SMART SYRINGE MARKET ANALYSIS

The global smart syringe market is estimated to be valued at US$ 10.11 Billion in 2023 and is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).

Analysts’ Views on Global Smart Syringe Market:

The increasing number of government initiatives, such as vaccination campaigns to support the COVID-19 pandemic, is expected to drive market growth over the forecast period. For instance, in November 2021, the central government of India launched the 'Har Ghar Dastak' COVID-19 inoculation campaign to increase vaccination coverage. During the campaign, healthcare workers went door-to-door to vaccinate people eligible for the second dose and also those who had not taken the first dose.

Figure 1. Global Smart Syringe Market Share (%), By Product Type, 2023

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Global Smart Syringe Market– Drivers

• Increasing technological advancements in smart syringes by market players : Increasing technological advancements such as improvements in designs, materials, construction, and fill volumes of syringes are expected to boost market growth over the forecast period. For instance, on January 23, 2020, Gerresheimer AG, a Germany-based manufacturer of drug delivery devices, expanded its Gx RTF ClearJect product line by introducing the Gx RTF ClearJect polymer needle syringe, 2.25 ml. The syringe is made from cyclic olefin polymer (COP), a high-performance polymer. The company displayed the new product at Pharmapack, the European hub for the pharma packaging and drug delivery device industry, in Paris on February 5 and 6, 2020.

Increasing inorganic growth strategies such as partnerships by key market players

Increasing inorganic growth strategies, such as partnerships by key market players, are expected to drive market growth over the forecast period. For instance, in October 2020, Credence MedSystems, an innovator of drug delivery systems, announced a partnership with SCHOTT AG, a leading international technology group, to apply Credence Companion technology to SCHOTT's prefillable SyriQ glass and SCHOTT TOPPAC polymer syringe systems. The two companies work together to integrate technologies and provide the pharmaceutical industry with innovative and differentiated products for the delivery of injectable drugs through prefilled syringes.

Figure 2. Global Smart Syringe Market Share(%), By Region, 2023

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Global Smart Syringe Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global smart syringe market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global smart syringe market is expected to witness significant growth in the coming years, owing to increasing investment and funding to support COVID-19 vaccination in the North America region. For instance, in June 2021, the World Bank, an international financial institution, approved a US$100 million grant from the International Development Association (IDA), a development finance institution and a US$15 million grant from the Global Financing Facility (GFF), an investing firm, in support of Mozambique’s efforts to expand its current COVID-19 vaccination campaign. The funds were used to manage and distribute COVID-19 vaccines, strengthen the preparedness and capacity of national health systems, and ensure the continuity of essential health services, especially for women, children, and adolescents.

Global Smart Syringe Market: Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a positive impact on the global smart syringe market, owing to increasing demand for smart syringes has surged dynamically due to increasing cases of COVID-19 has encouraged the biopharmaceutical industry as well as researchers around the world to develop the vaccine for the virus. For instance, in January 2020, the Indian government kicked off the world’s largest vaccination drive to combat the COVID-19 pandemic. The Government of India collaborated with several market players in order to meet the demand for auto-disabled syringes for COVID vaccines, which is expected to drive market growth over the forecast period.

Global Smart Syringe Market Segmentation:

The global smart syringe market report is segmented by product type, by application, by end user and by region.

• By product type, the market is segmented into auto-disable syringes, active safety syringes, and passive safety syringes. Out of which, auto-disable syringes is expected to hold a dominant position in the global smart syringe market during the forecast period, and this is attributed to the increasing inorganic growth strategies such as partnerships.
• By application, the market is segmented into vaccination, drug delivery, and blood specimen collection. Out of which, vaccination is expected to dominate the market over the forecast period, and this is attributed to increasing organic  growth strategies such as product launches and approval.
• By end user, the market is segmented into hospitals & clinics, diagnostic laboratories, and homecare settings. Out of which, hospitals & clinics are expected to dominate the market over the forecast period, and this is attributed to the increasing use of smart syringe in hospitals.
• By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Out of which, North America is expected to dominate the market over the forecast period, and this is attributed to increasing inorganic growth strategies such as acquisition.
• Among all the segmentation, the product type segment is expected to dominate the market over the forecast period, and this is attributed to the increasing demand for smart syringes in the market. Manufacturers have increased their production capacities to meet the rise in demand and to meet expectations. For instance, in July 2021, according to the World Health Organization (WHO), around 900 million people were vaccinated using disposable syringes in India. Therefore, there is an increase in the demand for disposable syringes, which boosts the growth of the global smart syringes market.

Global Smart Syringe Market: Cross Sectional Analysis:

Key players in the market are focusing on organic growth strategies, such as product approval by regulatory authorities, which is expected to boost demand for the global smart syringe market in the Asia Pacific region. For instance, in January 2022, Owen Mumford Pharmaceutical Services, a division of Owen Mumford, a medical device company, announced that its UniSafe 1 mL safety device for pre-filled syringes has been approved as a combination product in the Asia Pacific region by Europe regualtory authorities. UniSafe 1mL is a safety device for prefilled syringes that provides a variety of benefits.

Global Smart Syringe Market: Key Developments

• On March 17, 2023, Stevanato Group, a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical industry, announced a partnership with Recipharm AB, a pharmaceutical contract development and manufacturing organization, to provide pre-fillable syringes for Recipharm’s new soft mist inhaler. Under the partnership, Stevanato Group will develop and manufacture its glass pre-fillable syringe Alba, integrated with Recipharm’s soft mist inhaler technology.
• On February 20, 2023, Zephyrus Innovations (Zephyrus), a privately-owned medical device company designing and manufacturing safety syringes, announced that it had received its first product 510(k) marketing approval from the US Food and Drug Administration (FDA) for its Aeroject 3 ml safety syringe. Zephyrus’ syringes are for general medical use in healthcare facilities by medical professionals for pediatric and adult patients for aspiration and injection of fluids.
• In September 2022, Becton, Dickinson and Company, a leading medical technology company, introduced a next-generation glass prefillable syringe (PFS) that sets a new standard in performance for vaccine PFS with new and tightened specifications for processability, cosmetics, contamination, and integrity.
• In January 2022, Dali Medical Devices, a medical device company, announced that it completed the first commercial implementation of the SAN-Light passive safety needle.

Global Smart Syringe Market: Key Trends

• Increasing Inorganic Growth Strategies, Such as Agreement: Increasing inorganic growth strategies, such as agreements by key market players to expand their product portfolios, are expected to drive market growth over the forecast period. For instance, in October 2022, Becton, Dickinson and Company and Biocorp, a medical device and delivery systems manufacturer, signed an agreement with the aim of using connected technology to track adherence for self-administered drug therapies, like biologics. To support biopharmaceutical companies in their efforts to improve the adherence and outcomes of injectable drugs, the two companies will integrate Biocorp’s Injay technology, a solution designed to capture and transmit injection events using Near Field Communication (NFC) technology, into the BD UltraSafe Plus Passive Needle Guard used with prefillable syringes.

Global Smart Syringe Market: Restraint

• A shortage of syringes: Factors such as the increasing number of people facing needle phobia and a shortage of syringes are expected to hamper the growth of the global smart syringe market over the forecast period. For instance, in November 2021, according to data provided by the World Health Organization, there could be a shortage of one to two billion syringes needed to administer COVID-19 vaccinations in 2022, which could also impact routine immunizations. A shortage could lead to delays in routine vaccinations, particularly for children, and other health services, and it could also encourage the unsafe reusing of syringes and needles, particularly in poorer countries such as Africa

Key players are focusing on to expanding capacity for specialized immunization syringes, which is expected to drive market growth over the forecast period.

Global Smart Syringe Market- Key Players

Major players operating in the global smart syringe market include 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.

Definition: Smart syringes can be defined as medical devices that are engineered with safety mechanisms to prevent the reuse of syringes and regulate unsafe injection practices. They are equipped with features to avoid needlestick injuries and prevent transmission of blood-borne diseases such as hepatitis C virus (HCV), hepatitis B virus (HBV), and human immunodeficiency virus (HIV). A smart syringe has various applications, such as vaccination, drug delivery, and blood specimen collection. There are different types of smart syringes, such as auto-disable (AD) syringes, passive safety syringes, and active safety syringes, depending on the nature of the application.