Smart Syringe Market: Current Analysis and Forecast (2021-2027)

Report Description

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.

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.

Cost of Syringes, By Types (US$)

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.

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.

“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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Smart Syringe market were the three major steps undertaken to create and analyze the adoption of Smart Syringe in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Smart Syringe market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Smart Syringe through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Smart Syringe market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, application and end-user. Further country-level analyses were conducted to evaluate the overall adoption of Smart Syringe in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Smart Syringe. Further, we conducted factor analysis using dependent and independent variables such as Smart syringes can reduce disease transmissions and needlestick injuries, demand increase in smart syringes, among others. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Smart Syringe sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Smart Syringe market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Smart Syringe across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Smart Syringe market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Smart Syringe market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Smart Syringe market.

The main objective of the Smart Syringe Market Study

The current & future market trends of Smart Syringe were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Smart Syringe in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and their subtypes
• Define and analysis of the regulatory framework for the Smart Syringe industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Smart Syringe market for the major region
• Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
• Company profiles of the Smart Syringe market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry