Wilmington, Delaware, United States, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The global market for smart syringes was estimated to have garnered a global market valuation around US$ 61.3 million in 2022. The market is anticipated to grow with a robust 10.9% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 152.3 million.
Healthcare providers may be able to follow patient response to therapy by using the data storing capabilities of smart syringes. By accumulating data on medication adherence, dose, and patient response, healthcare practitioners may alter treatment plans and improve patient outcomes.
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Smart syringes can save precise data such medicine kind and dose, delivery duration, and the precise location wherein the needle tip was injected into the body. These syringes can improve patient safety by lowering medication mistakes.
To ensure that medications are delivered appropriately and safely, smart syringes may also store patient-specific information, like allergies as well as medical background. This information may be safely stored on an electronic chip inside the syringe, and medical personnel can retrieve it as required.
Key Findings of Market Report
- During the projected period, the "with needle" type segment is most expected to dominate the global market.
- According to volume, the market is expected to be dominated in the near future by the segment with volumes under 1000 l.
- During the projected period, it is predicted that the medical use application segment would dominate the worldwide market by application.
- In 2022, North America was a lucrative market for smart syringes.
Market Trends for Smart Syringes
- During the projected period, it is predicted that the medical use application segment would represent a sizeable portion of the worldwide market.
- The need for smart syringes in medical applications is projected to increase as rates of asthma and diabetes increase globally. Chronic diseases like diabetes and asthma need ongoing medicine in the form of injections. Smart syringes can improve the ease, accuracy, and safety of injections.
- Syringes that are "smart" or "intelligent" help diabetic people administer their medications correctly. In addition, smart syringes assist in reducing the dangers of cross-contamination and injuries from needlesticks. The use of smart syringes within the medical industry is being fueled by the rise in the incidence of diabetes and asthma, which is enhancing the market dynamics overall.
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Global Smart Syringes Regional Market Outlook
- In 2022, North America would rule the world. The region is predicted to hold a sizable market share over the projection period due to the existence of several suppliers and manufacturers.
- Collaborations between vendors as well as CMOs, pharmaceutical companies, and biotech businesses have helped to create a climate that is favorable to technical growth. This has led to a rise in the use of smart syringes in the area, which has helped the industry grow.
- The smart syringes market in Europe is expected to grow steadily during the forecast period, owing to increased knowledge about the benefits of advanced syringes in enhancing safety as well as efficiency among healthcare practitioners and patients in the area.
- Innovating methods for early detection of cancer, diagnosis, and patient data preservation are top priorities for a number of European institutions and businesses. During the projected period, an increase in research and development efforts is anticipated to drive market growth for smart syringes in the area.
- Asia Pacific's aging population is leading to a rise in the prevalence of diseases like diabetes and hepatitis that require injections, driving up demand for smart syringes in the area.
Global Smart Syringes Market: Key Players
The market for smart syringes is dominated by a small number of significant companies in a fragmented worldwide environment. In order to increase their income, these companies are involved in mergers and acquisitions, strategic alliances, and new product launches, according to the most recent smart syringes market projection.
Agilent Technologies, Inc., Schott AG, Shimadzu Corporation, Thermo Fisher Scientific Inc., Trajan LEAP PAL Parts + Consumables, and Clayens-np are a few of the market's top competitors. In order to take advantage of potential income prospects, these businesses are following the smart syringes industry trends.
Some developments by the key players in the global market for smart syringes are:
- A collaboration agreement between Schreiner MediPharm and Schott Pharma was signed in November 2022. The two businesses, who are leaders in medication delivery and containment, have introduced a novel RFID technology to outfit prefilled syringes with RFID.
- A pre-filled linked syringe with an integrated near-field communication (NFC) tag was released in April 2022 by NP Plastibell, a division of Clayens-np and serving a variety of electronics applications.
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Global Smart Syringes Market Segmentation
- Type
- With Needle
- Fixed
- Exchangeable
- Without Needle
- With Needle
- Volume
- Below 1000 μL
- Above 1000 μL
- Application
- Medical Use
- Drug Delivery
- Blood Sample Collection
- Vaccination
- Non-medical Use
- Medical Use
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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