The global Smart Syringe Market is estimated to be valued at US$ 10.11 Bn or Mn 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 help in preventing accidental needle stick injuries and reuse of syringes. They provide safety and comfort to both patients and healthcare workers during injections.
Market key trends:
One of the major trends in the market is the increasing adoption of telemedicine. The COVID-19 pandemic has boosted the adoption of telemedicine globally. Smart syringes integrated with telehealth solutions allow remote monitoring of patients and help ensure safety during administration of injections via video conferencing. This is expected to drive the demand for smart syringes in the coming years. Other technologies being integrated with smart syringes include Bluetooth and cloud-based solutions for real-time data sharing with physicians.
Segment Analysis
The global smart syringe market can be segmented based on type, application, and end user. Based on type, the prefilled syringes segment dominated the market in 2023 owing to the convenience and safety offered by these syringes. Prefilled syringes prevent contamination and reduce medical errors. Based on application, vaccination accounted for the largest share in 2023. This is attributed to the rising prevalence of chronic diseases and increasing government emphasis on immunization programs.
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 awareness about safety syringes and government initiatives to curb needlestick injuries.
Regional analysis - North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to the strong presence of key players, increasing health awareness, and rapid technological advancements in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to increasing healthcare expenditure, expansion of private healthcare facilities, and rising prevalence of chronic diseases in the region.
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., and AdvaCare Pharma. Key players are focusing on new product launches and geographical expansion to strengthen their market presence.
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