July 23, 2024

The rapid adoption of Smart Syringes is anticipated to openup the new avanue for Smart Syringe Market

The 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 protect healthcare workers from accidental needle stick injuries and help prevent needle reuse and infections. These syringes have safety features like retractable and non-retractable needles that help shield the needle immediately after use to prevent accidental needle stick injuries. They are widely used for various drug delivery purposes across hospitals, clinics, and other healthcare facilities.

Market Dynamics:
The key drivers fueling growth of the smart syringe market are rising prevalence of needle stick injuries among healthcare workers and growing awareness about blood borne diseases. According to World Health Organization (WHO), each year there are over 35 million healthcare workers exposed to bloodborne diseases like hepatitis B and C and HIV due to needle stick injuries. Smart syringes help minimize such risks through safer needle mechanisms. Furthermore, surging geriatric population and growing prevalence of chronic diseases are anticipated to increase demand for parenteral drugs, driving smart syringe adoption. However, higher costs of smart syringes compared to conventional ones may restrain market growth.
Segment Analysis
The smart syringe market is dominated by the segmented needle safety segment. This segment ensures protection from reuse of syringes and potential transmission of blood-borne diseases. Safety syringes provide needlestick prevention features that retract, shear-off, or shield the needle after injection. These syringes minimize accidental needlestick injuries for healthcare workers and reduce the risk of disease transmission through contaminated needlesticks. Therefore, the segmented needle safety sub-segment dominates the market as it offers protection from infections after use.

PEST Analysis
Political: Regulations for needlestick prevention and safety guidelines by bodies like OSHA and FDA promote the adoption of smart syringes.
Economic: The increasing demand for injectable drugs and rising healthcare costs drive the demand for affordable safety syringes.
Social: Growing awareness about AIDS/HIV and other blood-borne diseases increased the adoption of safety syringes to prevent infections.
Technological: Advances in safety features like automated retraction or sheathing mechanisms after use make syringes more user-friendly.

Key Takeaways
The global Smart Syringe Market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing healthcare costs and demand for reduced medication errors. The market size is projected to reach US$ 18.12 Bn by 2030 from US$ 10.11 Bn in 2023.

Regional analysis: North America dominated the market, accounting for over 30% share in 2023 due to stringent needlestick safety regulations and the large injectable drugs market in the US. Asia-Pacific is likely to exhibit the fastest growth rate during the forecast period, with China and India emerging as profitable markets.

Key players analysis: Key players operating in the smart syringe market are 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. These players are focused on new product innovations and strategic collaborations for market expansion.