According to a new report published by Allied Market Research, titled, “Smart Syringe Market by Product, Application, Age Group and End User: Opportunity Analysis and Industry Forecast, 2020–2027,"the global smart syringe market was valued at $6.8 billion in 2019 and is estimated to reach $14.18 billion by 2027 at a CAGR of 8.7% from 2020 to 2027. Smart syringes are engineered with features to protect medical professionals or users from possible injuries and infections. These syringes prevent re-use, as they have an inbuilt inactivation mechanism. Many such syringes have a weaker spot in the plunger, which causes it to break if the user tries or attempts to pull back the plunger after injection. In addition, some syringes have a metal clip that blocks plunger so that it cannot be moved back. Moreover, few syringes have a retracting needle feature at the end of the injection. After the injection, a hood or a sheath slides over the needle, which refrains users from getting accidently injured.
Rise in number of needle stick injuries and surge in awareness related to smart syringes are the major factors the boost the smart syringe market growth. Further, shift in focus toward use of technological advancements in manufacturing smart syringes is expected to supplement the market growth throughout the forecast period. On the contrary, factors such as high cost & unaffordability of safety syringes and alternative modes of drug delivery restrict the smart syringe market growth. However, effect of the COVID-19 pandemic is anticipated to remain positive for companies operating in the smart syringe industry. Presently, many companies are facing complications, owing to nationwide lockdowns, which has led to interruptions in supply chain activities across the globe. However, this unfavorable impact is expected to be compensated by rise in demand for smart syringes for use in COVID-19 immunization and vaccination programs, which is expected to start from the end of 2020.
On the basis of product, the active safety syringes segment occupied the largest share in 2019. The active safety syringes segment is anticipated to continue its dominance during the forecast period, owing to their economic cost, ease-to-use, and safety features, which provides optimum protection to patients as well as healthcare employees and reduces the risk of needle stick injuries.
By application, the drug delivery segment occupied the largest share in 2019. However, vaccination is the fastest growing segment, owing to high demand for immunization services provided though vaccination to a growing number of pediatrics and neonates across the world. Furthermore, COVID-19 immunization programs are expected to contribute toward revenue of the vaccination segment in the coming years.
On the basis of the age group, the adult segment occupied the largest share in 2019. This is attributable to the growth in number of adult populations infected with unsafe use of syringes.
By end user, it is classified into hospitals & HMOs (Health Maintenance Organization), diabetic patients, family practices, psychiatrics, and others. The hospitals & HMOs are the leading users of smart syringes for drug delivery, vaccination, and collecting blood samples. These hospitals, especially in developed countries have mandated use of smart syringes to substitute conventional syringes to prevent reuse. This prevents multiple usage of needles and helps avoid needle stick injuries as well as blood borne diseases such as hepatitis B, C, HIV, and other deadly diseases. According to the WHO, all healthcare workers such as doctors, pediatricians, and clinicians along with patients should be aware of their policies and guidelines that need to be followed for safe injection practices. This is expected to specifically reduce chances of infection that can be acquired from a host of diseases across different hospitals.
Key Findings Of The Study
- By end user, the psychiatric segment is projected to grow at the highest rate during the analysis period.
- North America dominated the global smart syringe market in 2019 and is projected to continue this trend in future.
- China is expected to grow at the highest rate in Asia-Pacific during the forecast period.
- Based on age group, the adult segment was the largest revenue contributor in 2019.
- The drug delivery segment generated the highest revenue and is expected to remain dominant in the future.
Region wise, North America occupied the largest share, accounting for $2,906.09 million in 2019, and is expected to reach $6,028.82 million in 2027. This is accredited to larger adoption of safety syringes, owing to higher buying power and stringency of regulations, as well as well-established healthcare infrastructure. However, Asia-Pacific is expected to grow at the highest CAGR of 10.3% during the study period, attributed to increase in needle stick injuries, rise in awareness by regulatory bodies such as the WHO and UNICEF, and improvement in health standards.
Competitive intelligence of prominent manufacturers regarding smart syringes provide key insights in terms of strategies implemented to gain significant share in the smart syringe market. Becton, Dickinson & Company is the leading player that provides a wide range of smart syringes across the healthcare sector worldwide. Smart syringes provided by Becton, Dickinson & Company include BD Integra retracting syringe, BD Safety-Lok syringe, and BD SafetyGlide syringe. Key companies operating in the global smart syringe market include B. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health, Inc., Gerresheimer AG, Merit Medical, Nipro Corporation, Retractable Technologies, Inc., Revolutions Medical Corporation, Smiths Group Plc. and Terumo Corporation. The other companies operating in the smart syringe market are Axel Bio Corporation, Inc., DMC Medical Limited, Pharmstandard pharmaceutical company, Sharps Technology, Inc., Sol-Millennum and Zarys.