Smart Syringe Market is expected to exceed the market valuation of more than US$ 14.4 billion by 2027 expanding at a reasonable CAGR of around 9.6% during the forecast period (2021-2027). As per the Global Burden of Diseases Study done in 2000, quantified the number of deaths/disabilities caused due to unsafe injections. Hepatitis B virus (HBV), hepatitis C virus (HCV) and human immunodeficiency virus (HIV) were the main infections caused. These infection in 2000 were converted into disability-adjusted life years (DALYs) from 2000-2030 using natural history, duration of disease, age, weight etc. as parameters. In 2000, within the 10 regions investigated, 3.4 injections were received by individuals per year on an average. Out of these 39.3% were given reused equipment. Contaminated injections caused approximately 21 million HBV infections, 2 million HCV infections and 260 thousand HIV infections. This leads to an estimated burden of 9,177,679 DALYs between 2000 and 2030.
In 2015, WHO started a campaign against unsafe injections and started the drive to use Smart Syringes. These smart syringes have features that prevent their re-use. 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. 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. World health organization is looking for donors to support the transition to these devices and anticipating the decline of prices as the demands increase. Key players in the industry include Retractable Technologies, Inc., AdvaCare Pharma, Numedico Technologies Pvt. Ltd. etc.
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With the sudden rise of covid-19, all major healthcare companies are investing in R&D for a covid vaccine. Key factors that are responsible for the increase in Smart Syringe supply during the Covid-19 vaccination around the globe include rising concern over syringe reuse, expanding immunization programs, price of AD syringes comparable with conventional disposable syringes due in large part to consolidating purchasing power from UNICEF procurement (~40% of immunization market), engaged partners and established partner forums, stricter government regulation around patient safety and security, long shelf life of product (up to 5 years) and increasing geographic spread and local manufacturing capacity.
Based on product, smart syringes are fragmented into active safety syringes, passive safety syringes and auto disable syringes. Auto disable syringes had the market revenue of US$ X billion in 2020 and is estimated to rise with the highest CAGR of X% 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 reused 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 EU every year as reported in 2018. 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.
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Based on application, smart syringes are segmented into drug delivery, vaccination, and blood specimen collection. Amongst application, the drug delivery segment accounted for a market valuation of US$ X billion in 2020 and is expected to reach US$ X billion by the year 2027, at a CAGR of X% over the analyzed period. The high demand for smart syringes in drug delivery is attributed to their use in diabetes treatment. Additionally, blood specimen segment is projected to grow the fasted in the forecasted period. In 2018, among the global syringe administration, 95% of the syringes were given for 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 needle stick injuries and cross-infection cases and therefore the adoption of smart syringes in the developing economies.
Based on end-user, the smart syringe market is fragmented into hospitals and clinics, homecare and others. Hospitals and clinics are the leading segment in using smart syringes. Hospitals in developed countries are more likely to use smart syringes than in the developing countries because healthcare workers in the developing countries are less likely to receive updated information on needle safety due to geographical separation. Like in the case of rural areas healthcare facilities receive less communication from teaching hospitals and get a lower chance to participate in conferences and seminars. Also, the private health sectors prescribe injections unjustifiably to receive extra money. In many developing countries, injectable medications can be purchased over the counter without any prescription. In a 2006 study of Hubei district in China, 55% of the prescribed injections were unnecessary and 16% of them were unsafe.
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Additionally, the report provides detailed initiatives that are being taken in the field of Smart Syringe, globally. The report provide a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. North America dominated the market in 2020, with X% share. 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 global Smart Syringe market. Several M&As along with partnerships have been undertaken by these players to make smart syringes as cost-effective and as widely available as possible.
Smart Syringe Market Segmentation
Market Insight, by Product
Market Insight, by Application
Market Insight, by End-User
Market Insight, by Region
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