At an estimated value of over USD 6.78 billion in 2019, the Global Smart Syringes Market is predicted to thrive at a CAGR of 7.9% and valued at over USD 15.65 billion over the forecast year 2020-2030.
Smart syringes are medical devices designed with safety mechanisms to avoid the reuse of syringes and regulate the unsafe injection practices. These syringes are equipped with its own read/write chip containing preset parameters, ranges, and usage tracking.
It also prevents needlestick injuries to the patient and helps in minimizing transmission of blood-borne diseases such as hepatitis B virus (HBV), hepatitis C virus (HCV), and human immunodeficiency virus (HIV). These syringes are used in various applications including drug delivery, vaccination, and blood specimen collection.
There are different types of smart syringes such as passive safety syringes, auto disable (AD) syringes, and active safety syringes that are used according to the application. For the activation of the safety feature, the passive safety syringes usually retract automatically after the use, while active safety needles require manual activation. On the other hand, auto-disable (AD) syringes automatically get disabled after one use.
Market Dynamics and Trends:
Various factors such as increasing need to avoid needle stick injuries, high rate of blood-borne disease transmission such as hepatitis B, C, and HIV through inappropriate injection practices, and technological investments drive the smart syringes market growth. In addition, growing geriatric population, increase in the number of vaccination programs, and the need for preventing hospital or clinic-acquired infections significantly contribute to the growth of smart syringes market.
However, low awareness among developing nations and high cost of smart syringes is expected to hamper market growth during forecast period. On the contrary, upsurge in the demand for auto-disabled (AD) syringes is expected to be opportunistic for the smart syringes market growth in the forecast period.
In terms of geography, North America held major share of the smart syringes market in 2019. This is due to the extensive adoption of safety syringes in this region due to increasing awareness related with needle stick injuries. Also, constant improvements across healthcare practices in the region fuels the market growth. However, Asia-pacific is expected to grow rapidly with increasing market size. This is attributed to the increased healthcare expenses owing to the growing disposable income in developing countries across the region.
Maximum growth opportunities make the Smart Syringes market highly competitive. Some of the major players in the market are Smiths Group Plc, Baxter International Inc., B. Braun Melsungen AG, Terumo Medical Corp., Unilife Corp., Revolutions Medical Corp., Retractable Technologies Inc, Medtronic Plc (Covidien), Becton, Dickinson and Company., and many more. A number of developmental strategies have been adopted by companies in the past few years.
For instance, in December 2020, BD (Becton, Dickinson and Company) planned to invest about $1.2 billion over a 4-year period to expand as well as add a new manufacturing facility in Europe and to upgrade manufacturing capacity and technology for pre-fillable syringes (PFS) and advanced drug delivery systems (ADDS) across its six global manufacturing locations.
In May 2020, Baxter International Inc. announced the approval of CE marking and regulatory from Therapeutic Goods Administration (TGA), Australia for the Evo IQ Syringe Infusion System.
Key Topics Covered:
1. Introduction 1.1. Report Description 1.2. Research Methodology