The global smart syringes market size was valued at US$ 8.70 billion in 2022 and is expected to reach over US$ 23.51 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 10.50% from 2023 to 2032.
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The U.S. smart syringes market size reached US$ 2.06 billion in 2022 and is projected to be worth around US$ 5.61 billion by 2032, at a CAGR of 10.60% between 2023 to 2032.
North America was the leading smart syringes market in 2022. The region is characterized by the increased demand for the advanced technologies in the healthcare sector. Moreover, the increased awareness regarding the blood-borne diseases owing to the unsafe injecting practices is a major factor that spurred the demand for the smart syringes in North America. North America accounted for over 40% of the market share in 2020. Moreover, the increased prevalence of chronic diseases and presence of considerable number of geriatric people in the region coupled with the increased healthcare expenditure is further fueling the demand for the smart syringes across North America.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising government and corporate expenditure in the development of smart healthcare infrastructure along with the rising focus in providing enhanced patient care is boosting the growth of the Asia Pacific smart syringes market. Moreover, the rising disposable income of the consumers, growing healthcare expenditure, and rising awareness regarding the needle stick injuries is expected to augment the growth of the smart syringes market in the forthcoming years.
The smart syringes perfectly serves the need for safe injection practices by eliminating the re-use of syringes. Moreover, the growing demand for the minimally invasive procedures among the population is boosting the demand for the smart syringes. The smart syringes prevents the injuries that are associated with the needle sticks of the traditional injections. It also eliminates the spread of certain blood-borne diseases such as HIV, hepatitis B, and hepatitis C. Furthermore, the rising applications of the smart syringes for various applications like vaccination, collection of blood specimen, and drug delivery is augmenting the demand for the smart syringes across the globe. The recommendations of the World Health Organization to adopt the use of the smart syringes in order to avoid needle stick injuries and promote good injection practices all over the globe is spurring the growth of the global smart syringes market.
The rising prevalence of blood borne diseases due to the unsafe injection practices have significantly boosted the growth of the global smart syringes market. As per the data stated by the World Health Organization, in 2014, approximately 1.7 billion people were infected with hepatitis B and about 0.3 million people were infected with hepatitis C due to the unsafe injecting practices. Moreover, the rising adoption of the smart syringes amongst the health maintenance organizations (HMOs) and hospitals across the globe is fueling the growth of the smart syringes market. Further, the diabetic patients and psychiatrics are now increasingly adopting the use of smart syringes to avoid the needle stick injuries.
|Product Segment||2022 (%)|
|Auto Disable Syringes||64%|
|Passive Safety Syringes||15%|
|Active Safety Syringes||21%|
The auto disable syringes accounted for around 64% of the market share in 2022. The auto disable syringes are the most preferred type of smart syringes across the hospitals and the health maintenance organizations as they are single-use syringes and cannot be utilized for re-use. The extensive usage of the auto disable syringes in the routine administration of drugs to the patients. Hence, this segment is dominant. The safety mechanism of these syringes prevents the transmission of blood-borne diseases and hence the most important need of the smart syringes is served.
On the other hand, the passive safety syringes is estimated to be the most opportunistic segment during the forecast period. The increased safety, auto-activation of the safety features, and the convenience associated with use of the passive safety syringes is expected to drive the growth of this segment. The rising awareness regarding the benefits of the passive safety syringes among the diabetic population further estimated to spur its demand across the globe.
The drug delivery was the dominant segment in 2022. The increased adoption of the smart syringes as a drug delivery device across the hospitals and clinics has augmented the demand for the smart syringes. The rising prevalence of various chronic diseases is boosting the use of the smart syringes as it serves a good mode of drug delivery and also the absorption of drugs through the injections is high, which boosts the growth of this segment.
The vaccination segment is expected to be the fastest-growing market during the forecast period. The rising burden of various infectious diseases across the globe and the constant research and developmental activities by the vaccine producing organizations is expected to fuel the growth of this segment in the forthcoming years.
The hospitals segment dominated the global smart syringes market in 2022. This is attributed to the increased adoption of the smart syringes in the hospitals. The rising incidences of the needle stick injuries and growing transmission of the blood borne disease is boosting the need for the safe injection practices across the hospitals.
The diabetic patients is estimated to be the fastest-growing segment during the forecast period. The diabetic patients are increasing at an alarming rate. The diabetic patients regularly needs to take insulin in order to control and manage the blood glucose levels. Hence, the demand for the smart syringes among the diabetic patients is significantly growing.
In July 2020, Sharps Technology introduced its smart syringes named Sharps Provensa during the COVID-19 pandemic in US for administering the COVID-19 vaccines.
The various developmental strategies like new product launches, merger, and acquisitions undertaken by the key market players are expected to offer new growth avenues in the upcoming future. The various developmental strategies aims at strengthening the players’ position in the market and gaining market share.
|Market Size In 2023||USD 9.57 Billion|
|Growth Rate From 2023 to 2032||CAGR of 10.50%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Companies Mentioned||Becton, Dickinson and Company, Gerresheimer AG, Baxter, Terumo Corporation, B. Braun Melsungen AG, AdvaCare Pharma, Cardinal Health, Parker Hannifin Corp., Numedico Technologies Pty Ltd, Retractable Technologies, Inc.|
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