Smart Syringe Market worth USD 7,890.32 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart Syringe Market by Product (Auto Disable Syringes, Active Safety Syringes, Passive Safety Syringes), by Application (Drug Delivery, Vaccination, Blood Specimen Collection), by Age Group (Pediatrics, Adults), by End User (Hospitals & HMOs, Diabetic patients, Family practices (Physicians), Psychiatrics, Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global smart syringes market was evaluated at USD 7,890.62 million in 2020 and is estimated to reach USD 14,185.45 million by 2027, registering a CAGR of 8.7% during the forecast period. Various other drug delivery modes such as enteral administration via sublingual, oral, ophthalmic, urogenital, dermal, and rectal in stomach, esophagus, and large & small intestines are available in the market. In addition, oral drug administration is the most common mode of drug delivery, followed by parenteral delivery using injections. An increase in preference for oral drugs instead of injections and ongoing advancements such as biologic drugs & other therapeutics are the major factors that impede the market growth. Currently, injectable drugs and vaccines are preferred, owing to the rapid onset of treatment. Moreover, an increase in the focus of companies to introduce other means of drug delivery without using syringes is expected to restrict the adoption of smart syringes, which is anticipated to impact the market growth in the future.

Global Smart Syringe Market Segmentation

The overall smart syringe market has been segmented into the product, application, end user, and region.

• By Product (Auto Disable Syringes, Active Safety Syringes, Passive Safety Syringes)
• By Application (Drug Delivery, Vaccination, Blood Specimen Collection)
• By Age Group (Pediatrics, Adults)
• By End User (Hospitals & HMOs, Diabetic patients, Family practices (Physicians), Psychiatrics, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Adult, by age group, hold the largest market share during the forecast period

On the basis of age group, the smart syringes market is bifurcated into pediatrics and adults. In 2020, Adults hold the largest market revenue share of 82.64% of the smart syringes market and have a CAGR of 8.5% during the forecast period. Pediatrics is the most lucrative segment with the highest CAGR of 9.8%, owing to an increase in the number of pediatric populations, aged between 0 and 18 years, every year, as this age group is more vulnerable to transmitted infections.

However, unsafe injection practices and medication errors have caused severe impairments in the adult population worldwide. According to the WHO, in 2019, medication error was the leading cause of death globally and was the single most significant cause of errors in hospital settings. In addition, the number of adults with blood-borne diseases is on the rise in developing countries, owing to the unsafe use of syringes and low awareness among doctors regarding the disadvantages of reusable syringes. Hence, there is a need to adopt smart syringes for drug delivery and blood collection purposes.

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North America accounts for the largest market share during the forecast period in the smart syringe market

Based on the regions, the global smart syringe market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 42.39% in the global smart syringe market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

The market in North America is presently the dominant regional market for smart syringes and is anticipated to continue this trend throughout the forecast period. The U.S. market occupied the highest share in 2020, owing to the presence of well-established healthcare infrastructure, higher buying power, and stringency of regulations. In addition, rise in awareness associated with the risk of cross infections (such as Hepatitis and HIV) and needle stick injuries in the region leads to an increase in the adoption of safety syringes. In North America, demand for smart syringes is majorly driven by the rise in their adoption in hospitals. About 8 million health care workers work in hospitals and other healthcare settings in the U.S. These healthcare workers are at high risk of being infected by various blood-borne infections such as hepatitis C virus (HCV), hepatitis B virus (HBV), and human immunodeficiency virus (HIV), owing to needle stick injuries. The National Institute for Occupational Safety and Health (NIOSH) have implemented an initiative in North America to prevent needle stick injuries caused by syringes such as hypodermic syringes, blood collection syringes, and intravenous syringes.

Some of the major companies that operate in the global smart syringe market are 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.

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