Smart Syringes Market Research Report 2023 | InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Smart Syringes Market- (By Product (With Needle (Fixed, Exchangeable), Without Needle Bioalcohols), By Volume (Below 1000 μL, Above 1000 μL), By Application (Medical (Drug Delivery, Blood Sample Collection, Vaccination), Non -Medical use )), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Smart Syringes Market is valued at US$ 61.51 Mn in 2022, and it is expected to reach US$ 143.93 Mn by 2031, with a CAGR of 10.1% during a forecast period of 2023-2031.

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A built-in inactivation mechanism on smart syringes shields users from needle sticks and blood-borne illnesses like hepatitis B & the human immunodeficiency virus (HIV). They can handle various applications, including vaccination, medication delivery, and blood collection. The prevalence of these illnesses has increased, and vaccination campaigns against the disease being vaccinated against have increased in many parts of the world. Additionally, throughout the projected period, demand for smart syringes will be driven by the goal of decreasing hospital-acquired infections. Because of the world's growing geriatric population, smart syringes are in high demand. Due to a rise in needle stick injuries and rates of HIV and hepatitis transmission, the usage of conventional syringes has decreased.

Furthermore, the adoption rate of smart syringes is fast rising due to the increased desire for safer injection techniques. The growth in needle stick injuries has significantly impacted the market for smart syringes. Since needlestick injuries are the main reason healthcare workers contract blood-borne illnesses, the effect of this factor is anticipated to increase over the anticipated time. These wounds can all transmit hepatitis B, hepatitis C, and the human immunodeficiency virus (HIV)

List of Prominent Players in the Smart Syringes Market:
• Becton, Dickinson and Co.
• B. Braun Melungeon AG
• Terumo Medical Corporation
• Baxter International, Inc
• Retractable Technologies, Inc
• Smith's Group Plc
• Merck & Company Inc.
• Medtronic Plc (Covidien)
• Unilife Corporation
• Revolutions Medical Corporation
• AdvaCare Pharma
• Cardinal Health
• Parker Hannifin Corp.
• Numedico Technologies Pty Ltd
• Thomas Scientific (U.S),
• McKesson Medical-Surgical Inc. (U.S)
• Sharps Technology Inc.

Market Dynamics:
Drivers-
The growing popularity of minimally invasive medical treatments is driving up demand for smart syringes. Injury-causing needle sticking from conventional injections is avoided due to smart syringes. Additionally, it stops the spread of several blood-borne illnesses like HIV. Additionally, the growing demand for smart syringes worldwide is being driven by their increasing use in various applications, including drug delivery, blood specimen collection, and vaccination. The World Health Organization's recommendations to use smart syringes to prevent needle stick injuries and promote safe injection procedures worldwide are causing the market for these devices to expand. The COVID-19 pandemic is also anticipated to raise demand for smart syringes because children are more susceptible to infections and are at bigger risk. In the meantime, growing government initiatives to immunize high-risk populations at a young age will probably encourage adult growth in the market.

Challenges:
Since smart syringes are more expensive than standard syringes, their global adoption is challenging. Some variations cost about the same as single-use syringes. Depending on the technical sophistication of the safety systems, certain others can cost up to five times as much as others, making them unaffordable in some low- and middle-income countries. Additionally, the market growth is hampered by the significant capital expenditure required to produce and maintain a small number of safety syringes and by price fluctuations brought on by technologically advanced syringes. Due to ongoing technological advancements and an increase in smart syringe companies, this element is anticipated to have less impact during the analysis period.

Regional Trends:
The North America Smart Syringes market is expected to register a major market share. The region is distinguished by the rising demand for cutting-edge technologies in the healthcare industry. The rising awareness of blood-borne infections has also boosted the market for smart syringes in North America due to dangerous injecting habits. Besides, Asia Pacific had a considerable share of the market. The Asia Pacific smart syringes market is expanding due to rising government and corporate investment in creating smart healthcare infrastructure and increased attention to improving patient care.

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Recent Developments:
• In July 2022, Sharps Technology acquired the Hungarian syringe manufacturing facility of Safegard Medical for $2.5 Mn. Sharps intended to increase its manufacturing capacity and use the facility to help meet the increasing demand for its smart safety syringes, a market that is projected to reach $14 billion by 2026. The production of intelligent syringes, which are designed to eliminate inadvertent needlestick injuries, prevent needle reuse, and reduce vaccine and medication waste.

• In Mar 2021, Allied Telesis and Terumo Co., Ltd. have collaborated to provide effective location visualisation for medical IoT devices. Terufusion Smart Syringe Pumps were added as wireless devices to the network monitoring and management platform of Allied Telesis Vista Manager EX. On the network map, along with other network and IoT devices, they were then readily identifiable by a syringe pump icon, and their precise location was displayed.

Segmentation of Smart Syringes Market-
By Product-
• With Needle
o Fixed
o Exchangeable
• Without Needle Bioalcohols

By Volume
• Below 1000 μL
• Above 1000 μL

By Application-
• Medical
o Drug Delivery
o Blood Sample Collection
o Vaccination
• Non -Medical use

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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