July 25, 2024

Rising demand for safety syringes to drive the growth of Smart Syringe Market

The global Smart Syringe Market is estimated to be valued at US$ 10.11 Bn or Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Smart syringes are medical devices designed to prevent accidental needlestick injuries and reuse of needle. These syringes have integrated safety mechanisms and improved features such as automatic needle retraction or locking shield to avoid potential risks. Smart syringes provide greater healthcare safety for consumers and healthcare providers. The product helps prevent needlestick injuries and accidents that can spread infectious diseases such as hepatitis B and C and HIV. The growing burden of infectious diseases across the globe is boosting demand for safer medical devices such as smart syringes.

Market key trends:
The growing emphasis on safety of healthcare workers from needlestick injuries remains a key driving factor for smart syringes. The World Health Organization recommends use of smart syringes to minimize healthcare risks. Various countries are implementing regulations to ban conventional syringes and promote use of safety syringes. Major players are developing new products with enhanced features to meet the rising demand from healthcare facilities. For instance, Becton, Dickinson and Company offer BD Intevac Prefilled Syringe featuring fixed needle technology that automatically covers the needle after injection to prevent accidental needlesticks. The smart syringe technology enables greater safety while administering injectable medications.
Porter’s Analysis

Threat of new entrants: Low-cost new entrants find it challenging to enter the market due to stringent regulations and significant capital requirements to comply with quality and safety standards.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes and choice of products from different manufacturers.

Bargaining power of suppliers: A few suppliers dominate the market, giving them significant bargaining power over manufacturers.

Threat of new substitutes: There is always a threat of new substitutes emerging as medical technology progresses.

Competitive rivalry: Intense as major players compete on innovation, quality, and pricing.

Key Takeaways

The global smart syringe market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing incidence of needlestick injuries and initiatives by governments and healthcare organizations to promote safety syringes.

The North America region dominated the smart syringe market in 2023, accounting for around 35% share of the global market, followed by Europe. Factors such as advanced healthcare infrastructure, stringent regulatory compliance for safety syringes, and increasing awareness about bloodborne pathogen diseases drive the demand for smart syringes in the regions.

Key players operating in the 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., AdvaCare Pharma. Key players focus on expanding their product portfolio and improving safety and effectiveness through research and development activities.