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:
A smart syringe consists of features like passive safety mechanisms, automated retraction of needles and electronic dosage tracking which reduces risk of accidental needle-stick injuries, reuse and incorrect dosing. It is used primarily for injecting drugs and collecting blood samples in hospitals and healthcare facilities. Their advanced features make administration of vaccines and drugs safer.
Market Dynamics:
The increasing number of drive-through vaccination centers globally is primarily driving the growth of the smart syringe market. During the COVID pandemic, various countries setup drive-through centers to vaccinate people safely without them having to step out of their vehicles. This reduced chances of contamination and maintained social distancing. Smart syringes help administer injections efficiently through car windows without risk of needle-stick injuries. Additionally, the rising awareness about blood borne diseases and their prevention through safe injection practices is also fueling the demand for smart syringes. Their automated retraction and one-time use features help curb transmission of diseases like HIV/AIDS and Hepatitis B & C. Growing geriatric population prone to chronic diseases and rising vaccination programs worldwide are some other factors contributing to the market growth.
SWOT Analysis
Strength:
– Increased safety benefits compared to standard syringes reduces medical errors and accidental needlestick injuries.
– Automatic needle retraction mechanism prevents exposure to used needles and unsafe disposal.
– Large addressing of safety concerns among healthcare workers regarding needlestick injuries drives demand.
Weakness:
– Higher costs compared to conventional syringes limits adoption in price sensitive markets.
– Complex mechanisms require careful handling and may experience technical issues compromising sterility.
Opportunity:
– Growing awareness about safety needs of healthcare workers to curb needlestick injuries and cross-contamination.
– Stringent regulations mandating use of safety syringes in developed markets to fuel demand.
Threats:
– Availability of alternative safety products like needleless connectors and cannulae devices.
– Economic slowdowns lowering healthcare expenditures of governments affect market growth.
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 safety concerns among healthcare professionals.
Market size:
The global smart syringe market size was valued at US$ 10.11 Bn in 2023 and is projected to reach US$ 28.32 Bn by 2030, expanding at a robust CAGR of 11% during the forecast period.
Regional analysis
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to rising incidence of needlestick injuries and stringent regulatory requirements regarding use of safety-engineered devices in the region. Asia Pacific exhibits the fastest growth over the forecast period due to growing vigilance about needle safety driven by increasing healthcare expenditure in countries such as India and China.
Key players
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. The market is highly concentrated with top players holding majority market share.