Global Smart Syringe Market Extends at a Healthy CAGR of 8.5% by 2031

Introduction

Smart syringes are medical devices with safety features to prevent syringe reuse and regulate potentially harmful injection practices. They have characteristics such as an inbuilt inactivation mechanism to protect patients from needle stick injuries and blood-borne diseases. They are used for various purposes, including vaccination, medicine delivery, and blood collection. Growing needle stick injuries; increased blood-borne transmission of hepatitis B, C, and HIV via inappropriate injecting practices; growing acceptance of safety syringes; and technological developments drive market expansion. Furthermore, the WHO-mandated recommendations to switch to smart syringes and maintain safe injection practices are important market growth drivers.

Market Dynamics

A Surge in Incidences of Needlestick Injuries Drives the Market Growth

The growth in needlestick injuries substantially impacts the smart syringes market. Because needlestick injuries are the leading cause of blood-borne infections among healthcare workers, their impact is expected to grow during the projection period. Injuries like these have the potential to spread illnesses, including HIV, hepatitis B, and hepatitis C. The implementation of severe rules governing the use of conventional non-safe syringes and the goal of minimizing disease transmission is expected to fuel significant market growth throughout the projection period.

Regional Analysis

North America constituted the smart syringe market's highest market share and is growing with a CAGR of 8.8%. The United States held the largest proportion because of its well-established healthcare system, stronger purchasing power, and stringent regulations. Furthermore, growing awareness of the region's risk of cross-infection and needle stick injuries increased the use of sterile syringes. Furthermore, smart syringes play an important role in vaccinations since they aid in the prevention of seasonal and pandemic flu, hence preventing the transmission of infections caused by hazardous syringe practices. Furthermore, the CDC publishes a revised schedule for vaccinations recommended for the prevention of various diseases in the United States each year, which is projected to generate advantageous prospects for domestic smart syringe makers.

The European region is anticipated to hold the second position in the global smart syringes market. According to the European Biosafety Network, around one million needle stick injuries occur annually in the European Union (EU), making it one of the most common dangers for all healthcare professionals. To address the issue of injuries, the EU passed EU Directive 2010/32/EU, which aims to create the safest possible working environment for healthcare employees. These union and association activities are all expected to raise demand for smart syringes in the future years.

Asia Pacific market is anticipated to grow at the highest rate of 10.3%, owing to factors such as a large patient pool, increase in healthcare awareness, rise in healthcare expenditure, growth in disposable income, and government spending. Furthermore, domestic firms are heavily involved in the production of low-cost smart syringes for both international and domestic usage. The market in the region is expanding rapidly, owing to an increase in needle stick injuries, more regulatory awareness, improvements in health standards, an increase in disposable incomes, and technological breakthroughs. The WHO and UN have implemented regulations and guidelines for purchasing, safe disposal, and using syringes in developing economies. This results in a recommended plan for makers of safety syringes to grow or commence manufacturing of these syringes as soon as feasible, in accordance with regulatory organizations’ quality, safety, and performance standards. These factors drive the growth of the smart syringes market in the region.

Brazil contributes significantly to LAMEA market growth, owing to increased awareness of diseases caused by hazardous syringe use, as well as increased government contributions to technical advancements in the healthcare industry. Furthermore, the WHO has launched needle stick injury prevention initiatives in countries such as Egypt, Tanzania, Vietnam, and South Africa. These programs were implemented in hospitals and HMOs, clinics, and general healthcare settings in collaboration with national nursing associations. The LAMEA smart syringes industry is still in its infancy since the area lacks the purchasing power required to purchase smart syringes. However, there is a significant incidence of needle stick injuries in the region, necessitating the need for effective education and awareness campaigns addressing needle stick injury prevention and dangers. Regulatory authorities such as the WHO, UNICEF, and the Red Cross are advocating smart syringes in the LAMEA region in order to reduce needle stick injuries and cross infections.

Key Highlights

• The global smart syringe market was valued at USD 8.66 billion in 2022. It is projected to reach USD 18.05 billion by 2031, growing with a CAGR of 8.5% during the forecast period (2023–2031).
• The product segment is categorized into auto-disable syringes, active safety syringes, and passive safety syringes. The active safety syringe accounts for the highest revenue.
• The global smart syringes market, by application, is divided into drug delivery, vaccination, and blood specimen collection. The drug delivery segment generates the highest revenue.
• Depending on the age group, the smart syringes market is segmented into pediatrics and adults. Pediatrics is the most profitable segment, growing with a CAGR of 9.8%.
• By end user, the market is classified into hospitals & HMOs (Health Maintenance Organizations), diabetic patients, family practices, psychiatrists, and others. The hospitals & HMOs segment is the highest contributor to the market.

Competitive Players

1. Becton
2. Dickinson and Company
3. Gerresheimer AG
4. Baxter
5. Terumo Corporation
6. Braun Melsungen AG
7. AdvaCare Pharma
8. Cardinal Health
9. Parker Hannifin Corp
10. Numedico Technologies Pty Ltd
11. Retractable Technologies Inc

Recent Developments

• September 2022- Becton, Dickinson, and Company launched a next-generation glass prefillable syringe that raises the bar for vaccine syringe performance with new and strengthened specifications for processability, contamination, and integrity.
• August 2022- Baxter International Inc., a leader in breakthrough medicine delivery technology, announced FDA approval of its new Novum IQ syringe infusion pump (SYR) with Dose IQ Safety Software, representing Baxter's most recent infusion therapy advances.

Segmentation

1. By Product
   1. Auto Disable Syringes
   2. Active Safety Syringes
   3. Passive Safety Syringes
2. By Application
   1. Drug Delivery
   2. Vaccination
   3. Blood Specimen Collection
3. By Age Group
   1. Pediatrics
   2. Adults
4. By End User
   1. Hospitals & HMOs
   2. Diabetic patients
   3. Family practices (Physicians)
   4. Psychiatrists
   5. Others