The global Smart Syringe Market is estimated to be valued at US$ 10.11 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart syringes are medical devices that prevent the reuse of needles and help reduce needlestick injuries. They have safety-engineered features to prevent accidental needlestick injuries and protect healthcare workers from exposure to blood-borne pathogens.
Market key trends:
One of the key trends in the smart syringe market is the increasing adoption of safety syringes to prevent needlestick injuries. Healthcare workers are at high risk of contracting blood-borne diseases such as HIV, hepatitis B, and hepatitis C due to accidental needlestick injuries. Various regulatory organizations are emphasizing on the adoption of safety syringes to minimize such risks. For instance, in 2016, the U.S. Centers for Disease Control and Prevention (CDC) recommended the use of safety-engineered syringes for intravenous drug administration to lower the rates of needlestick injuries. Rapid digitization of healthcare systems and growing need for connected drug delivery devices are some other factors fueling the market growth.
Market key trends:
The Smart Syringe market has been witnessing rising adoption of smart syringes for drug delivery owing to their improved safety features. Smart syringes prevent needle-stick injuries and accidental reuse that can spread infectious diseases like HIV/AIDS and hepatitis. They have in-built mechanism that lock the retractable needle after single use to prevent re-sheathing. This helps avoid accidental needle pricks to healthcare workers. Rising awareness about patient safety and growing focus on minimizing occupational hazards in healthcare settings has been driving the demand for smart syringes.
SWOT Analysis
Strength: Smart syringes help enhance patient safety and reduce accidental needlestick injuries. They offer improved safety standards compared to conventional syringes.
Weakness: Higher costs of smart syringes compared to conventional syringes can inhibit mass adoption. Technical glitches related to retractable mechanism is also a concern.
Opportunity: Growing incidence of needle stick injuries practices in developing nations presents an opportunity for smart syringe suppliers. Increasing healthcare expenditure also supports market opportunities.
Threats: Alternative drug delivery methods like pre-filled syringes and auto-injectors pose competition to smart syringes. Reuse of conventional syringes in cost-sensitive regions is also a threat.
Key Takeaways
The global Smart Syringe market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, 2023 to 2030, due to increasing focus on patient safety and minimization of accidental needlestick injuries.
The market size for Smart Syringe is projected to reach US$ 18.33 Bn by 2030. North America currently dominates the smart syringe market share owing to stringent safety regulations and advanced healthcare systems in countries like the US and Canada. Asia Pacific is expected to witness fastest growth over the forecast period supported by improving access to healthcare and growing medical tourism in nations like China, India and South Korea.
Key players operating in the smart syringe market include Becton, Dickinson and Company, Gerresheimer AG, Sharps Technology, Inc., Cardinal Health, lomMedical, MHC Medical Products, LLC, Sol-Millennium, UltiMed Inc., VOGT MEDICAL, Retractable Technologies, Inc., Dmcmedical, BIOCORP, Hindustan Syringes & Medical Devices Ltd, Owen Mumford Ltd., B. Braun SE, Terumo Europe NV, Smiths Group plc, Merit Medical Systems, Nipro Corporation, GPC Medical Ltd., AdvaCare Pharma.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.