Global sales of smart syringes is projected to grow at a CAGR of 9.6% during 2015 to 2020, according to a recent Allied Market Research report. In addition, it said the active safety syringes segment accounted for two-thirds of the market revenue in 2015, and would remain dominant throughout the analysis period.
The report attributes the rise in the global smart-syringe market to increased 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. In addition, World Health Organization mandatory regulations about the use of smart syringes is expected to increase market growth.
Key findings of the “World Smart Syringes Market - Opportunities and Forecasts, 2014-2020” study include:
• Passive safety syringes segment is projected to have the highest CAGR of 12.6% over the forecast period.
• Global smart syringes market volume was estimated to be 10.6 billion units in 2015 and is expected to register a CAGR of 8.2% from 2015 to 2020.
• Within application, the drug delivery segment would continue to lead the market throughout the analysis period.
• Within end-user, the psychiatric segment is projected to grow at the highest CAGR of 12.9% during the forecast period.
• Within end-user, the hospitals segment is projected to continue to maintain its lead position in the market, accounting for two-seventh share of the overall market revenue by 2020.
• The Asia-Pacific region is anticipated to be the fastest growing market, registering a CAGR of 11.3% from 2015 to 2020.
• North America accounted for about three-seventh of the overall market revenue in 2015, and will continue to lead until 2020.