What is the global market size of Smart Syringes Market?

Global Smart Syringes Market size was valued at USD 7.84 billion in 2021 and is poised to grow from USD 8.45 billion in 2022 to USD 15.41 billion by 2030, growing at a CAGR of 7.8% in the forecast period (2023-2030).

Smart Syringes Market Size, Share, Growth Analysis, By Product(Auto-disable syringes, Active safety syringes, Passive safety syringes), By Application(Drug delivery, Vaccination, Blood specimen collection), By Age Group(Pediatrics and Adults), By End User(Hospitals and HMOs, Diabetic Patients, Family Practices, Psychiatrics), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2214 | Region: Global | Published Date: July, 2024
Pages: 242 | Tables: 117 | Figures: 77

Smart Syringes Market Regional Insights

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.

Smart Syringes Market Report Snapshots

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Smart Syringes Market size was valued at USD 8.45 billion in 2022 and is poised to grow from USD 9.11 billion in 2023 to USD 16.61 billion by 2031, growing at a CAGR of 7.80% in the forecast period (2024-2031).

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. 'Becton, Dickinson and Company', 'Gerresheimer AG', 'Cardinal Health, Inc.', 'Terumo Corporation', 'Retractable Technologies, Inc.', 'Unilife Corporation', 'AdvaCare Pharma', 'Parker Hannifin Corporation', 'Sol-Millennium Medical Group Co. Ltd.', 'Smiths Group plc', 'GPC Medical Ltd.', 'Sterimed Group', 'Nipro Corporation', 'Braun Melsungen AG', 'UltiMed, Inc.', 'West Pharmaceutical Services, Inc.', 'Gerresheimer AG', 'OMNICELL, Inc.', 'QIAGEN N.V.', 'Integran Technologies, Inc.'

Increasing incidence of various target diseases

Smart syringes are generally used in vaccination, drug administration, and blood sampling, among which drug administration is the most common application area of these syringes. Demand for Auto-disabled (AD) syringes from hospitals and HMOs has been at its highest for the past few years. These syringes find maximum use in the routine administration of drugs and fluids, due to which the demand for them is likely to remain high for the next few years. The use of the passive safety syringe segment is a key trend and is also expected to gain significant momentum in the coming years.

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Smart Syringes Market Regional Insights

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