The global smart syringe market is estimated to be valued at US$ 10.11 Billion in 2023 and is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).
Analysts’ Views on Global Smart Syringe Market:
The increasing number of government initiatives, such as vaccination campaigns to support the COVID-19 pandemic, is expected to drive market growth over the forecast period. For instance, in November 2021, the central government of India launched the 'Har Ghar Dastak' COVID-19 inoculation campaign to increase vaccination coverage. During the campaign, healthcare workers went door-to-door to vaccinate people eligible for the second dose and also those who had not taken the first dose.
Figure 1. Global Smart Syringe Market Share (%), By Product Type, 2023
Global Smart Syringe Market– Drivers
Increasing inorganic growth strategies such as partnerships by key market players
Increasing inorganic growth strategies, such as partnerships by key market players, are expected to drive market growth over the forecast period. For instance, in October 2020, Credence MedSystems, an innovator of drug delivery systems, announced a partnership with SCHOTT AG, a leading international technology group, to apply Credence Companion technology to SCHOTT's prefillable SyriQ glass and SCHOTT TOPPAC polymer syringe systems. The two companies work together to integrate technologies and provide the pharmaceutical industry with innovative and differentiated products for the delivery of injectable drugs through prefilled syringes.
Figure 2. Global Smart Syringe Market Share(%), By Region, 2023
Global Smart Syringe Market- Regional Analysis
Among regions, North America is estimated to hold a dominant position in the global smart syringe market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global smart syringe market is expected to witness significant growth in the coming years, owing to increasing investment and funding to support COVID-19 vaccination in the North America region. For instance, in June 2021, the World Bank, an international financial institution, approved a US$100 million grant from the International Development Association (IDA), a development finance institution and a US$15 million grant from the Global Financing Facility (GFF), an investing firm, in support of Mozambique’s efforts to expand its current COVID-19 vaccination campaign. The funds were used to manage and distribute COVID-19 vaccines, strengthen the preparedness and capacity of national health systems, and ensure the continuity of essential health services, especially for women, children, and adolescents.
Global Smart Syringe Market: Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.
However, the COVID-19 pandemic had a positive impact on the global smart syringe market, owing to increasing demand for smart syringes has surged dynamically due to increasing cases of COVID-19 has encouraged the biopharmaceutical industry as well as researchers around the world to develop the vaccine for the virus. For instance, in January 2020, the Indian government kicked off the world’s largest vaccination drive to combat the COVID-19 pandemic. The Government of India collaborated with several market players in order to meet the demand for auto-disabled syringes for COVID vaccines, which is expected to drive market growth over the forecast period.
Smart Syringe Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 10.11 Bn|
|Historical Data for:||2018 to 2022||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||11.3%||2030 Value Projection:||US$ 21.39 Bn|
Becton, Dickinson and Company, Gerresheimer AG, Sharps Technology, Inc., Cardinal Health, lomMedical, MHC Medical Products, LLC, Sol-Millennium, UltiMed Inc., VOGT MEDICAL, Retractable Technologies, Inc., Dmcmedical, BIOCORP, Hindustan Syringes & Medical Devices Ltd, Owen Mumford Ltd., B. Braun SE, Terumo Europe NV, Smiths Group plc, Merit Medical Systems, Nipro Corporation, GPC Medical Ltd., AdvaCare Pharma
|Growth Drivers:||Increasing technological advancements in smart syringes by market players
Increasing inorganic growth strategies such as partnership
|Restraints & Challenges:||A shortage of syringe
Increasing number of people facing needle phobia
Global Smart Syringe Market Segmentation:
The global smart syringe market report is segmented by product type, by application, by end user and by region.
Global Smart Syringe Market: Cross Sectional Analysis:
Key players in the market are focusing on organic growth strategies, such as product approval by regulatory authorities, which is expected to boost demand for the global smart syringe market in the Asia Pacific region. For instance, in January 2022, Owen Mumford Pharmaceutical Services, a division of Owen Mumford, a medical device company, announced that its UniSafe 1 mL safety device for pre-filled syringes has been approved as a combination product in the Asia Pacific region by Europe regualtory authorities. UniSafe 1mL is a safety device for prefilled syringes that provides a variety of benefits.
Global Smart Syringe Market: Key Developments
Global Smart Syringe Market: Key Trends
Global Smart Syringe Market: Restraint
Key players are focusing on to expanding capacity for specialized immunization syringes, which is expected to drive market growth over the forecast period.
Global Smart Syringe Market- Key Players
Major players operating in the global smart syringe market include Becton, Dickinson and Company, Gerresheimer AG, Sharps Technology, Inc., Cardinal Health, lomMedical, MHC Medical Products, LLC, Sol-Millennium, UltiMed Inc., VOGT MEDICAL, Retractable Technologies, Inc., Dmcmedical, BIOCORP, Hindustan Syringes & Medical Devices Ltd, Owen Mumford Ltd., B. Braun SE, Terumo Europe NV, Smiths Group plc, Merit Medical Systems, Nipro Corporation, GPC Medical Ltd., and AdvaCare Pharma.
Definition: Smart syringes can be defined as medical devices that are engineered with safety mechanisms to prevent the reuse of syringes and regulate unsafe injection practices. They are equipped with features to avoid needlestick injuries and prevent transmission of blood-borne diseases such as hepatitis C virus (HCV), hepatitis B virus (HBV), and human immunodeficiency virus (HIV). A smart syringe has various applications, such as vaccination, drug delivery, and blood specimen collection. There are different types of smart syringes, such as auto-disable (AD) syringes, passive safety syringes, and active safety syringes, depending on the nature of the application.
Frequently Asked Questions