In the medical field, syringes are used to inject fluids or remove fluids from the body. A syringe is a needle attached to a hollow cylinder with a depressible plunger used in medicine. Needlestick injuries and syringe reuse can be avoided with the use of safety features built into today’s “smart syringes.” The World Health Organization has documented worldwide instances of unsafe syringe use that have resulted in widespread infection among healthcare workers and patients. Abscesses, septicemia, and nerve damage can result from unsafe syringe use, and hemorrhagic fevers and malaria can be transferred in extreme circumstances.
World Health Organization data from 2014 also show that approximately 2 Mn healthcare workers around the world contracted infectious illnesses due to needlestick injuries. The smart syringe is a great tool for avoiding needlestick injuries because it helps with this issue.
Forecasts indicate an 11.3% CAGR for the worldwide market for smart syringe between 2015 and 2020, valuing the market at US$ 7,332.7 mn in 2020. (2020-2027).
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The rising incidence of chronic disorders like diabetes is anticipated to fuel market expansion throughout the predicted horizon.
The necessity for frequent subcutaneous insulin administration among diabetic patients is one of the key factors likely to drive expansion of the worldwide market for smart syringe. For example, in 2019, about 463 Mn adults (20-79 years old) were living with diabetes; by 2045, this number is expected to climb to 700 Mn worldwide, as reported by the International Diabetes Federation. Furthermore, for those over the age of 65, diabetes affects one out of every five people.
In addition, the CDC’s 2017 National Diabetes Statistical Report states that 30.3 Mn Americans, or 9.4 percent of the total population, had diabetes in that year, with an additional 33.9 percent having been diagnosed with pre-diabetes.
Over the forecast period, the market is expected to increase as a result of rising technological breakthroughs in smart syringes among industry competitors.
It is anticipated that technological progress and enhancements in syringe designs, constructions, materials, and fill volumes will drive expansion of the market. For example, on January 23, 2020, Gerresheimer AG, a medicine delivery device manufacturer based in Germany, introduced the Gx RTF ClearJect polymer needle syringe, 2.25 ml as an extension of its Gx RTF ClearJect product line. Cyclic olefin polymer (COP), a high performance polymer, is used to create the syringe. The new innovation was on show in Paris, France, February 5-6, 2020, at Pharmapack, the European centre for the pharmaceutical packaging and drug delivery device business.
Worldwide Market for Smart Syringe – Effect of Coronavirus (Covid-19) Pandemic
Around a hundred nations have reported cases of COVID-19 since the outbreak in December 2019, prompting the WHO to declare a public health emergency. World Health Organization’s weekly epidemiological update on coronavirus illness (COVID-19) states that as of 17th January, 2021, about 93 Mn cases and 2 Mn deaths were documented worldwide.
Furthermore, the United Kingdom reported a new SARS-CoV-2 VOC 202012/01, of COVID-19 to the World Health Organization on 14th December, 2020, leading to the third COVID-19 lockdown in certain areas of the United Kingdom. Another new COVID-19 501Y.V2 variant was notified to national authorities in South Africa on 18th December, 2020.
The dynamic uptick in demand for smart syringes can be traced back to the worldwide effort by the biopharmaceutical sector and researchers to create a vaccine against the rapidly spreading COVID-19.
To counteract the COVID-19 pandemic, the Indian government launched the largest vaccine program in the world on 16th January, 2020. In order to address the need for auto-disabled syringes for COVID vaccinations, the government of India worked with numerous market participants. In order to meet the demand for COVID vaccination, one company, Hindustan Syringes and Medical Devices (HMD), said on 29th December, 2020 that it has increased production of Kojak Auto Disable (AD) syringes. The company’s goal is to produce over one billion Kojak Auto Disable (AD) syringes annually by June 2021, up from the current annual manufacturing rate of 700 million.
Market for Smart Syringe Restraint
The increasing prevalence of needle phobia, as well as the availability of alternatives to the smart syringe (such as needle-free injectors), are issues that are likely to slow the market.
Needle phobia, for example, affects at least 20% to 50% of adolescents and 20% to 30% of adults worldwide, in a study released in January 2019 (in PubMed).
Some of the largest companies in the smart syringe industry include Becton, Dickinson and Company, Gerresheimer AG, Sharps Technology, Inc., Cardinal Health, lomMedical, MHC Medical Products, Sol-Millennium Medical Group, UltiMed Inc., Vogt Medical, Retractable Technologies, Inc., DMC Medical Limited, BIOCORP, Hindustan Syringes & Medical Devices Ltd, and Owen Mumford Ltd.
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Smart Syringe Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Smart Syringe Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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