The new report by Expert Market Research titled, ‘Global Smart Syringe Market Price, Share, Size, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the smart syringe market, assessing the market based on its segments like Product, Application, Age group, End users, and Regional markets among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 7694 million USD
- Forecast CAGR (2023-2028): 9.7%
- Forecast Market Size (2026): 13382 million metric tons
The increased incidence of target illnesses, the rise in the number of immunizations, and the increase in the geriatric population are all contributing to the global smart syringe market’s growth. In addition, the growing requirement to avoid hospital or clinic-acquired illnesses is expected to boost the market’s growth. Smart syringes are commonly employed in the fields of vaccination, blood specimen collection, and medication administration.
North America accounts for a sizable portion of the smart syringe market. Due to the increasing use and information on needle stick injuries, this can be ascribed to the widespread usage of safety syringes in the region. In addition, the market is expected to increase during the forecast period due to constant advances in healthcare processes at healthcare centres across the region. Meanwhile, the Asia-Pacific region is predicted to rise significantly throughout the projection period, owing to growing private and public medical costs, improved healthcare facilities, and increased awareness of the dangers of hazardous syringe usage.
Smart Syringe Industry Definition and Major Segments
Smart syringes are medical devices that have safety mechanisms built in to avoid syringe reuse and regulate harmful injecting behaviours. They possess features that aid in the prevention of the spread of blood-borne diseases. These are used for vaccinations, pharmaceutical dispensing, and blood specimen collection. It has its own chip with current settings, ranges, and usage tracking information.
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By product, the smart syringe market is segmented into:
- Auto Disable Syringes
- Active Safety Syringes
- Passive Safety Syringes
The smart syringe market can be broadly categorised on the basis of its application into:
- Drug Delivery
- Blood Specimen Collection
By age group, the smart syringe market is segmented into:
On the basis of end users, the smart syringe market is segmented into:
- Hospitals and HMOs
- Diabetic Patients
- General Practitioners
The major regional markets of the smart syringe market are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa regions
Smart Syringe Market Trends
The market has grown as the frequency of needlestick injuries among people of all ages continues to rise. The high incidence of blood-borne infections like hepatitis B, C, and HIV, which are transferred through improper injection procedures, is also a boon to the industry. Furthermore, an increase in the use of safety syringes as well as technical advancements are fueling market growth. Additionally, government directives supporting the transition to smart syringes and ensuring safe injection practises are critical in propelling market growth.
The necessity for universal vaccination programmes to prevent the spread of the coronavirus pandemic is likely to increase demand for smart syringes during this pandemic phase, driving the market throughout the forecast period. Additionally, the smart syringe business is projected to be driven in the future by the growing elderly population and the need to prevent hospital-acquired infections.
Key Market Players
The major players in the market are B. Braun Melsungen AG, Terumo Corporation, Smiths Group plc, Becton, Dickinson and Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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