Smart Drug Delivery Systems Market - Latest Scenario and Future Aspect Analysis 2022-2031

Smart Drug Delivery Systems Market Outlook 2031

- The global smart drug delivery systems market was valued at US$ 8.7 Bn in 2022

- The global market is projected to advance at a CAGR of 15.2% from 2022 to 2031

- The global smart drug delivery systems market is anticipated to reach more than US$ 36 Bn by 2031

Smart Drug Delivery Systems Market Introduction

Smart drug delivery system or connected drug delivery system uses different approaches, formulations, technologies, and devices to deliver drugs to specific sites or targets. Drugs are released at proper rates at the sites of action in the process. Majority of the innovations in the pharmaceutical industry are motivated by the need to improve patient compliance. Drug formulators focusing on therapeutic areas need to pay close attention to patient experience in order to optimize adherence. Reduced dosage frequency and improved ease of administration are critical to providing the best possible experience for patients and encouraging adherence to their treatment regimen.

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Thus, emerging therapeutics in SDDS are now turning into conventional modes of drug delivery to specific sites. Patients are shifting toward controlled drug delivery systems, as the healthcare sector's digitalization accelerates through the gradual integration of diagnostic point-of-care sensors and connected computation platforms into patients' daily routines. Internet of Things (IoT)-based devices such as wearable sensors can now measure functioning, respiration, biomarkers from sweat, and even an individual's emotional state. Metered dose inhalers, nebulizers, and dry powder inhalers are used for pulmonary drug delivery.

Nanotechnology plays a key role in the development of SDDS and early detection and personalized treatment of cancer. Limitations associated with traditional cancer therapy administration such as reduced drug solubility, chemo-resistance, systemic toxicity, narrow therapeutic indices, and poor oral bioavailability can be addressed using nanoparticle-based drug-delivery systems. Smart drugs in nanotechnology include targeted drug delivery and extended-release drug-delivery systems that offer additional ways to overcome these limitations. Recently, R&D of highly efficient nanoparticles with improved delivery, bioavailability, and safety profiles gained prominence to provide SDDS with an extended drug release.

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COVID-19 Impact on Global Smart Drug Delivery Systems Market

Extensive R&D activities are being undertaken on a global scale to combat COVID-19. Self-injection has gained popularity as a result of the pandemic, giving patients more power and control over their health and safety. Products in the smart drug delivery systems market enable better management of injection speed, injection site pain, and treatment anxiety during home healthcare.

Innovative therapies have been used for a long time to identify, treat, and manage respiratory and pulmonary conditions. However, the emergence of COVID-19 and a greater understanding of breathing issues and other health issues it can cause have led to an increase in production of cutting-edge digital devices and systems for respiratory and pulmonary care. Demand for asthma inhalers surged at the beginning of the COVID-19 pandemic. Additionally, autoinjectors are being developed to reduce the frequency of drug administration and support higher viscosity and concentrations. This is expected to improve adherence to suggested drug protocols. Thus, rise in cases of COVID-19 augments the demand for autoinjectors in the market.

Leading companies operating in the global smart drug delivery systems market are collaborating with tech companies to develop advanced products. In January 2022, Phillips-Medisize, a Molex company and a leader in drug delivery, diagnostic, and MedTech devices, partnered with SOTECH Health, a healthcare startup, to accelerate the development of a breath-sensor system that can detect COVID-19 in less than 30 seconds.

Rise in Demand for Wearable Injectors Fueling Connected Wearable Injectors Segment

In terms of product, the global smart drug delivery systems market has been classified into connected inhalers, connected autoinjectors, connected pen injectors, connected wearable injectors, add-on sensors, and others. The connected wearable injectors segment held the largest share of the market in 2021 and is expected to maintain its dominance during the forecast period. Growth of the segment can be ascribed to the rise in concerns over needle stick injuries, surge in geriatric population and prevalence of chronic diseases, and increase in demand for continuous health monitoring. According to the Centers for Disease Control and Prevention (CDC), approximately 385,000 injuries with contaminated needles and other sharps devices occur annually among hospital-based healthcare personnel. Injuries with contaminated needles and other sharp devices carry the risk of transmission of blood-borne viruses.

The connected autoinjectors segment is likely to grow significantly during the forecast period. Market players are launching new connected autoinjectors that improve patient experience. In May 2021, Phillips-Medisize, a Molex company, launched the Aria Smart Autoinjector platform to support medication management.

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Better Patient Compliance Augmenting Adoption of Injectables

Based on delivery mode, the global smart drug delivery systems market has been segmented into injectable, inhalation, and oral. The injectable segment held substantial share of the market in 2021 due to benefits of injections such as better patient compliance, ease of application, and reduced dosage frequency and pain.

Increase in Prevalence of Diabetes and Cardiovascular Diseases Propelling Metabolic Disorders Segment

In terms of therapeutic area, the global smart drug delivery systems market has been classified into metabolic disorders, neurological disorders, respiratory disorders, hormonal disorders, and others. The metabolic disorders segment is anticipated to dominate the market during the forecast period, owing to the rise in prevalence of diabetes and cardiovascular diseases worldwide. According to the World Health Organization (WHO), about 422 million individuals across the globe are suffering from diabetes; most of these live in low-and middle-income countries. Furthermore, 1.5 million deaths are directly attributed to diabetes annually.

Growth in Number of Hospitals Across Globe

Based on end-user, the global smart drug delivery systems market has been segmented into hospitals, clinics, home care, ambulatory care settings, and others. The hospitals segment held the largest share of the market in 2021. This can be ascribed to the increase in number of hospitals and rise in adoption of smart drug delivery systems in these settings. According to the American Hospital Association (AHA), the number of hospitals in the U.S. rose from 5,564 in 2017 to 6,093 in 2022.

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Regional Analysis of Global Smart Drug Delivery Systems Market

According to the smart drug delivery systems market analysis, North America dominated the global market in 2021 and is expected to maintain its position during the forecast period. Increase in R&D expenditure; rise in adoption of novel and improved devices; early availability of advanced technologies; growth in healthcare expenditure; and presence of sophisticated healthcare infrastructure and key market participants in the U.S. and Canada are driving the market in the region. Abbott Laboratories and Becton, Dickinson and Company have strong presence in the U.S.

According to the global smart drug delivery systems market forecast, Asia Pacific is expected to witness the fastest, double-digit growth due to the rise in geriatric population, increase in prevalence of cardiovascular diseases, expansion in healthcare infrastructure, and surge in medical tourism in the region. According to the Organization for Economic Cooperation and Development (OECD), India, Malaysia, Singapore, and Thailand are prominent medical tourism destinations in Asia Pacific.

Analysis of Key Players in Global Smart Drug Delivery Systems Market

The smart drug delivery systems market report concludes with the company profiles section that includes key information about major players in the market. Key players are focusing on product launches, mergers & acquisitions, partnerships, and collaborations to enhance their smart drug delivery systems market share. Abbott Laboratories, Adherium Ltd., Amiko Digital Health Limited, Becton, Dickinson and Company, BIOCORP, CeQur Corporation, Cognita Labs, E3D Elcam Drug Delivery Devices, H&T Presspart Manufacturing Ltd., HCmed Innovations Co., Ltd., Medtronic plc, Novo Nordisk, Phillips-Medisize, and Sonceboz are prominent players operating in the global market.

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