Smart Syringes Market to Reach US$ 14,341.33 Mn at a CAGR of 10.6% in 2027

Smart Syringes Market to 2027 - Global Analysis and Forecasts By Type (Active Safety Syringes, Passive Safety Syringes and Auto-Disable Syringes); Application (Vaccination, Drug Delivery and Blood Specimen Collection); End User (Hospitals & Clinics, Home Care and Other End Users) and Geography

Publication Month : Aug 2019

  • Report Code : TIPMD00002257
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 138
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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



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

smart-syringes-market
Market Size Value inUS$ 5,911.82 Million in 2018
Market Size Value byUS$ 14,341.33 Million by 2027
Growth rateCAGR of 10.6% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The 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
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type ; Application ; End User and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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

  1. Retractable Technologies, Inc.
  2. AdvaCare Pharma
  3. Numedico Technologies Pty Ltd
  4. Gerresheimer AG
  5. Parker Hannifin Corp
  6. Becton, Dickinson and Company
  7. Cardinal Health
  8. B. Braun Melsungen Ag
  9. Terumo Corporation
  10. Baxter

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  1. Data Collection and Secondary Research:

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Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

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Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

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  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

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  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

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