The Global Electronic Drug Delivery Systems Market Size is valued at 11.02 billion in 2023 and is predicted to reach 18.81 billion by the year 2031 at a 7.06% CAGR during the forecast period for 2024-2031.
Electronic drug delivery systems, or "smart drug delivery devices," are particularly well adapted to home care settings. These developments increase the value of obsolete tools, which also increases their usefulness and applicability. The rise in the incidence of target diseases is the main factor causing the market for electronic drug delivery systems to expand quickly.
In addition, favorable reimbursement policies in essential markets, rapid technological and design developments, a rise in the incidence of chronic diseases, and a rise in the number of elderly patients are all anticipated to contribute to the growth of the demand for electronic drug delivery systems.
The market for electronic drug delivery systems is constrained by high initial R&D expenditures and strict regulations, whereas the unfavorable reimbursement structure in emerging nations will impede market expansion.
Moreover, the market for electronic drug delivery systems will have plenty of growth prospects due to rising healthcare costs and strong demand for biologics and mAbs.
Recent Developments:
- In April 2022, Halozyme Therapeutics, Inc. and Antares Pharma, Inc. announced that they would sign a contract under which Halozyme would buy Antares for USD 5.60 in cash per share. The acquisition, which values Antares at around USD 960 million, was approved by the boards of directors of Halozyme and Antares unanimously. A market-leading specialized product and drug delivery company will be created due to Halozyme and Antares' merger.
- In August 2019, the successful acquisition of BlueRock Therapeutics for USD 1 billion was announced by Bayer AG. The company works in the field of regenerative medicine.
Competitive Landscape:
Some of the major key players in the electronic drug delivery systems market are:
- Bayer AG
- Gerresheimer AG
- Medtronic
- Elcam Medical
- Novo Nordisk A/S
- Insulet Corporation
- BD
- Sanofi
- Frederick Furness Publishing
- United Therapeutics Corporation
- AstraZeneca
- Tandem Diabetes Care
- Merck Group Amgen
- United Therapeutics Corporation
- Hoffmann-La Roche
- Companion Medical
Market Segmentation:
The electronic drug delivery systems market is segmented based on type, application and distribution channel. Based on type, the market is segregated as Wearable Infusion Pumps, Auto Injectors, Injection Pens and Inhalers. By application, the market is segmented into Diabetes, Cardiovascular Disease (CVD), Respiratory Disorders, Multiple Sclerosis and Others. Based on type, the market is segregated into Hospital Pharmacies, Retail Pharmacies and Online Pharmacies.
By Type, The Market For Electronic Drug Delivery Systems Is Significantly Impacted By The Wearable Infusion Pump Segment
The wearable infusion pumps category is expected to hold a major share in the global electronic drug delivery systems market in 2024. This is a result of the device's growing use in the effective management of chronic diseases like diabetes. Patients are less likely to use traditional pumps since they are more expensive and challenging to use. Recent smaller wearable pumps that provide equivalent health results to conventional therapy have promoted changes in patient behavior.
Online Pharmacies Segment Witnessed Growth At A Rapid Rate
The online pharmacies segment is projected to grow at a rapid rate in the global electronic drug delivery systems market. This results from more people using easy-to-use online pharmacies to buy prescription drugs. Given the importance of the internet in our lives, the move of pharmacies to an online platform was not unexpected. Studies show that ordering prescription drugs online can save consumers up to one-third of their overall costs. Patients gain a lot from e-pharmacy because it offers more options than a traditional pharmacy.
The North America Electronic Drug Delivery Systems Market Holds A Significant Revenue Share In The Region
Electronic drug delivery systems are used to treat diabetes and epilepsy and are increasingly used to treat a variety of chronic conditions, including diabetes. As a result, the North American market for electronic drug delivery systems is expected to record the highest market share in terms of revenue in the near future. In addition, the efforts of numerous manufacturers to develop intelligent solutions that can be tailored to the patient's experience are driving market revenue growth.
In addition, the Asia Pacific region is anticipated to grow swiftly in the global market for electronic drug delivery systems. This is due to the prevalence of chronic diseases such as diabetes, the increasing demand for sophisticated drug delivery platforms, and increased efforts to produce biosimilars. For example, the prevalence of type 2 diabetes has grown significantly in Asia and China over the past few decades, despite the fact that the global incidence of diabetes has increased over the same time period.
Electronic Drug Delivery Systems Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 11.02 Bn |
|
Revenue forecast in 2031 |
USD 18.81 Bn |
|
Growth rate CAGR |
CAGR of 7.06% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, volume (units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Application And Distribution Channel |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Bayer AG, Gerresheimer AG, Medtronic, Elcam Medical, Novo Nordisk A/S, Insulet Corporation, Becton and Dickinson Company (BD), Sanofi and Frederick Furness Publishing. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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