Smart Syringes Market Growth Report and Size by 2031
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.
Smart Syringes Market Analysis
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.
Smart Syringes Market Overview
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.
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Smart Syringes Market: Strategic Insights
Market Size Value in US$ 5,911.82 Million in 2018 Market Size Value by US$ 14,341.33 Million by 2027 Growth rate CAGR of 10.6% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Smart Syringes Market: Strategic Insights
| Market Size Value in | US$ 5,911.82 Million in 2018 |
| Market Size Value by | US$ 14,341.33 Million by 2027 |
| Growth rate | CAGR of 10.6% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Smart Syringes Market Drivers and Opportunities
Expanding Therapeutic Applications of Syringes to Favor Market
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.
Demand for Precision and Personalized Medicine Brings Growth Opportunities
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.
Smart Syringes Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart syringes market analysis are type, application, and end user.
- The smart syringes market is segmented based on type into active safety syringes, passive safety syringes, and auto-disable syringes. The active safety syringes segment held the largest market share in 2023.
- By application, the market is segmented into vaccination, drug delivery, and blood specimen collection. The drug delivery segment held the largest market share in 2023.
- By end user, the market is segmented into hospitals & clinics, home care, and other end users. The hospital & clinics segment held a significant share of the market in 2023.
Smart Syringes Market Share Analysis by Geography
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.
Smart Syringes Market Report Scope
Smart Syringes Market News and Recent Developments
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:
- Schott Pharma launched pre-filled polymer syringes for deep-cold drugs, stored and transported on dry ice at temperatures reaching -100°C. Leading companies in the industry are currently seeking commercial approval to use mRNA applications with SCHOTT Pharma’s prefillable polymer syringes. Scientific data packages demonstrating the syringes’ performance at extremely low temperatures are aiding pharmaceutical companies in bringing their drugs to market. (Source: SCHOTT Group, Press Release, May 2023)
- Schreiner MediPharm and SCHOTT Pharma partnered to launch a new RFID solution for prefilled syringes to optimize hospital routines. The digitalization of prefilled syringes will provide each syringe with a unique digital identity, improving hospital inventory management and patient care. Additionally, it will include a digital first-opening indicator to protect the syringe's integrity. (Source: Schreiner MediPharm, Press Release, November 2022)
Smart Syringes Market Report Coverage and Deliverables
The “Smart Syringes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Smart syringes market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Smart syringes manufacturing market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Smart syringes market analysis covering key market trends, global and regional framework, significant players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the smart syringes market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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