Published Date : 16 Nov 2022
The global smart syringes market size was exhibited at USD 8.43 billion in 2022 and is expected to hit around USD 15.46 billion by 2030, with a registered CAGR of 7.8% during the forecast period 2022 to 2030.
The global smart syringes market is primarily driven by the growing awareness regarding the transmission of blood-borne diseases such as hepatitis B, hepatitis C, and HIV owing to the reuse of the syringes. Smart syringes cater to the need of preventing these unsafe injection practices by providing a single-use syringe. Moreover, the increasing demand for minimally invasive medical solutions and rising incidences of needle stick injuries due to improper injecting is fueling the demand for smart syringes across the globe. Furthermore, the rising prevalence of various chronic diseases such as diabetes and the growing geriatric population is expected to drive the growth of the market in the upcoming future. Smart syringes serve as a popular medium of drug administration and hence their adoption is rising significantly.
Smart Syringes Market Report Scope
|Market Size In 2022||USD 8.43 Billion|
|Market Size By 2030||USD 15.46 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 7.8%
|Forecast Period||2022 to 2030|
North America accounted for over 40% of the market share in 2020 and dominated the global smart syringes market. Around half of the US, the population is suffering from at least one chronic disease. Moreover, there is a presence of huge geriatric population. Thus, healthcare expenditure is high. With the increased demand for smart technologies in the healthcare sector in North America, the demand for smart syringes is also high. The increased awareness regarding the transmission of blood-borne diseases is further expected to drive market growth.
Asia Pacific is estimated to be the most opportunistic market. The rising burden of infectious diseases, rising prevalence of chronic diseases such as diabetes, cancer, and CVDs amongst the population, coupled with the rising investments in the development of sophisticated healthcare infrastructure is augmenting the market growth in the region. Furthermore, the rising awareness regarding needle stick injuries along with the rising diabetic population is fueling the market growth.
Driver: Growing incidences of sharp injuries across the globe
Sharp injuries refer to an incident in which the skin in penetrated with the syringes or blades unintentionally. Useful medical tools like blades, syringes, and other medical devices can cause injury in the healthcare setting. The rising prevalence of such sharp injuries is expected to drive the growth of smart syringes across the globe. Sometimes the medical tools may be contaminated with the patient’s blood which can result in the spread of various blood-borne diseases such as HIV and hepatitis B. Therefore, rising awareness regarding blood-borne diseases is anticipated to drive the smart syringes market growth during the forecast period.
Restraints: High cost of the smart syringes
The cost associated with the acquisition of smart syringes is high. Therefore, diabetic patients with low affordability may avoid the adoption of smart syringes. This may hinder market growth. Moreover, the lack of proper healthcare infrastructure and the lack of awareness regarding the benefits of smart syringes is restricting the market growth.
Opportunities: Government and NGO initiatives to offer growth prospects
The rising government initiatives to encourage the use of smart syringes to prevent the utilization of syringes is expected to present growth avenues to the market players. The utilization of syringes may cause various diseases that may cost the life of the patient. According to the WHO, every year around 2 million injuries take place due to needle sticks and it increases the risk of bloodborne diseases through transmission.
Challenges: Lack of access to the healthcare facilities
There is a lack of access to basic healthcare facilities in underdeveloped and developing regions. This results in a lack of awareness regarding smart syringes. This is a major challenge for the market players that may restrict the market growth during the forecast period.
Key Players in the Report:
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