What are the Historical Developments and Current Growth Metrics of the Smart Syringe Market?
The smart syringe market has seen considerable growth due to a variety of factors.
•Recent years have seen robust growth in the smart syringe market size. The market will expand from $11.14 billion in 2024 to $12.25 billion in 2025, with a CAGR of 9.9%.
Factors contributing to this growth during the historical period include the need for medication safety, the prevalence of blood-borne illnesses, regulatory compliance, global immunization initiatives, and a heightened awareness of healthcare.
What Does Future Hold for The Smart Syringe Market Size?
The smart syringe market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, we anticipate a swift expansion in the smart syringe market, with its value set to reach "$19.33 billion by 2029, exhibiting a Compound Annual Growth Rate (CAGR) of 12.1%.
Factors contributing to this growth during the forecast period include global vaccination efforts, mistake prevention in medication administration, an increase in chronic illness prevalence, the spread of home healthcare, and government-initiated medical programs. Key trends expected during this period include collaboration and partnerships, adherence to regulations, usage in vaccination campaigns, emphasis on eco-friendly materials, and broadening scope in emerging markets.
What Are The Key Drivers Fueling Growth In The Smart Syringe Market?
The smart syringes market is projected to thrive on the back of escalating healthcare expenditure. Fundamentally, healthcare spending denotes the cumulated resources, typically denominated in money, that a nation, an institution, or an individual, devotes to medical services and gear. The growth in healthcare expenses can be attributed to several elements such as the graying population, the widespread occurrence of lingering illnesses, progress in medicinal technology and increased expectations from consumers for superior care. The smart syringes market encourages such booming healthcare expenditure by offering pioneering solutions that boost patient protection, escalate efficiency in medical procedures and curtail healthcare outlays tied to traditional syringe-related complications. For example, the Canadian Institute for Health Information, a non-profit organization based in Canada, predicted in November 2023 that the total health expenditure will likely touch $344 billion in 2023, indicating a humble growth of 2.8% in comparison to the last year. Therefore, escalating healthcare spending is propelling the growth of the smart syringes market.
What Are The Principal Market Segments In The Global Smart Syringe Industry?
The smart syringe market covered in this report is segmented –
1) By Product: Auto-Disable Syringes, Active Safety Syringes, Passive Safety Syringes
2) By Age Group: Pediatrics, Adults
3) By Application: Drug Delivery, Vaccination, Blood Specimen Collection
4) By End Users: Hospitals And Health Maintenance Organizations (HMOs), Diabetic Patients, Family Practices, Psychiatrics, Other End Users
Subsegments:
1) By Auto-Disable Syringes: Single-Use Auto-Disable Syringes, Multi-Use Auto-Disable Syringes
2) By Active Safety Syringes: Retractable Needle Syringes, Shielded Needle Syringes
3) By Passive Safety Syringes: Integrated Safety Mechanism Syringes, Clamshell Safety Syringes
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Which Emerging Market Trends Are Altering The Smart Syringe Sector?
The surge in product innovations is a major trend in the smart syringes market. Key players in the industry are creating groundbreaking products such as safety syringes to increase patient safety, lower the instances of needlestick injuries, and boost overall effectiveness in medical practices. A safety syringe functions as a medical tool crafted to diminish the odds of needlestick injuries and prohibit the reuse of syringes. For instance, in April 2024, Hindustan Syringes and Medical Devices, an India-based healthcare device company, introduced Dispojekt Syringes, which stands as a safety syringe. The ingenious design of Dispojekt syringes aims to elevate safety levels within healthcare workplaces. It is embedded with safety needles that significantly reduce accidental needlestick injuries (NSIs) amongst medical professionals, potentially preventing the spread of diseases through blood. The syringe incorporates a clear safety feature that can be utilized single-handedly, enhancing its practicality while diminishing hazards. Additionally, Dispojekt comes with a built-in plastic safety shield to avoid blood splatter whilst in use, thereby assuring safer conditions for both patients and healthcare workers. By focusing on key aspects like safety and infection control, Dispojekt reflects HMD's commitment towards quality and innovation within the medical device industry, aligning with India's wider aim of emerging as a world leader in medical fabrication.
Who Are the Key Players in the Smart Syringe Market?
Major companies operating in the smart syringe market include:
• Becton Dickinson and Company
• Gerresheimer AG
• Baxter International Inc.
• Terumo Corporation
• Braun Melsungen AG
• Cardinal Health Inc.
• Smiths Medical Inc
• Retractable Technologies Inc.
• AdvaCare Pharma
• Numedico Technologies Pty Ltd.
• Merit Medical Systems Inc.
• Nipro Corporation
• Revolutions Medical Corporation
• Sharps Technology
• West Pharmaceutical Services Inc.
• Schott AG
• Vetter Pharma International GmbH
• Catalent Inc.
• Thermo Fisher Scientific Inc.
• Haselmeier GmbH
• Owen Mumford Ltd.
• Ypsomed Holding AG
• Weigao Group
• Jiangsu Huida Medical Instruments Co. Ltd.
• Shandong Weigao Group Medical Polymer Co. Ltd.
What are the Regional Insights into the Smart Syringe Market?
North America was the largest region in the global smart syringes market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart syringe market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
