Smart Syringes Market Research Report Featuring Product Segmentation, Market Drivers, and Regional Insights

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 10.21% during a forecast period of 2023-2031.

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Smart syringes are equipped with a built-in inactivation mechanism that protects users from needlestick injuries and the transmission of blood-borne diseases such as hepatitis B and HIV. These syringes are suitable for various applications, including vaccinations, medication delivery, and blood collection. The rising incidence of these diseases and the expansion of vaccination campaigns globally are expected to drive demand for smart syringes. Additionally, the need for smart syringes is anticipated to increase as part of efforts to reduce hospital-acquired infections. The growing geriatric population further contributes to the rising demand for these devices, as older adults are more susceptible to infections.

The adoption of smart syringes is also accelerating due to the increasing demand for safer injection methods. The rise in needlestick injuries, which are a primary cause of blood-borne illnesses among healthcare workers, is expected to significantly influence market growth. These injuries can transmit diseases such as hepatitis B, hepatitis C, and HIV, thus further driving the demand for smart syringes during the forecast period.

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.

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Market Dynamics
Drivers:
The increasing preference for minimally invasive medical procedures is significantly contributing to the rising demand for smart syringes. These devices eliminate the risk of needlestick injuries commonly associated with conventional syringes, thereby helping to prevent the transmission of blood-borne diseases such as HIV. The growing utilization of smart syringes across multiple applications-including drug administration, blood sample collection, and vaccination-is further fueling market growth. Additionally, global recommendations by the World Health Organization to adopt smart syringes as a means to reduce needlestick injuries and promote safe injection practices are bolstering the market. The COVID-19 pandemic has further heightened demand, particularly among pediatric populations that are more vulnerable to infections. Moreover, increasing government initiatives aimed at immunizing high-risk groups from a young age are expected to drive further expansion in the adult segment of the market.

Challenges:
The higher cost of smart syringes compared to traditional syringes presents a major barrier to widespread adoption, particularly in low- and middle-income countries. While some models are priced similarly to single-use syringes, others-depending on the complexity of their safety features-may cost up to five times more, rendering them less accessible. Furthermore, the substantial capital investments required for the production and maintenance of safety syringes, along with price volatility caused by continuous technological advancements, hinder market growth. However, the growing number of market entrants and ongoing innovation are expected to mitigate these challenges over the forecast period.

Regional Trends:
North America is projected to hold a dominant share of the smart syringes market, driven by increasing adoption of advanced healthcare technologies and heightened awareness of blood-borne infections resulting from unsafe injection practices. Meanwhile, the Asia Pacific region is witnessing notable market growth, supported by rising government and private sector investments in smart healthcare infrastructure and a growing focus on enhancing patient safety and care standards.

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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

Read Overview Report- https://www.insightaceanalytic.com/report/smart-syringes-market/2010

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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 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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This release was published on openPR.