The Business Research Company’s report on the Smart Syringe Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the smart syringe market in recent years?
The rising healthcare expenditure is expected to propel the growth of the smart syringes market going forward. Healthcare expenditure refers to the total amount of resources, typically measured in monetary terms, that a country, organization, or individual allocates to health services and products. The increase in healthcare expenditure is driven by several factors, including an aging population, the prevalence of chronic diseases, advancements in medical technology, and rising consumer expectations for quality care. The smart syringes market supports rising healthcare expenditure by providing innovative solutions that enhance patient safety, improve efficiency in medical procedures, and reduce healthcare costs associated with complications from traditional syringes. For instance, in November 2023, according to the Canadian Institute for Health Information, a Canada-based non-profit organization, total health expenditure is projected to reach $344 billion in 2023, reflecting a modest growth of 2.8% compared to the previous year. Therefore, the rising healthcare expenditure is driving the growth of the smart syringes market.
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What is the projected market size of the smart syringe industry, and how is it expected to grow?
The smart syringe market size has grown strongly in recent years. It will grow from$11.14 billion in 2024 to $12.25 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to need for medication safety, prevalence of blood-borne diseases, regulatory compliance, global immunization programs, increased healthcare awareness
The smart syringe market size is expected to see rapid growth in the next few years. It will grow to “$19.33 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to global vaccination initiatives, prevention of medication errors, rise in chronic diseases, expansion of home healthcare, government healthcare initiatives. Major trends in the forecast period include collaborations and partnerships, regulatory compliance, adoption in vaccination programs, focus on sustainable materials, expansion in emerging markets.
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Who are the key players driving competition in the smart syringe market?
Major companies operating in the smart syringe market include Becton Dickinson and Company, Gerresheimer AG, Baxter International Inc., Terumo Corporation, Braun Melsungen AG, Cardinal Health Inc., Smiths Medical Inc, Retractable Technologies Inc., AdvaCare Pharma, Numedico Technologies Pty Ltd., Merit Medical Systems Inc., Nipro Corporation, Revolutions Medical Corporation, Sharps Technology, West Pharmaceutical Services Inc., Schott AG, Vetter Pharma International GmbH, Catalent Inc., Thermo Fisher Scientific Inc., Haselmeier GmbH, Owen Mumford Ltd., Ypsomed Holding AG, Weigao Group, Jiangsu Huida Medical Instruments Co. Ltd., Shandong Weigao Group Medical Polymer Co. Ltd.
What key trends are expected to drive the smart label market during the forecast period?
Product innovations are a key trend gaining popularity in the smart syringes market. Major companies in the market are introducing innovative products such as the safety syringe to enhance patient safety, reduce the risk of needlestick injuries, and improve overall efficiency in medical procedures. A safety syringe is a medical device designed to reduce the risk of needlestick injuries and prevent the reuse of syringes. For instance, in April 2024, Hindustan Syringes and Medical Devices, an India-based medical devices company, launched Dispojekt Syringes, a safety syringe. Dispojekt syringes is an innovative syringe designed to improve safety in healthcare environments. It features safety needles specifically aimed at significantly decreasing the occurrence of accidental needle stick injuries (NSIs) among healthcare workers, which can result in the transmission of blood-borne diseases. The syringe includes a transparent safety mechanism that can be operated with one hand, enhancing usability while reducing risks. Furthermore, Dispojekt is equipped with a molded plastic safety shield to prevent blood splatter during use, ensuring a safer setting for both patients and healthcare providers. By tackling essential safety and infection control issues, Dispojekt exemplifies HMD’s dedication to quality and innovation in the medical device sector, aligning with India’s overarching objective of becoming a global leader in medical manufacturing.
Which key geographies are driving the growth of the smart syringe market?
North America was the largest region in the global smart syringes market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart syringe market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the smart syringe market?
The smart syringe market covered in this report is segmented –
1) By Product: Auto-Disable Syringes, Active Safety Syringes, Passive Safety Syringes
2) By Age Group: Pediatrics, Adults
3) By Application: Drug Delivery, Vaccination, Blood Specimen Collection
4) By End Users: Hospitals And Health Maintenance Organizations (HMOs), Diabetic Patients, Family Practices, Psychiatrics, Other End Users
Subsegments:
1) By Auto-Disable Syringes: Single-Use Auto-Disable Syringes, Multi-Use Auto-Disable Syringes
2) By Active Safety Syringes: Retractable Needle Syringes, Shielded Needle Syringes
3) By Passive Safety Syringes: Integrated Safety Mechanism Syringes, Clamshell Safety Syringes
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What defines the structure and scope of the smart syringe market?
Smart syringes are advanced medical devices incorporating technology to enhance safety, accuracy, and efficiency in administering injections. Smart syringes address needlestick injuries, medication errors, and the spread of bloodborne diseases that improve patient and healthcare provider safety.
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