Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Smart Syringe Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The smart syringe market has grown rapidly in recent years. It will grow from $10.32 billion in 2023 to $11.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The expansion observed in the historical period can be attributed to several factors, including the imperative for medication safety, the prevalence of blood-borne diseases, adherence to regulatory requirements, global initiatives for immunization, and a heightened awareness of healthcare practices.
North America was the largest region in the global smart syringes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The smart syringe market is expected to see rapid growth in the next few years. It will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.The anticipated growth in the forecast period is driven by global vaccination initiatives, the imperative to prevent medication errors, an increase in chronic diseases, the expansion of home healthcare services, and government-led healthcare initiatives. Noteworthy trends expected during the forecast period encompass collaborations and partnerships, a strong emphasis on regulatory compliance, widespread adoption in vaccination programs, a focus on sustainable materials, and an expansion into emerging markets.
The anticipated increase in needlestick injuries is poised to drive the growth of the smart syringes market. A survey conducted in Saudi Arabia in May 2022 by Frontiers Media revealed that among 361 healthcare workers, 36% of physicians and 34.8% of nurses experienced needlestick injuries in 2021. Notably, 53.8% of these injuries were not reported to the authorities, underscoring the importance of smart syringes in addressing this concern.
The increasing prevalence of blood-borne diseases is expected to contribute significantly to the growth of the smart syringes market. In August 2023, the Centers for Disease Control and Prevention reported 14,229 cases of chronic hepatitis B in the US, with a rate of 5.9 cases per 100,000 people in 2021. Notably, 73% of acute hepatitis B patients were aged 30-59 years. This data highlights the significance of smart syringes in addressing the growing prevalence of blood-borne diseases and driving market growth.
The smart syringes market is witnessing a prominent trend driven by product innovations, with major companies actively introducing groundbreaking solutions to enhance their market positioning. A notable example is the introduction of the Gx InnoSafe safety syringe by Gerresheimer, a leading Germany-based manufacturer specializing in drug delivery systems and packaging products. Launched in October 2021, the Gx InnoSafe safety syringe represents a first-in-class product featuring an integrated passive safety system. Its distinctive feature lies in the needle being securely fixed in an integrated safety sleeve after use, effectively preventing accidental needlestick injuries. Additionally, the product stands out for its user-friendly design, eliminating the need for additional assembly during the syringe-filling process.
Companies at the forefront of the smart syringes market are actively investing in technological advancements, incorporating innovations such as Near Field Communication (NFC) technology to gain a competitive advantage. NFC is a short-range wireless communication technology facilitating contactless data exchange between devices. NP Plastibell, a France-based medical device manufacturer, exemplifies this trend with the launch of its Pre-filled Smart Syringe in May 2022. This smart syringe incorporates an embedded NFC chip that transmits essential information about the medication to both practitioners and patients. The NFC chip stores crucial details, including drug name, dosage, expiration date, and lot number, allowing easy access through smartphones or other NFC-enabled devices.
In July 2022, Sharps Technology, a prominent US-based medical device manufacturer, acquired Safeguard Medical's smart syringes manufacturing facility for $2.5 million. This acquisition is aimed at expanding Sharps' manufacturing capabilities to meet the rising demand for smart syringes. Safeguard Medical, a US-based manufacturer specializing in smart syringes and emergency medical technologies, contributes to Sharps Technology's growth strategy in this dynamic market landscape.
Report Scope
Markets Covered:
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
Key Companies Mentioned: Becton Dickinson and Company; Gerresheimer AG; Baxter International Inc.; Terumo Corporation; Braun Melsungen AG
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Becton Dickinson and Company
- Gerresheimer AG
- Baxter International Inc.
- Terumo Corporation
- Braun Melsungen AG
- Cardinal Health Inc.
- Smiths Medical Inc
- Parker-Hannifin Corporation
- Retractable Technologies Inc.
- AdvaCare Pharma
- Numedico Technologies Pty Ltd.
- Merit Medical Systems Inc.
- Nipro Corporation
- Revolutions Medical Corporation
- Sharps Technology
- Unilife Corporation
- West Pharmaceutical Services Inc.
- Schott AG
- Vetter Pharma International GmbH
- Catalent Inc.
- Agilent Technologies Inc.
- Shimadzu Corporation
- Thermo Fisher Scientific Inc.
- Trajan LEAP PAL Parts + Consumables
- Clayens-np
- Haselmeier GmbH
- Owen Mumford Ltd.
- Ypsomed Holding AG
- Weigao Group
- Jiangsu Huida Medical Instruments Co. Ltd.
- Shandong Weigao Group Medical Polymer Co. Ltd.
- Zibo Minkang Pharmaceutical Packing Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/12dvxf
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