Smart Syringes Market by Theraupetics (Active Safety Syringes, Auto-disable Syringes, Passive Safety Syringes), Application (Blood Specimen Collection, Drug Delivery, Vaccination), End User - Global Forecast 2024-2030

Smart Syringes Market by Theraupetics (Active Safety Syringes, Auto-disable Syringes, Passive Safety Syringes), Application (Blood Specimen Collection, Drug Delivery, Vaccination), End User - Global Forecast 2024-2030

The Smart Syringes Market size was estimated at USD 8.44 billion in 2023 and expected to reach USD 10.46 billion in 2024, at a CAGR 24.61% to reach USD 39.38 billion by 2030.

Smart syringes are a remarkable innovation in medical devices, specifically designed to improve safety and efficiency in the administration of medications. These advanced syringes have features such as auto-disable mechanisms, which prevent reuse, and needlestick injury prevention safeguards. By incorporating technology that ensures a single use, smart syringes significantly reduce the transmission of blood-borne diseases, including HIV, hepatitis B, and hepatitis C, that can occur through needle reuse or improper disposal. The enhanced awareness about needlestick injuries and the spread of infectious diseases led to a higher need for smart syringes. Government policies and initiatives are promoting using smart syringes for injections and immunizations. However, the advanced features of smart syringes result in higher costs than traditional syringes, which may limit adoption in low-income countries. In addition, the strict government norms and associated product recalls for smart syringes further limit their penetration worldwide. Nevertheless, the ongoing efforts to develop smart syringes that can communicate with digital health records to track and manage vaccinations and drug delivery are expanding the scope of the smart syringes market. Moreover, increasing healthcare expenditures and advancing applicability are anticipated to drive the usage of smart syringes in the coming years.

Regional Insights

The Americas represent a highly developing smart syringes market, attributed to strong healthcare regulations, advanced medical technology, and high awareness among healthcare professionals. Investment in research and the patent landscape is dynamic in the Americas, reflecting a robust innovation ecosystem. Europe, the Middle East, and Africa observe highly evolving smart syringes due to stringent healthcare regulations, high-quality healthcare systems, and increased awareness of advanced healthcare solutions. The region shows promise with growing awareness and government initiatives to improve healthcare standards. The Asia-Pacific region is rapidly emerging as a significant market for smart syringes, driven by substantial healthcare sector investments, government initiatives for infectious disease control, and the increasing adoption of advanced medical technologies. Regional focus on domestic innovation has also seen a rise in patents related to smart syringes. Asia-Pacific represents a vast potential for the smart syringes market due to its large population, increasing healthcare expenditure, and growing awareness of healthcare practices.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Smart Syringes Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising Prevalence of Various Target Diseases and Growth of the Geriatic Population
    • Increasing Number of Vaccination Campaigns and Initiatives
    • Major incidents of Healthcare-Acquired Infections and Rise in Count of Needle Stick Injuries
    • Market Restraints
      • Smart Syringes Product Recalls
      • Market Opportunities
        • Growing Need for Environmentally Safe and Auto Disable Syringes
        • Stringent Regulation for Patient Health and Safety
        • Market Challenges
          • Low Awareness and Usage of Smart Syringes in Developing Countries
          • Market Segmentation Analysis
            • Therapeutics: Increasing use of auto-disable syringes for immunization campaigns
            • Application: Wide applicability of smart syringes for drug delivery
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Smart Syringes Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Smart Syringes Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Terumo India Introduces Insulin Syringe for Patients Requiring Daily Insulin Injections
              
              Terumo India, a subsidiary of Terumo Corporation specializing in medical technology, announced the introduction of its innovative Insulin Syringe on World Diabetes Day. Designed to enhance patient comfort and ensure therapy compliance, this latest addition to Terumo India’s Diabetes care portfolio complements their previously launched FineGlide Sterile Pen needles.
              
              Sharps Technology Signs Asset Purchase Agreement to Acquire InjectEZ Specialty Copolymer Syringe Manufacturing Facility and a 10-Year Purchase Agreement for Over USD 400 Million from Nephron Pharmaceuticals
              
              Sharps Technology, Inc., a pioneering medical device and pharmaceutical packaging firm specializing in syringe products, alongside Nephron Pharmaceuticals Corporation, a notable private U.S. provider in contract manufacturing and outsourcing, announced a pivotal Asset Purchase Agreement (APA) for the acquisition of Nephron's InjectEZ specialty syringe manufacturing facility. This acquisition marks a significant milestone for Sharps but also includes a 10-year purchase agreement for next-generation copolymer pre-fillable syringe systems, heralding an era of innovation and growth.
              
              Stevanato Group Collaborates with Transcoject to Provide Pre-Fillable Syringe Polymer Options for Pharma
              
              Stevanato Group S.p.A., a provider of exceptional drug containment and delivery solutions to the pharmaceutical, biotechnology, and life sciences sectors, announced its strategic collaboration with Transcoject GmbH, an medical device and pharmaceutical packaging solutions expert. This partnership is set to enrich Stevanato Group’s offerings by adding pre-fillable syringes made from cyclic olefin polymer (COP) and cyclic olefin copolymer (COC), thereby enhancing the value chain for its customers.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Smart Syringes Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Smart Syringes Market, highlighting leading vendors and their innovative profiles. These include AdvaCare Pharma, Agilent Technologies, Inc., B. Braun SE, Baxter International Inc., Becton, Dickinson and Company, Biocorp by Novo Nordisk A/S, Cardinal Health, Inc., DMC Medical Limited, Gerresheimer AG, Hindustan Syringes & Medical Devices Ltd., Medtronic PLC, MHC Medical Products, LLC, Numedico Technologies Pty Ltd., Owen Mumford Limited, Parker-Hannifin Corporation, Retractable Technologies, Inc., Revolutions Medical Corporation, Shanghai Kohope Medical Co., Ltd., Sharps Technology, Inc., Shimadzu Corporation, Smiths Group PLC, Sol-Millennium Medical Group, Stevanato Group, Tecan Group Ltd., Terumo Corporation, Thermo Fisher Scientific Inc., UltiMed, Inc., and Vogt Medical Vertrieb GmbH.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Smart Syringes Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Theraupetics
              • Active Safety Syringes
              • Auto-disable Syringes
              • Passive Safety Syringes
              • Application
                • Blood Specimen Collection
                • Drug Delivery
                • Vaccination
                • End User
                  • Diagnostics Center
                  • Hospitals & HMOs
                  • Physician Clinics
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year