Drug delivery by application is expected to be responsible for the growth of global smart syringes market.
According to The Insight Partners market research study titled Smart Syringes Market - Global Analysis and Forecasts by Product Type, Application, End User, and Geography. The global smart syringes market is expected to reach US$ 14,431.33 Mn in 2027 from US$ 5,911.82 in 2018. The market is estimated to grow with a CAGR of 10.6% from 2019-2027. The report highlights trend prevalent in the global smart syringes market and the factors driving the market along with those that act as deterrents to its growth.
The global smart syringes market, based on the application was segmented into Vaccination, Drug Delivery, and Blood Specimen Collection In 2018, the drug delivery held a largest market share of the smart syringes market, by application. However, the vaccination segment is expected to witness the highest CAGR over the coming years.
Sharps injuries are anticipated to be the major driving force for growth of smart syringes. Sharp injury is an incident, in which the skin penetrated unintentionally through the blade (such as scalpel), syringe, needle or other medical instruments. These medical instruments are necessary for carrying out healthcare work and could cause an injury by pricking or cutting the skin. These kinds of injuries are also known as percutaneous injuries. With the hollow-bore needles, there is always a higher risk of infections during intravascular cannulation, injections, venipuncture, and use of IV cannulae and needles & syringes. Sharp instruments generally contaminated with an infected patient's blood can transmit several diseases, including hepatitis B, hepatitis C, and human immunodeficiency virus (HIV), which leads to AIDS (Acquired Immune Deficiency Syndrome). These injuries further transmit infectious diseases, majorly blood-borne viruses. The transference of infection depends on the person's natural immune system. According to the Ontario Hospital Association/Ontario Medical Association (2016), it estimated that in a workplace there is a 6% to 30% chance to infect an exposed person from a contaminated needle with hepatitis B virus. Thus, due to rising incidence of sharp injuries, the smart syringes market is expected to grow at rapid pace.
Some of the prominent players operating in the smart syringes market include Retractable Technologies, Inc., AdvaCare Pharma, Numedico Technologies Pty Ltd, Gerresheimer AG, Parker Hannifin Corp, BD, Cardinal Health, B. Braun Melsungen Ag, Terumo Corporation, and Baxter among others. The major market players within recent years have been observed to invest a substantial amount towards the development of new products. The global leaders in the market have majorly chosen product launches as one of the critical strategies to improve its product line to offer customer-centric benefit to its end-users and enhance its geographic diversification. Away from mainstream and conventional products, the companies have focused towards developing new products. For instance, in February, 2017 Baxter International Inc. launched new enteral ENFit syringe and accessory line for patients who require tube feeding.