected to generate the revenue of USD 10.25 billion by 2024, registering a modest CAGR of around 10% over the forecast period. Global syringes market is expected to reach USD 20 billion by 2030 at a CAGR of 7.5% over the forecast period owing to increase in drug delivery, blood collection and vaccination procedures. Passive safety syringes is anticipated to exhibit the highest CAGR of 13% over the forecast period. Drug delivery is the largest segment in global smart syringe market followed by vaccination and blood collection applications. Within end user, other segment is going to grow at a modest CAGR over the forecast period. Geographically, APAC is projected to be fastest growing market at a CAGR of 11% from 2016 to 2024 owing to the rising count of needle stick injuries, cross infection cases and growing awareness among the population.
Catheter-Related Bloodstream Infections- Upsurging Smart Syringe Market
Needleless connectors were introduced in 1990’s and were the main reason for hike in cases of catheter-related bloodstream infections (CRBI) owing to the luer tip was capable of getting exposed of contact contamination (most probably with health personnel) or contaminated surface. Since the luer tip was directly in contact with access port and infusate which lead to the increase risk of nosocomial infections, such as bloodstream infections.
Safe in Name Only
In reality, some so-called “safety” needles are as unsafe and dangerous as non safe syringes. Due to these ill-conceived safety needles, number of needle stick injuries has taken a leap. Worldwide needle stick injuries cause million cases of HIV/AIDS, HBV, HCV and various blood infections. According to the study, there are more than 20 blood borne pathogens that are transmitted due to needle stick injuries.
“Global Smart Syringe Market Outlook 2024” contains detailed overview of the global smart syringe market in terms of market segmentation by syringe type, application and end-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes competitive outlook of some of the major players of the global smart syringe market which includes profiling of companies like etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global smart syringe market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions. Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.