Press release
Smart Syringe Market Set to Grow Significantly; CAGR Projected at 12.1% by 2029 Driven by Increased Healthcare Awareness, Prevalence of Chronic Diseases, and Medical Safety Innovations
Smart Syringe Market Size
What Is The Projected Market Size Of The Global Smart Syringe Market And Its Growth Rate?
•The smart syringe market has shown strong growth in recent years. It is set to 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 the need for medication safety, prevalence of blood-borne diseases, regulatory compliance, global immunization programs, and 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%.
What Is Driving The Growth In The Smart Syringe Market?
Rising healthcare expenditure is expected to fuel the growth of the smart syringes market. Healthcare expenditure refers to the total amount allocated to health services and products, with a rise driven by factors such as 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 offering innovative solutions that enhance patient safety, improve efficiency, and reduce healthcare costs associated with complications from traditional syringes for instance, 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 growth of 2.8% compared to the previous year. This supports the growth of the smart syringes.
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Who Are the Key Players Driving Smart Syringe Market Growth?
•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 Are The Key Trends In The Smart Syringe Market?
•Collaborations and partnerships
•Regulatory compliance
•Adoption in vaccination programs
•Focus on sustainable materials
•Expansion in emerging markets.
What Are The Segments Of The Global Smart Syringe Market?
•By Product: Auto-Disable Syringes, Active Safety Syringes, Passive Safety Syringes
•By Age Group: Pediatrics, Adults
•By Application: Drug Delivery, Vaccination, Blood Specimen Collection
•By End Users: Hospitals And Health Maintenance Organizations (HMOs), Diabetic Patients, Family Practices, Psychiatrics, Other End Users
Which Region Leads In 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 Is Covered In The Smart Syringe Global Market Report?
- Market Size Analysis: Analyze the Smart Syringe size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Syringe for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Syringe growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Syringe.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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