Press release
Electronic Drug Delivery Systems Market | Size, Share and Scope Analysis to 2031
The Global Electronic Drug Delivery Systems Market is estimated to reach over USD 18.75 billion by 2031, exhibiting a CAGR of 6.94% during the forecast period.
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Electronic drug delivery systems (EDDS) are a development in drug delivery systems that are interactive, portable, wirelessly connected, and allow patient-administered therapy, which lowers overall healthcare costs. Furthermore, EDDS has proven to have the ability to provide tailored medicine delivery to specific body regions. Today, using the EDDS, it is possible to administer drugs properly at the intended spot. In the forecast period, it is projected that several major reasons will contribute to the market's expansion, including an increase in the prevalence of the target population, technological improvements, and new ideas for electronic drug delivery systems. The industry would also advance in the foreseeable future due to good reimbursement conditions in most regions. Additionally, the increase in mergers and acquisitions would assist the major market players in establishing their presence in the market, thereby gaining the most market share throughout the forecast period.
List of Prominent Players in the Electronic Drug Delivery Systems Market:
• 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
• F. Hoffmann-La Roche
• Companion Medical
Market Dynamics:
Drivers-
Technological developments and new product introductions around the world are the main factors driving the global market for electronic medication delivery systems. Numerous benefits that electronic drug delivery systems have over traditional drug delivery techniques, facilitated by technological improvements, are anticipated to drive the growth of the global market throughout the forecast period. The introduction of automated electronic inhalers offers an ideal answer for individuals with pulmonary illnesses and cognitive limitations. As a result, inhalers are more effective and efficient overall. Furthermore, the global market for electronic drug delivery devices is anticipated to be pushed by the high prevalence and rise in the incidence of several chronic diseases requiring long-term care, such as chronic obstructive pulmonary diseases (COPD), diabetes, cardiovascular diseases, neurological diseases, etc.
Challenges:
The presence of alternative drug delivery techniques and dose mistakes are two important challenges that could impede market revenue growth. Further obstacles that may limit market revenue growth include the potential for device malfunction, issues with biocompatibility, the potential for unpleasant reactions, and costly design and development costs. Moreover, the market for electronic drug delivery systems is hindered by expensive initial R&D costs and rigorous regulations, and emerging nations' unfavourable reimbursement structures will hamper market expansion.
Regional Trends:
The North America electronic drug delivery systems market is expected to register a major market share in terms of revenue and is projected to boost at a high CAGR in the near future due to the widespread use of electronic drug delivery devices for several chronic diseases, including Parkinson's disease and Multiple Sclerosis (MS). The rise in market revenue is attributable to an increase in the prevalence of target diseases, an increase in the patient population, favorable compensation plans, and the introduction of cutting-edge Electronic Drug Delivery Systems by major companies. Furthermore, the efforts of an increasing number of manufacturers to provide cleverer solutions that may customize the patient experience are promoting market revenue growth. Besides, Asia Pacific had a noteworthy share of the market. The rise in diabetes patients and the increasing demand for cutting-edge healthcare services are responsible for the area's rapid growth. For instance, more people around the world have gotten diabetes over the past few decades. Still, Asia and China have seen a disproportionately substantial rise in the prevalence of type 2 diabetes. Almost 60% of the population in Asia, especially in China and India, currently has type 2 diabetes, which is driving increased demand for electronic drug delivery systems.
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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.
Segmentation of Electronic Drug Delivery Systems Market-
By Type
• Wearable Infusion Pumps
• Auto Injectors
• Injection Pens
• Inhalers
By Application
• Diabetes
• Cardiovascular Disease (CVD)
• Respiratory Disorders
• Multiple Sclerosis
• Others
By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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