Global Smart Syringes Market 2022-2028

Global Smart Syringes Market 2022-2028

Global smart syringe market is anticipated to grow at a significant CAGR of 10.3% during the forecast period. The factors driving the smart syringe market are the increasing number of diseases and infections transmitted due to improper and unsafe injection practices. Rising cases of chronic diseases and the increasing geriatric population are also factors responsible for the growth of the smart syringes market. In addition, the WHO policy for the worldwide shift to smart, self-destructing syringes from traditional ones is the most important driving factor for the market. However, the high costs of the smart syringes market and lack of awareness, especially in developing nations act as inhibiting factors for market growth.

Furthermore, companies are working on syringe advancements, such as introducing new technology to the market. Retractable Technologies produces the Vanish Point syringe, which is single-handed and simple to use. The syringe is based on the company's unique vacuum-based technology, with significant performance enhancements to set a new standard for safety in automatically prefilled syringes. The improved technology provided a level of passive needle stick injury protection. It has fewer parts, a longer shelf life, and a more elegant vacuum design, all at a lower cost than any other prefilled safety syringe technology on the market.

Impact of COVID-19 Pandemic on Global Smart Syringe Market

The COVID-19 pandemic has had a favorable impact on the smart syringe market. Due to the COVID-19 immunization programs that have been pre-planned around the world, the pandemic has increased the demand for syringes for vaccination. During the early days of the pandemic, the COVID-19 infection demonstrated its propensity to cause medical equipment shortages, such as sanitizers, face masks, and personal protective equipment (PPE). According to the National Institute of Health in the US, medicine shortages increased by 87 % in 2020 compared to 2019. When considering the impact of the second wave of COVID-19 cases, the shortages may get worse. As a result, governments and companies have already begun syringe manufacturing and production to address supply chain challenges.

Segmental Outlook

The global smart syringe market is segmented by product, applications, and end-users. The market segmentation based on the product includes an active safety syringe, passive safety syringe, and auto-disable syringe. Among products, auto-disable syringe holds a significant share in the market. Based on applications, the market is segregated into drug delivery, vaccination, and blood sample collection. Further, segmentation based on end-users includes hospitals and clinics, physicians, diabetes patients, psychiatrists, and others.

Vaccination is Expected to Hold a Prominent Share in the Global Smart Syringe Market

Based on the application, the market is classified into drug delivery, vaccination, and blood sample collection.Among these, the vaccination is anticipated to hold a prominent share in the market. The contributable factor to the growth of the segment includes the COVID-19 vaccination dose in each region. Two doses of Covishield of Covaxin are required to be fully vaccinated. Furthermore, each country has successfully provided two vaccines for the people, and several companies such as Becton, Dickinson, and companies across the globe are involved in the manufacturing of safety syringes. The booster dose for the COVID-19 is further contributing to the growth of the vaccination segment.

Regional Outlooks

The global smart syringe market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).The market can be analyzed for a particular region or country level as per the requirement. North America is anticipated to hold a prominent share in the global smart syringe market. The factor that is propelling the growth of the market in the region includes rising R&D development expenditure in smart syringe development. The presence of a well-established healthcare industry and expanded funding from government organizations in the region is also the driving factor of the market.

Asia-Pacific Region is Anticipated to hold the Prominent Share in the Global Smart Syringe Market

The Asia-Pacific region is anticipated to hold a prominent share of the smart syringe market owing to the rise in the number of COVID-19 cases. The rising number of COVID-19 cases in India is fueling the market's growth. As of June 11, 2021, the country had vaccinated over 24 million individuals. Under the Union Budget 2019-20, the Government of India approved the continuation of the National Health Mission with a budget of $4.4 billion. Furthermore, rising consumer acceptance of innovative healthcare practices as a result of increased disposable income and rising healthcare expenditure in the region are boosting the market growth during the forecast period.

Market Players Outlook

The major companies serving the global smart syringe market include Becton, Dickinson And Company, B. Braun Melsungen Ag, Baxter International Inc., Medtronic, Merck & Company Inc. The companies are focusing on product innovations, expansions, mergers & acquisitions, and finding a new market or innovation in their core competency to expand individual market share. For instance, Numedico Technologies Pty Ltd and Omnikron Group Ltd announced in June 2021 that their merger, which was inked in May 2020, had been completed. With the agreement, Numedico will be able to leverage the Clickzip needle retractable safety syringe's assets and international business to expand Clickzip in Asia, the EU, the US, and the Middle East. With this deal, OGL will also become a shareholder in Numedico Technologies.