The global electronic drug delivery systems market is expected to witness a CAGR of 8.9%, according to the new report by Grand View Research, Inc. The market is majorly driven by factors such as prevalence of diseases such as asthma, diabetes, and cardiovascular disease (CVDs) and other significant advances made in the medical technological for smart drug delivery systems development.
The ongoing market expansions and collaborations have been aimed at launching portable devices that facilitates convenient options for easy drug administration, improved patient adherence, dose accuracy, and short administration time. The launch minimally invasive drug delivery solutions have enabled patients suffering from chronic ailments to self-administer their medical intake and doses, thereby reducing their hospital visits and other healthcare costs.
Chronic conditions such as Parkinson’s disease and Multiple Sclerosis (MS) treatment procedures have witnessed extensive use of electronic drug delivery systems. Promising reimbursement policies is another leading cause for the demand in advanced treatment technology and is anticipated to propel the market growth over the projected timeframe.
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- The COVID-19 pandemic has boosted the development of advanced technologies such as telemedicine, machine learning, and artificial intelligence for smart drug delivery options and facilitate safe distancing for front line workers. In July 2020, Bright announced their product expansion strategy for safe drug delivery by integrating automation technology and telehealth.
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Further findings from the report suggest:
- The diabetes segment dominated the overall market owing to the surging number of people suffering from diabetes, globally. The market is also driven by high availability of injection pens, insulin pumps devices, and other such devices manufactured by a large number of players in comparison to the other therapeutic areas.
- Wearable infusion pump was the leading product segment in 2019 owing to the increasing diabetic patients and a significant number of trials carried out by companies in the developing countries for cost-effective essential drug delivery solutions.
- Major manufacturers and players are focused on the development innovative solutions to provide necessary facilities to the unmet medical needs of patients suffering from various diseases. For instance, in 2015, a U.S.-based injectable drug delivery company called Unilife Corporation launched Imperium, which is a prefilled wearable insulin pump equipped with instant patch pumps for the timely administration of insulin.
- Bayer AG
- Gerresheimer AG
- Medtronic PLC
- Elcam Medical Group
- Novo Nordisk
- Insulet Corp.
- Becton, Dickinson and Company
- Sanofi S.A.
- Unilife Corp.
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