The smart syringes market was valued at US$ 5,911.82 million in 2018 and it is projected to reach US$ 14,341.33 million in 2027; it is expected to grow at a CAGR of 10.6% from 2019 to 2027.
Smart syringes can be described as medical devices that are engineered with safety mechanisms to restrict the reuse of syringes and regulate unsafe injection practices. They are equipped with features to withdraw needlestick injuries in the person who uses those syringes and prevent transmission of blood-borne diseases such as hepatitis B virus (HBV), hepatitis C virus (HCV), human immunodeficiency virus (HIV), and other life-threatening infections. The growth of the global smart syringes market is attributed to the rising incidences of sharp injuries, and technological developments in the field of smart syringes. However, soaring costs of vaccines and low awareness in developing economies are the major factor hindering the market growth.
The global smart syringes market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Lucrative Regions for Global Smart Syringes Market
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Market Insights
Rising Incidences of Sharp Injuries to Drive Global Smart Syringes Market Growth
Sharps injuries are a well-known hazard in the social and health care sector. A sharps 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. Moreover, there is about a 0.3% chance of infection of HIV and a 1.8% chance of infection for hepatitis C in the same workplace. This smart syringes enables healthcare professionals to prevent the sharp injuries, hence demand for smart syringes is increasing.
Type-Based Insights
Based on type, the global smart syringes market is segmented into active safety syringes, passive safety syringes and auto-disable syringes. The active safety syringe segment held the largest market share in 2018. However, the auto-disable syringes segment is estimated to grow at the highest CAGR during the forecast period.
Global Smart Syringes Market, by Type – 2018 and 2027
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Application-Based Insights
In terms of application, the global smart syringes market is segmented vaccination, drug delivery and blood specimen collection. In 2018, the drug delivery segment held largest share of the market. However, the vaccination segment is expected to register the highest CAGR during the forecast period.
End User-Based Insights
In terms of end user, the global smart syringes market is segmented into hospitals & clinics, home care and others. The hospital & clinics segment held the largest share of the market in 2018. Also, the same segment is estimated to grow at the fastest rate during the forecast period.
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Smart Syringes Market: Strategic Insights
Market Size Value in US$ 5,911.82 Million in 2018 Market Size Value by US$ 14,341.33 Million by 2027 Growth rate CAGR of 10.6% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Smart Syringes Market: Strategic Insights
Market Size Value in | US$ 5,911.82 Million in 2018 |
Market Size Value by | US$ 14,341.33 Million by 2027 |
Growth rate | CAGR of 10.6% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystThe global smart syringes market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
Global Smart Syringes Market – by Type
- Active Safety Syringes
- Passive Safety Syringes
- Auto-Disable Syringes
Global Smart Syringes Market – by Application
- Vaccination
- Drug Delivery
- Blood Specimen Collection
Global Smart Syringes Market – by End- User
- Hospitals & Clinics
- Home Care
- Others
Global Smart Syringes Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Retractable Technologies, Inc.
- AdvaCare Pharma
- Numedico Technologies Pty Ltd
- Gerresheimer AG
- Parker Hannifin Corp
- BD
- Cardinal Health
- B. Braun Melsungen AG
- Terumo
- Baxter International
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The List of Companies
- Retractable Technologies, Inc.
- AdvaCare Pharma
- Numedico Technologies Pty Ltd
- Gerresheimer AG
- Parker Hannifin Corp
- Becton, Dickinson and Company
- Cardinal Health
- B. Braun Melsungen Ag
- Terumo Corporation
- Baxter
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- Data Analysis:
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