Smart Syringe Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)

 

As per the research report, Smart Syringe Market is expected to exceed the market valuation of more than US$ 14.4 billion in 2027 and is expected to grow at a significant CAGR of 9.6% during the forecast period (2021-2027). Smart syringes are important to promote safe healthcare systems. Smart syringes are increasingly gaining popularity as the number of blood-borne infections is increasing due to unsafe injections especially in low-income, developing countries. Smart syringes have features that prevent their re-use.  There are many types of syringes, they can break if the user tries to pull back on the plunger after its use. Other types have metal clips that block the plunger from moving back and in yet others, the needle retracts into the syringe barrel after its administration.

World health organization (WHO) is urging the use of smart syringes and calling for policies to implement the safe use and safe disposal of the syringes. Normal syringes without safety features cost around US$ 0.03-0.04 and smart syringes cost twice as much. WHO, in 2015 issued guidelines recommending safe use of injections and transition to safety-engineered injection devices for all kinds of injections by 2020.

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In a 2021 publication from WHO, it was reported that 1 billion children have been vaccinated over the last decade. Also, the uptake of new and under-used vaccines is increasing over the years. Around 4-5 million deaths are prevented every year due to immunization. The world health organization is looking for donors to support the transition to these devices and anticipating the decline of prices as the demands increase. Most high-income countries rely on SIP, prefilled and retractable needle syringes rather than AD syringes for immunization.

Between 1998-2014 more than 50 outbreaks of viral and bacterial infections occurred in the United States due to unsafe medical practices. Outbreaks resulted in the transmission of HBV, HCV, and bacterial pathogens in more than 700 individuals. 150,000 patients received notifications between 2001-2012 recommending them to undergo bloodborne pathogen testing as they were potentially exposed to unsafe injections. Over the years with the influence of WHO and UNICEF regulations on the use of smart syringes the unsafe syringe outbreaks have reduced.

Retractable Technologies, Inc., AdvaCare Pharma, Numedico Technologies Pvt. Ltd., Gerresheimer AG, Parker Hannifin Corp, Cardinal Health, Terumo Corporation, Baxter International Inc., Braun Melsungen AG, Becton, Dickinson, and Company are some of the prominent players operating in the Smart Syringe market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst Product, Auto-Disable Syringes segment holds the major share”

Based on the Product, Smart Syringes Market is fragmented into active safety syringes, passive safety syringes, and auto-disable syringes. Auto disables syringes had market revenue of US$ XX billion in 2020 and is estimated to rise with the highest CAGR of XX% in the forecast period. Many syringe injuries and disease transmission can be prevented with the use of smart syringes. In 2000, WHO reported that 40% of the 16 billion injections given used re-used injections. Reusable syringes can also lead to needle stick injury in healthcare workers. Up to 1 million needlestick injury cases are reported in healthcare workers in the EU every year. New government policies and WHO policies are continuously encouraging the use of smart syringes. Also, with the increase in awareness about smart syringes in the coming years, the smart syringes market is bound to boost.

“Amongst Application, Drug Delivery segment holds the major share”

Based on the Application, Smart Syringes Market is segmented into drug delivery, vaccination, and blood specimen collection. Amongst application, the drug delivery segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. The high demand for smart syringes in drug delivery is attributed to their use in diabetes treatment. Additionally, the blood specimen segment is projected to grow the fastest in the forecasted period. In 2018, among the global syringe administration, 95% of the syringes were given for a curative purpose, 3% were given as vaccination and only 2% were used for other purposes such as blood transfusion.  This is due to the increase in needlestick injuries and cross-infection cases and therefore the adoption of smart syringes in the developing economies.

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“Amongst End-User, Hospitals and Clinics segment holds the major share”

Based on End-User, the Smart Syringe Market is fragmented into hospitals and clinics, homecare, and others. Hospitals and clinics are the leading segments in using smart syringes. Hospitals in developed countries are more likely to use smart syringes than in developing countries because healthcare workers in developing countries are less likely to receive updated information on needle safety due to geographical separation. In many developing countries, injectable medications can be purchased over the counter without any prescription. In a study of the Hubei district in China, 55% of the prescribed injections were unnecessary and 16% of them were unsafe.

“North America represents one of the largest markets of Smart Syringe market”

For a better understanding of the market dynamics of the Smart Syringe market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to an increase in awareness among people about syringe safety.

Customization Options:

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