New York, United States, April 17, 2024 (GLOBE NEWSWIRE) -- The Global Smart Syringes Market Size is to Grow from USD 9.3 Billion in 2023 to USD 20.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.22% during the projected period.
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Smart syringes are medical devices that include safety features to prevent syringe reuse and regulate potentially dangerous injection techniques. They have features that protect against needlestick injuries and the spread of blood-borne infections like hepatitis C virus (HCV), hepatitis B virus (HBV), and human immunodeficiency virus (HIV) in those who use them. Smart syringes also have a built-in inactivation mechanism that protects against needle stick injuries, blood-borne infections like hepatitis B and C, and the human immunodeficiency virus. They are capable of handling a wide range of applications, including vaccinations, medicine delivery, and blood collection. Demand for smart syringes is increasing as people become more aware of the risks associated with needlestick injuries and the importance of healthcare worker safety. Needlestick injuries are a serious threat to healthcare workers, causing infections and workplace hazards. The need to prevent such injuries is driving the use of smart syringes. Continuous advancements in smart syringe technology, such as retractable needles, electronic safety mechanisms, and integrated data management systems, are driving market expansion. However, smart syringes are more expensive than conventional syringes, which is a major impediment to market growth, especially in developing countries with limited healthcare budgets. Healthcare professionals lack awareness and training on the benefits and applications.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Smart Syringes Market Size, Share, and COVID-19 Impact Analysis, By Product (Auto Disable Syringes, Active Safety Syringes, Passive Safety Syringes), By Application (Drug Delivery, Vaccination, Blood Specimen Collection), By End User (Hospitals & HMOs, Diabetic patients, Psychiatrists, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The active safety syringes segment is expected to hold the largest share of the global smart syringes market during the projected timeframe.
Based on the product, the global smart syringes market is categorized into auto disable syringes, active safety syringes, and passive safety syringes. Among these, the active safety syringes segment is expected to hold the largest share of the global smart syringes market during the projected timeframe. The active safety syringe utilizes a syringe safety system that is activated by users or clinicians. Active safety systems are commonly associated with shields or caps, which are devices that protect the needle after activation. The safety mechanism in these syringes helps to reduce needlestick injuries.
The drug delivery segment is expected to grow at the fastest CAGR during the forecast period.
Based on the application, the global smart syringes market is categorized into drug delivery, vaccination, and blood specimen collection. Among these, the drug delivery segment is expected to grow at the fastest CAGR during the forecast period. Syringes are commonly used to inject desired drugs into patients. As such, injections are often preferred over oral, topical, and inhaled drug administration methods. Injectable drugs have better pharmacokinetics than other methods of administration. During injections, both patients and caregivers are at risk of cross-infection and needle sticks.
The hospitals & HMOs segment is expected to hold the largest share of the global smart syringes market during the projected timeframe.
Based on the end user, the global smart syringes market is categorized into hospitals & HMOs, diabetic patients, psychiatrists, and others. Among these, the hospitals & HMOs segment is expected to hold the largest share of the global smart syringes market during the forecast period. Smart syringes are widely used in public and private hospitals, multinational hospitals, and specialty hospitals for a wide range of applications, including vaccination, drug delivery, blood specimen collection, and more. To prevent reuse, hospitals, particularly those in developed countries, have mandated the use of smart syringes rather than traditional syringes. A Health Maintenance Organization (HMO) is a company that offers, arranges, or manages a wide range of healthcare services to patients through a network of providers.
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North America is anticipated to hold the largest share of the global smart syringes market over the predicted timeframe.
North America is projected to hold the largest share of the global smart syringes market over the projected timeframe due to the existence of a well-established healthcare infrastructure, increased purchasing power, and strict regulations. Furthermore, increased awareness of the risk of cross infections and needle stick injuries in the region resulted in greater use of safe syringes. Smart syringes are also important in vaccinations because they help to prevent seasonal and pandemic flu, reducing disease spread caused by unsafe syringe practices.
Asia Pacific market is expected to grow at the fastest CAGR growth during the forecast period owing to factors such as a large patient pool, increased healthcare awareness, increase in healthcare expenditure, growth in disposable income, and government spending. Furthermore, domestic firms are heavily invested in the production of low-cost smart syringes for both international and domestic markets. The regional market is rapidly expanding as a result of increased needle stick injuries, increased regulatory awareness, improved health standards, rising disposable incomes, and technological advancements.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global smart syringes market are Becton, Dickinson and Company (BD), Baxter, B. Braun Melsungen Ag, Parker Hannifin Corp, SCHOTT AG, Cardinal Health, Inc., Smiths Medical (Smiths Group plc), Nipro Corporation, Medtronic plc, JMI Syringes & Medical Devices Limited, Gerresheimer AG, West Pharmaceutical Services, Inc., TERUMO CORPORATION, and Others
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Recent Developments
- In September 2022, Becton, Dickinson, and Company introduced a next-generation glass prefillable syringe that raises the bar for vaccine syringe performance by incorporating new and strengthened specifications for processability, contamination, and integrity.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global smart syringes market based on the below-mentioned segments:
Global Smart Syringes Market, By Product
- Auto Disable Syringes
- Active Safety Syringes
- Passive Safety Syringes
Global Smart Syringes Market, By Application
- Drug Delivery
- Vaccination
- Blood Specimen Collection
Global Smart Syringes Market, By End User
- Hospitals & HMOs
- Diabetic patients
- Psychiatrists
- Others
Global Smart Syringes Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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