Smart Syringe Market to Surpass US$ 21.39 Bn by 2030
Global Smart Syringe Market, by Product Type (Auto-disable Syringes, Active Safety Syringes, and Passive Safety Syringes), by Application (Vaccination, Drug Delivery, and Blood Specimen Collection), by End User (Hospitals & Clinics, Diagnostic Laboratories, and Homecare Settings), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting organic growth strategies such as the launch of new products, which will drive the global smart syringe market. For instance, in October 2021, Gerresheimer AG, a Germany-based manufacturer of drug delivery systems and packaging products, launched the Gx InnoSafe safety syringe system. It is the first-in-class syringe to feature an integrated passive safety system.
Global Smart Syringe Market: Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
The COVID-19 pandemic is expected to drive the growth of the global smart syringe market over the forecast period. Since the COVID-19 outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization has declared it a public health emergency. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 93 million cases and 2 million deaths due to coronavirus disease (COVID-19) were reported up till January 17, 2021, across the globe. Moreover, on December 14, 2020, the U.K. authorities reported a new variant, SARS-CoV-2 VOC 202012/01, of COVID-19 to the World Health Organization, due to which parts of the U.K. entered the third COVID-19 lockdown. Similarly, on December 18, 2020, the national authorities in South Africa reported another new variant of COVID-19 501Y.V2.
Global Smart Syringe Market: Key Developments
On April 13, 2023, Delta Med Group, a medical device company, announced a partnership with DBM, a leading manufacturer of pre-filled syringes, to strengthen its positioning in the syringes market. Delta Med Group and DBM will expand their portfolio, profiting from highly complementary products and research and development R&D capabilities and improving their ability to serve customers. The partnership will generate significant synergies and boost the growth trajectory of the combined entity.
In August 2022, the World Health Organization (WHO) Country Office for Nepal handed over 8 million 0.5 ml AD (auto disable) syringes to the Ministry of Health and Population as part of support to the national COVID-19 vaccination campaign. The supplies were distributed to health centers across Nepal, aiding in the faster deployment of COVID-19 vaccines.
In July 2022, Sharps Technology, a US-based medical device manufacturer, acquired Safeguard Medical’s smart syringe manufacturing facility for US$2.5 million. The acquisition aims to expand Sharps’ manufacturing capabilities to address the increasing demand for smart synergies. Safeguard Medical is a US-based manufacturer of smart syringes and emergency medical technologies.
In October 2021, the United Nations Children's Fund (UNICEF), a government agency in the U.S., signed an agreement to procure auto-disable (AD) syringes from JMI Syringes & Medical Devices Ltd., the leading manufacturer of precision safety syringes. Under the agreement, JMI supply more than one crore syringes to UNICEF in July 2022 to aid the organization’s mass vaccination program.
Browse 34 Market Data Tables and 28 Figures spread through 210 Pages and in-depth TOC on “Global Smart Syringe Market”- Forecast to 2030, Global Smart Syringe Market, by Product Type (Auto-disable Syringes, Active Safety Syringes, and Passive Safety Syringes), by Application (Vaccination, Drug Delivery, and Blood Specimen Collection), by End User (Hospitals & Clinics, Diagnostic Laboratories, and Homecare Settings), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/smart-syringe-market-4394
Key Takeaways of the Global Smart Syringe Market:
- The global smart syringe market is expected to exhibit a CAGR of 11.3% during the forecast period, owing to increasing government initiatives. For instance, in February 2021, the United Nations International Children's Emergency Fund, a government agency in the U.S., sent 100,000 syringes and 1,000 safety boxes for COVID-19 vaccinations to the Maldives by air freight from UNICEF’s humanitarian warehouse in Dubai as part of the first wave of COVID-19-related syringe shipments to begin rolling out in the coming days.
- Among product type, the auto-disable syringes segment is expected to hold a dominant position in the global smart syringe market during the forecast period, and this is attributed to the increasing inorganic growth strategies, such as investment funding by key market players to expand their product portfolio. For instance, in December 2021, Revital Healthcare (EPZ) Limited, a medical supply manufacturer, announced it received investments from Asia Africa Investment and Consulting Pte Ltd, an investing firm and Ohara Pharmaceutical Co.Ltd, a pharmaceutical company to expand production of medical devices. including cars, to improve vaccine syringes and expand its product portfolio to address medical equipment shortages in Africa and around the world.
- Among regions, North America is expected to be the dominant region in the global smart syringe market, owing to increasing government initiatives by non-profit oranizations in the U.S. For instance, in November 2021, the Bill and Melinda Gates Foundation, a U.S.-based private foundation, was stepping up efforts to address a looming deficit of syringes for COVID-19 vaccine shots, providing about US$4 million (S$5 million) to help Revital Healthcare, a medical device company, increase syringe production.
- Major players operating in the global smart syringe market are 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
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