USD 7.84 billion
Report ID:
SQMIG35A2214 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
117
|Figures:
77
Smart Syringes Market size was valued at USD 9.11 Billion in 2023 and is poised to grow from USD 9.82 Billion in 2024 to USD 17.91 Billion by 2032, growing at a CAGR of 7.80% during the forecast period (2025-2032).
Syringes are medical devices used to inject fluid or withdraw fluid from the body. A medical syringe consists of a needle attached to a hollow cylinder fitted with a sliding piston. The World Health Organization observes unsafe syringe use around the world, leading to widespread infection among health workers and patients. Unsafe syringe use can cause abscesses, septicaemia, and nerve damage, and also in severe cases, haemorrhagic fevers and malaria are transmitted. Smart syringes are equipped with features that prevent needle stick injuries to the person using these syringes and prevent the transmission of blood-borne diseases such as hepatitis C virus, hepatitis B virus, and human immunodeficiency virus. They target numerous applications that include vaccination, drug delivery, and blood sampling.
Smart syringes perfectly address the need for safe injection practices by eliminating the reuse of syringes. So, the growing demand for minimally invasive procedures among the population is driving the demand for smart syringes. Smart syringes prevent needle stick injuries associated with traditional injections. Recommendations from the World Health Organization to adopt the use of smart syringes to prevent needle stick injuries and promote good injection practices worldwide are driving the growth of the global syringes market. The rising prevalence of blood-borne diseases due to unsafe injection practices has significantly boosted the growth of the global smart syringes market. The increasing incidence of chronic diseases and viral infections among the general population is one of the major reasons driving the global demand for smart syringes. It may also be due to an aging population that is more susceptible to serious medical problems. Additionally, increased demand for self-injecting drugs is driving market expansion.
Smart syringes are more expensive than conventional syringes, making global adoption difficult. Some are less expensive than single-use syringes. Others, depending on the technological advancement of the security systems, can cost up to five times more than others, making them expensive in some low- and middle-income nations, hampering the market growth.
US Smart Syringes Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.84 billion
Largest Segment
Auto-disable syringes
Fastest Growth
Auto-disable syringes
Growth Rate
7.8% CAGR
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Global smart syringes market is segmented on the basis of product, application, age group, end user, and region. On the basis of product, global smart syringes market is segmented into auto-disable syringes, active safety syringes, and passive safety syringes. On the basis of application, global smart syringes market is segmented into drug delivery, vaccination, and blood specimen collection. By age group, the Smart Syringes Market is segmented into Pediatrics and Adults. By End User, the Smart Syringes Market is segmented into Hospitals and HMOs, Diabetic Patients, Family Practices, Psychiatrics, and Others. On the basis of region, global smart syringes market is divided into North America, Europe, Asia Pacific and MEA.
Smart Syringes Market Analysis by Product
On the basis of product, global smart syringes market is segmented into auto-disable syringes, active safety syringes, and passive safety syringes. Auto-disable syringes segment has about 64% market share and is expected to grow at a significant CAGR during the forecast period. Auto-disable syringes are the most popular type of smart syringe in hospitals and healthcare institutions, as they are single-use syringes that cannot be reused. Widespread use of self-sterilizing syringes in daily drug delivery to patients. The safety mechanism of this syringe prevents the spread of blood-borne infections, thus meeting the most important need for a smart syringe.
The passive safety syringe segment is expected to be the most competitive. The growth of this segment is expected to be driven by greater safety, the self-activation of safety features, and the convenience associated with the use of passive safety syringes. Growing awareness about the benefits of passive safety syringes among the diabetic community is expected to drive global demand.
Smart Syringes Market Analysis by Application
On the basis of application, global smart syringes market is segmented into drug delivery, vaccination, and blood specimen collection. The global smart syringe market is dominated by the drug delivery segment. The growing use of smart syringes as drug delivery devices in hospitals and clinics has increased the demand for smart syringes. The increasing number of various chronic diseases is increasing the use of smart syringes as a better tool for drug administration and higher drug absorption through injection, which is driving the growth of this segment.
The vaccination segment is expected to be the fastest-growing segment during the forecast period. The increasing global burden of infectious diseases coupled with continuous research and development operations of vaccine manufacturing companies is expected to drive the growth of this segment.
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On the basis of region, global smart syringes market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America leads the global smart syringe market and accounts for more than 40% of the market revenue owing to growing need for modern healthcare technology. Also, greater awareness of blood-borne infections as a result of unsafe injection practices has increased the demand for smart syringes in North America. Also, the rising incidence of chronic diseases and the presence of a large number of elderly individuals in the region, along with rising healthcare costs, are driving the demand for smart syringes across North America.
Asia Pacific is expected to be the most competitive market. Increasing government and corporate investment in smart healthcare infrastructure, as well as increased focus on providing better patient care, is driving the Asia Pacific smart syringe market. Also, rising consumer disposable income, rising healthcare costs, and growing awareness about needle stick injuries are projected to fuel the growth of the smart syringe market.
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Smart Syringes Market Driver
As the prevalence of targeted diseases has increased, vaccination programs against targeted diseases have increased in various regions of the world. Also, the need to reduce hospital-acquired infections will drive the demand for smart syringes during the projection period. Smart syringes are in high demand due to the growing elderly population worldwide.
Asia-Pacific and Latin American market growth are attractive for smart syringes. Due to the increase in needle stick injuries and the spread of HIV and hepatitis, the use of traditional syringes has stopped. Also, the adoption of smart syringes is rapidly increasing due to the growing desire for safer injection procedures.
The increase in needle stick injuries has significantly impacted the smart syringe market. Because needle stick injuries are the leading cause of blood-borne infections among healthcare workers, the impact of this factor is expected to increase during the forecast period. These injuries can spread human immunodeficiency virus (HIV), hepatitis B, and hepatitis C. Other diseases can be blast mycosis, brucellosis, cryptococcosis, diphtheria, cutaneous gonorrhoea, herpes, malaria, mycobacteriosis, sporotrichosis, syphilis, and tuberculosis, are transmitted through needle stick injuries.
Smart Syringes Market Restraint
Smart syringes are more expensive than standard syringes, making their worldwide implementation challenging. Some versions cost the same as single-use syringes. Others can cost up to five times more than others, depending on the technological advancement of the security systems, making them unaffordable in some low-and middle-income countries. Also, the high capital expenditure required to develop and maintain some safety syringes, as well as price fluctuations due to technologically improved syringes, hamper the market growth.
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Global smart syringes market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global smart syringes market. For example, on 29 December 2020, Hindustan Syringes and Medical Devices (HMD), a medical disposables manufacturer, announced that it has increased production of Kojak auto-disable (AD) syringes, to meet the demand for the COVID vaccine. The company plans to increase production from 700 million Kojak Auto Disable (AD) syringes annually to one billion by June 2021.
Smart Syringes Market Top Player's Company Profiles
Smart Syringes Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global smart syringes market analysis, by product segment, auto-disable syringes segment has about 64% market share and is expected to grow at a significant CAGR during the forecast period. The global smart syringe market is dominated by the drug delivery segment. The growing use of smart syringes as drug delivery devices in hospitals and clinics has increased the demand for smart syringes. By region, North America leads the smart syringe market and accounts for more than 40% of the market revenue. The region is known for its growing need for modern healthcare technology. Asia Pacific is expected to be the most competitive market. Increasing government and corporate investment in smart healthcare infrastructure, as well as increased focus on providing better patient care, is driving the Asia Pacific smart syringe market. However, the high capital expenditure required to develop and maintain some safety syringes, as well as price fluctuations due to technologically improved syringes, hamper the market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 9.11 Billion |
Market size value in 2032 | USD 17.91 Billion |
Growth Rate | 7.80% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Smart Syringes Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Syringes Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Syringes Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Syringes Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2214
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