Press release
Electronic Drug Delivery Systems Market Exclusive Report on the Latest Revenue and Future Scope
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.
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Electronic drug delivery systems (EDDS) are a new advancement in drug delivery systems that are interactive, portable, and wirelessly connected. They enable patient-administered therapy, which reduces the overall cost of healthcare. Additionally, EDDS has demonstrated the capacity to deliver customized medications to specific body regions. Currently, the EDDS enables the accurate administration of drugs at the intended location.
During the forecast period, it is anticipated that the market will experience significant growth due to various factors, such as technological advancements, an increase in the prevalence of the target population, and the development of novel electronic drug delivery systems. The industry would also continue to grow shortly due to favorable reimbursement conditions in most regions. Furthermore, the expansion of mergers and acquisitions would facilitate the establishment of a significant market presence by the major market participants, thereby enabling them to acquire the most significant market share during the forecast period.
List of Prominent Players in the Electronic Drug Delivery Systems Market:
• Frederick Furness Publishing
• United Therapeutics Corporation
• AstraZeneca
• Tandem Diabetes Care
• Bayer AG
• Gerresheimer AG
• Medtronic
• Elcam Medical
• Novo Nordisk A/S
• Insulet Corporation
• BD
• Sanofi
• Merck Group Amgen
• United Therapeutics Corporation
• F. Hoffmann-La Roche
• Companion Medical
Market Dynamics:
Drivers-
Technological advancements and introducing new products on a global scale primarily drive the global market for electronic medication delivery systems. The global market is expected to experience growth throughout the forecast period due to the numerous advantages electronic drug delivery systems possess over traditional drug delivery techniques, which are facilitated by technological advancements. The introduction of automated electronic inhalers provides an optimal solution for individuals with cognitive limitations and pulmonary ailments. Consequently, inhalers are more effective and efficient in general. Additionally, the global market for electronic drug delivery devices is anticipated to be stimulated by the high prevalence and increasing incidence of numerous chronic diseases that necessitate long-term care, including diabetes, chronic obstructive pulmonary disease (COPD), cardiovascular disease, and neurological diseases.
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Challenges:
Two significant obstacles that could potentially impede market revenue growth are the existence of alternative drug delivery techniques and dose errors. In addition, the potential for device malfunction, biocompatibility issues, disagreeable reactions, and expensive design and development costs are additional obstacles that may restrict market revenue growth. Furthermore, the market for electronic drug delivery systems is impeded by extensive regulations and high initial R&D costs, and the unfavorable reimbursement structures of emerging nations will further impede market expansion.
Regional Trends:
The North American electronic drug delivery systems market is anticipated to achieve a significant market share in terms of revenue and to experience a high CAGR in the near future as a result of the widespread use of electronic drug delivery devices for a variety of chronic diseases, such as Parkinson's disease and Multiple Sclerosis (MS). 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 are all contributing factors to the increase in market revenue. Additionally, the market revenue growth is being bolstered by the efforts of an increasing number of manufacturers to offer more intelligent solutions that can be customized to enhance the patient experience. Additionally, Asia Pacific maintained an impressive market share. The rapid expansion of the region is attributable to the growing number of diabetes patients and the growing demand for state-of-the-art healthcare services. For example, the prevalence of diabetes has increased globally in recent decades. However, the prevalence of type 2 diabetes has increased in Asia and China at a disproportionate rate. The demand for electronic medication delivery systems is on the rise due to the fact that nearly 60% of the population in Asia, particularly in China and India, is currently diagnosed with type 2 diabetes.
Recent Developments:
• In April 2022, Halozyme Therapeutics, Inc. and Antares Pharma, Inc. have announced that they will execute a contract pursuant to which Halozyme will acquire Antares for USD 5.60 in cash per share. The boards of directors of Halozyme and Antares unanimously approved the acquisition, which provides a value of approximately USD 960 million for Antares. The merger of Halozyme and Antares will result in the establishment of a market-leading specialized product and drug delivery company.
• 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.
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Segmentation of Electronic Drug Delivery Systems Market-
By Application
• Diabetes
• Cardiovascular Disease (CVD)
• Respiratory Disorders
• Multiple Sclerosis
• Others
By Type
• Wearable Infusion Pumps
• Auto Injectors
• Injection Pens
• Inhalers
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
• Southeast 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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