Burlingame, Dec. 07, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global smart syringe market was valued at US$ 10.11 Billion in 2023 and is forecast to reach a value of US$ 21.39 Billion by 2030 at a CAGR of 11.3% between 2023 and 2030.
Increasing initiatives to support vaccination campaigns by non-profit organizations are expected to drive market growth over the forecast period. For instance, in February 2021, Latter-day Saint Charities, a charitable trust, donated US$20 million to support COVAX, a global campaign to provide 2 billion COVID-19 vaccines to people in low- and middle-income countries such as Africa. Latter-day Saint Charities has supported 1,050 COVID-19 relief projects in 152 countries.
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Market Driver:
Increasing Prevalence of Diabetes
The increasing prevalence of diabetes is expected to fuel overall smart syringe market growth over the forecast period. For instance, in November 2022, according to data provided by the World Health Organization, in 2021, about 422 million people worldwide have diabetes, the majority living in low- and middle-income countries, and 1.5 million deaths are directly attributed to diabetes each year. Worldwide, the number of people living with diabetes (PLWD) has increased from 108 million to 420 million in the last thirty years; 62 million people with diabetes are in the region of North America.
Market Opportunity:
Increasing initiatives by key market players
Increasing initiatives by key market players are expected to drive market growth in the near future over the forecast period. For instance, in July 2020, Becton Dickinson and Company (BD), a global medical technology company, announced a donation of 20 million syringes valued at US$1 million to Rotary, a nonprofit organization dedicated to tackling the world's most pressing humanitarian challenges, in support of the Global Polio Eradication Initiative.
Market Cross Sectional Analysis:
Among product type, the auto-disable syringes segment is dominant during the forecast period in the Asia Pacific region due to the increasing initiatives by key market players to supply syringes in the COVID-19 pandemic, which is expected to drive segment growth over the forecast period. For instance, in March 2021, Hindustan Syringes & Medical Devices Ltd. (HMD), the largest maker of syringes, supplied 265 million auto-disable syringes for the country’s COVID-19 vaccination program to the Indian government. The auto-disable syringes sold under the brand name Kojak Selinge, these auto-disable syringes (AD syringes) which are available in different sizes for both mass immunization programs (0.1 ml, 0.3 ml, 0.5 ml, and 1ml) and general use (2 ml, 3 ml, 5 ml, 10 ml, 20 ml).
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Market Key Developments:
On January 24, 2023, Stevanato Group S.p.A., a leading global provider of drug containment and delivery solutions to the pharmaceutical, biotechnology, and life sciences industries, announced a collaboration with Transcoject GmbH, a medical device and pharma packaging solutions company. The collaboration will enable Stevanato Group to add cyclic olefin polymer (COP) and cyclic olefin copolymer (COC) PFS to its existing portfolio to provide pre-fillable syringe polymer options for pharmaceuticals.
In August 2022, Kit Check, the leading automation vendor in medication intelligence, announced that its proprietary Radio Frequency Identification (RFID) technology incorporated in the new KinetiX Propofol syringes being developed by Genixus, a pharmaceutical company and U.S. FDA-registered repackager and 503B outsourcing provider focused on transforming acute and critical care medicines. Propofol is one of the most commonly used products in hospitals and health systems.
In January 2022, DALI Medical Devices, an innovative developer and distributor of drug delivery devices, announced the first commercial implementation of its SAN-Light passive safety needle. SAN-Light is a unique, single-use sterile hypodermic safety needle that is compatible with any Luer-lock syringe for subcutaneous or intramuscular drug administration. It is part of DALI's SAN (Safe Auto Needle) family of safety injectable drug delivery devices.
In October, 2021, Dätwyler Holding Inc., a provider of elastomer components, supported Roncadelle Operations, a medical drug device manufacturing company, in the development of SafeR, a safety syringe with a needle retraction mechanism designed to eliminate needle stick injuries.
Market Restraint:
Increasing number of people facing needle phobia
The availability of alternative drug delivery devices that can replace smart syringes, such as needle-free injectors and others, and the increasing number of people facing needle phobia are the factors that are expected to hinder market growth. For instance, in November 2022, according to data provided by the National Library of Medicine, needle phobia an overlooked condition that affected virtually all medical procedures. A total of 63.2% reported experiencing needle fear in 2021.
As a result, the companies operating in this market are now focusing on the development of cost-effective and reliable pain-reducing products.
Key Market Takeaways:
The global smart syringe market is expected to exhibit a CAGR of 11.3% during the forecast period due to the increasing product expansion by key players to expand their product portfolio. For instance, in June 2021, Becton, Dickinson and Company, a leading global medical technology company, announced that it had received pandemic orders for needles and syringes totaling 2 billion injection devices to support global COVID-19 vaccination efforts. This new milestone reflects commitments to governments across the world, including the U.S. Australia, Brazil, Canada, France, Germany, India, Philippines, Saudi Arabia, South Africa, Spain and the U.K. among many others.
Among Application, the vaccination segment is expected to dominate the market over the forecast period, and this is attributed to increasing government initiatives to support COVID-19 vaccination. In August 2020, the Department of Defense’s (DOD), in support of the Department of Health and Human Services’ (HHS) Strategic National Stockpile (SNS), awarded US$104 million in contracts to procure syringes and safety needles, enabling the nationwide administration of a U.S. Food and Drug Administration (FDA)-approved COVID-19 vaccine. The syringes and safety needles are critical to the nation’s COVID-19 vaccination strategy, providing a total of 500 million safety syringes over a 12-month period, with more than 134 million of the total number delivered by the end of 2020.
Key players operating in the global smart syringe market Becton, Dickinson and Company, Gerresheimer AG, Sharps Technology, Inc., Cardinal Health, lomMedical, MHC Medical Products, LLC, Sol-Millennium, UltiMed Inc., VOGT MEDICAL, Retractable Technologies, Inc., Dmcmedical, BIOCORP, Hindustan Syringes & Medical Devices Ltd, Owen Mumford Ltd., B. Braun SE, Terumo Europe NV, Smiths Group plc, Merit Medical Systems, Nipro Corporation, GPC Medical Ltd., and AdvaCare Pharma
Read complete market research report, "Smart Syringe Market, by Product Type, by Application, by End User, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Smart Syringe Market, By Product Type:
- Auto-disable Syringes
- Active Safety Syringes
- Passive Safety Syringes
- Global Smart Syringe Market, By Application:
- Vaccination
- Drug Delivery
- Blood Specimen Collection
- Global Smart Syringe Market, By End User:
- Hospitals & Clinics
- Diagnostic Laboratories
- Homecare Settings
- Global Smart Syringe Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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