The global smart syringes market was valued at $5.1bn in 2016 and is anticipated to reach $10.2bn. by 2024.
The major factors propelling the market growth include the rising prevalence of chronic diseases, high risk of infection due to reusable syringes, an increase in geriatric population, and improvement in access to healthcare facilities across the emerging nations. Moreover, the growing preference for injectable drugs and rising demand for vaccination against such as hepatitis, polio, measles, and other diseases is expected to boost usage rates over the forecast period.
Smart syringes provide safety features which help in controlling and preventing the risk of infection spread. As per 2014 World Health Organization (WHO) study based on most recent data available (2010), it is observed that approximately 1.7 million people were infected with hepatitis B virus and 3,15,000 people were infected with hepatitis C virus and nearly 33,800 people were infected with HIV, due to the usage of unsafe injections.
Moreover, the WHO estimates suggest that 16 billion injections are administered on an average each year and 90% of injections are used for drug administration through intramuscular and intradermal routes. Furthermore, out the remaining 10%, 5% injections are utilized for immunization programs in adults and children, 5% are used for blood transfusion and other procedures. The smart syringes market is anticipated to witness strong demand over the next few years due to WHO recommendations to governments and healthcare providers to use smart syringes for all applications by 2020.
“Optimal Price Point (OPP) for Smart Syringes”
Estimated Average smart syringes cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
The prices for standard syringes (without safety mechanism) are in the range of USD 0.03 to 0.04 when procured by UN agencies in large scale, however retail prices at hospital and clinic level might be 30% to 40% higher. Furthermore, the prices of smart syringes are estimated to be almost 100% higher (double) than standard syringes and WHO is actively engaging with all the stakeholders to increase the manufacturing, support development of new products and help in the reduction of prices over the next seven years.
The smart syringes market by product is segmented as auto-disable (AD) syringes, active safety syringes, and passive safety syringes. The AD syringes accounted for the largest revenue share of over 53% in 2016, due to their early adoption from several years, however the penetration has not reached its maximum potential due to pricing and large scale production constraints.
The passive syringes segment is expected to register the maximum CAGR of 9.5% from 2017 to 2024. The benefits of passive syringes include the automatic shielding of the needle which prevents needle stick injuries, and hospital acquired infections. Moreover, the introduction of new products from leading manufacturers such as Becton Dickinson, Medtronic, Terumo and other players is anticipated to drive the market growth over the forecast period.
Application and End-Use Insights
Based on application, the market is segmented into drug delivery, vaccination and blood specimen collection. In 2016, drug delivery accounted for the maximum share and is followed by vaccination and blood specimen collection.
The segmentation by end-use includes hospitals and health maintenance organizations (HMO’s, physician centers, diabetic patients, and others. Hospitals were the most dominating segment in 2016 and are expected to extend their lead over the forecast period. Hospitals have the highest patient volume and usually the pricing and quality standards play an important role in negotiating long-term purchase contracts. However, with the shift toward home healthcare and self-administration of injections, the diabetic segment is expected to grow at a faster pace over the forecast period.
North America accounted for the maximum share of 40% in 2016 and is expected to grow at a modest CAGR over the forecast period. The North American region is mainly influenced by healthcare dollars spent in the U.S., the presence of a well-developed healthcare infrastructure, high usage of injectable drugs, continuous focus on vaccination programs, growing awareness about needlestick injuries, hospital acquired infections amongst healthcare professionals and patients.
Asia Pacific is anticipated to lead other regions with the highest CAGR of nearly 9% over the forecast period. The growing prevalence of chronic diseases, rise in obese population, high demand for vaccination against hepatitis, polio and other viral diseases are expected to drive the market growth over the next few years. Moreover, with the large scale production of smart syringes the prices are expected to decline, thus boosting the usage rates through the forecast period.
Merger and Acquisition Landscape
Innovation and introduction of new products in the market is crucial for market growth and sustainability. The short term and long term opportunities in the market are conducive for large manufacturers to acquire smaller players with niche portfolio or technology. Due to the growing shift toward home healthcare, companies manufacturing innovative syringes for home diabetes management, and self-drug administration are expected to see a significant growth in revenues over the next few years; These companies are prime targets for acquisition by players such as Medtronic, Becton Dickinson, B.Braun and Terumo.
Top Players & Company Share
The key market participants include B. Braun Melsungen AG, Smiths Group plc, Terumo Medical Corporation, Medtronic Plc, Baxter International, Becton Dickinson & Co, Revolutions Medical Corporation, Unilife Corporation and others. The market is highly consolidated in nature, as the majority of players are seeking the M&A route to expand into new product segments and expand their regional presence.
Smart Syringes by Product (Revenue, Million, 2014 – 2024)
- Auto-disable syringes
- Active safety syringes
- Passive safety syringes
Smart Syringes by Application (Revenue, USD Million, 2014 – 2024)
- Drug Delivery
- Blood Specimen Collection
Smart Syringes by End-Use (Revenue, USD Million, 2014 – 2024)
- Hospitals and HMO’S
- Diabetic Patients
- Physician Practices
Smart Syringes Regional Outlook (Revenue, USD Million, 20124- 2024)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia