The smart syringes market size is projected to reach US$ 20.83 billion by 2031 from US$ 9.23 billion in 2023. The market is expected to register a CAGR of 10.68% during 2023–2031. The growing focus on patient safety and error reduction are likely to remain key trends in the market.
A sharps injury, also known as percutaneous injury, is an incident where the skin is penetrated unintentionally through the blade (such as a scalpel), syringe, needle, or other medical instruments. These medical instruments could cause an injury by pricking or cutting the skin. Sharps injuries are mainly linked to the occupational transmission of STDs. They have also been implicated in the transmission of more than 20 other pathogens. The rising incidences of sharp injuries increase the demand for smart syringes.
As highlighted by the Centers for Disease Control and Prevention (CDC) in 2022, occupational exposure to bloodborne pathogens via sharp injuries results in ~ 385,000 needlesticks and other sharps-related injuries to hospital-based healthcare personnel annually. Smart syringes are designed to prevent needlestick injuries and reduce the risk of transmitting bloodborne diseases. Therefore, the high prevalence of bloodborne transmission, such as hepatitis B, C, and HIV, through improper injection practices increases the adoption of safe syringes, including smart syringes.
The ascent of biologics and other complex, sensitive medications requires precise and controlled administration. Vaccination is essential for primary prevention against various infections and stimulates the body to make antibodies against antigens of pathogens by improving resistance to a particular disease. Several diseases like smallpox and polio have been successfully exterminated through vaccination. Additionally, advancements in design and technology are increasing the usage of syringes in more complex delivery procedures with superior functional capabilities, having a positive impact on the smart syringes market. Therefore, the factors mentioned above are likely to propel the growth of the smart syringes market during the forecast period.
The healthcare landscape is undergoing a innovative transformation driven by precision medicine and advanced medical tools. At the forefront is the syringe, an indispensable tool that has evolved from a basic delivery mechanism into a critical instrument for administering personalized and accurate medical treatments. Integration of artificial intelligence algorithms for personalized dosing, automated error detection, and improved data analysis empowers patients and enhances adherence. Additionally, the development of prefilled smart syringes customized for patients simplifies self-administration for those with complex and chronic conditions. This encourages self-management of health and reduces reliance on hospital visits for routine injections. Hence, such technological advancements are seen to have a positive impact on the market and are likely to bring growth opportunities.
Key segments that contributed to the derivation of the smart syringes market analysis are type, application, and end user.
The geographic scope of the smart syringes market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Asia Pacific is expected to grow with the highest CAGR in the coming years.
The smart syringes market in North America is analyzed based on the three major countries: the US, Canada, and Mexico. The US is estimated to have a larger share of the North America smart syringes market in 2023. The growth in this region is characterized by increasing government programs and rising awareness about safe injection practices.
Additionally, the adoption of research and development activities by the market players to introduce new innovations is expected to augment the growth of the market significantly during the forecast period.
The regional trends and factors influencing the Smart Syringes Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Syringes Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 9.23 Billion |
| Market Size by 2031 | US$ 20.83 Billion |
| Global CAGR (2023 - 2031) | 10.68% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Smart Syringes Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Syringes Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The smart syringes market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the smart syringes market are listed below:
The “Smart Syringes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the smart syringes market in 2023.
Factors Including the rising incidences of sharp injuries and expanding therapeutic applications of syringes are the driving factors for the smart syringes market growth.
The growing focus on patient safety and error reduction are future trends in the market.
Retractable Technologies, Inc.; AdvaCare Pharma; Numedico Technologies Pty Ltd; Gerresheimer AG; Parker Hannifin Corp; BD; Cardinal Health; B. Braun Melsungen Ag; Terumo Corporation; and Baxter are some leading players operating in the smart syringes market.
The smart syringes market is estimated to reach US$ 20.83 billion by 2031.
The smart syringes market is anticipated to grow at a CAGR of 10.68% during 2023-2031.