Smart Syringe Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030

  • Single User License $3500

Smart Syringe Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030

Status : December, 2022 | Medical Devices

Report Digest

Smart Syringe Market: Overview

Smart syringes are an advancement in parenteral packaging. The drive for smart syringes market stems from the increased focus on promoting safe injection practices across the healthcare systems. This is gaining attention among worldwide population on the back of growing morbidity of blood-borne infections, caused due to unsafe injection administrations, commonly in countries with low-resource settings. Key infections found in low/middle income nations include hepatitis B virus, hepatitis C, and HIV. Hence, the WHO has been reiterating widespread acceptance of smart syringes, and communicating the related guidelines with health workers at large.

Focus has also been to increase the affordability of smart syringes. These syringes break after a single use, thereby preventing multiple usage. Growing implementation of policies on injection safety will expand the demand potential of smart syringes in various healthcare settings.

The study on the smart syringe market presents a fact-based scrutiny of the regulatory, technological, and macro- and micro-economic factors that have shaped the evolution of the market in recent years. Products development initiatives by prominent medical device manufacturers in the smart syringes market are given a closer look, backed by data. The study also presents insights on the growth avenues in various key geographies and the strategic landscape during the forecast period of 2020 – 2030.

Smart Syringe Market: Key Trends

The smart syringes market is growing on the back of growing role of smart syringes on reducing the risk of needlestick injuries. The incidence of needlestick injuries due to unsafe injections has been constantly highlighted by agencies such as the WHO, adding momentum to the need for smart syringes. A growing number of diabetic population is a key trend bolstering the expansion of the smart syringes market. This is because over the years, there is a growing demand for subcutaneous administration of insulin among the patient population.

Rapidly aging populations in some of the developed nations of the world has favored the demand dynamic in the smart syringes market. Advances in design and materials used in making smart syringes will boost the adoption rate in the market.

Smart Syringe Market: Competitive Dynamics and Key Developments

Companies have increasingly focused on improving the functionality and efficacy of smart syringes by making engineering advancements in the injection mechanism. In order to develop innovative products, some of the key players are focusing on electronics used in these syringes. Another area that has attracted attention of technology disruptors in the smart syringes market is optical fiber technology for smart needle guidance in epidural procedures in chronic, labor, and post-operative pain. These medical specialties have seen an unmet need. An in vivo swine study demonstrated that fiber optic sensor technology-based smart syringes results in higher safety in epidural anesthesia.

Another potentially lucrative area for product development lifecycle is dentistry. The need for safer drug infusion for sedating patients in dentistry has led to growing interest in developing smart syringe pumps.

Some of the aspiring industry players operating in the smart syringes market are;

  • Hindustan Syringes & Medical Devices Ltd.
  • Owen Mumford Ltd.
  • Retractable Technologies, Inc.
  • Sol-Millennium Medical Group
  • Sharps Technology, Inc.
  • Becton, Dickinson and Company.

Smart Syringe Market: Regional Assessment

Geographically, Asia Pacific is exhibiting incredible revenue potential for the smart syringe market. The growth of the regional market can be attributed to the rise in demand for smart technologies for injection administration. Emerging economies in the region have seen rise in new product development, propelling prospects of the regional market.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?