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Smart Drug Delivery Systems Market Report 2024 - Smart Drug Delivery Systems Market Trends And Share
Smart Drug Delivery Systems Market
According to The Business Research Company's, The smart drug delivery systems market size has grown rapidly in recent years. It will grow from $10.61 billion in 2023 to $12.65 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to increasing demand for drug delivery systems, rising patient compliance, rising prevalence of chronic diseases, increasing personalized medicine, and need for cost-effective healthcare solutions.
The smart drug delivery systems market size is expected to see rapid growth in the next few years. It will grow to $25.94 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to growing burden of non-communicable diseases, increased focus on precision medicine, the rise of theragnostic, growing demand for non-invasive drug delivery methods, and increasing healthcare expenditure. Major trends in the forecast period include miniaturization and microfabrication technologies, advancements in material science, integration of artificial intelligence (AI) and machine learning (ML), development of nano-sized drug delivery systems, and integration of IoT and wearable technology.
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Market Drivers and Trends:
The rising prevalence of chronic diseases is expected to propel the growth of the smart drug delivery systems market going forward. Chronic diseases are long-term health conditions that progress slowly over time and often have complex causes. The prevalence of chronic diseases is increasing due to aging populations, environmental influences, and disparities in healthcare access. Smart drug delivery systems offer a promising approach to managing chronic diseases by enhancing medication effectiveness and increasing patient adherence. For instance, in January 2023, according to the National Library of Medicine, the US-based medical library, by 2050, there will be 142.66 million people with at least one chronic illness, a 99.5% rise from 71.522 million in 2020. Therefore, the rising prevalence of chronic diseases is driving the smart drug delivery systems market.
Major companies operating in the smart drug delivery systems market focus on developing reusable drug delivery devices, such as Qfinity, to revolutionize drug administration. Qfinity is a reusable drug delivery device used to administer medication, unlike single-use devices that are disposed of after one use. For instance, in May 2022, Jabil Inc., a US-based manufacturing services company, launched Qfinity, a reusable drug delivery device designed for subcutaneous self-administration of drugs. The device is capable of handling over 100 injections per device, accommodating 1 mL or 2.25 mL pre-filled cartridges and offering a 60% reduction in carbon footprint per injection. The Qfinity autoinjector platform is versatile, featuring broad technical specifications for drug volumes and viscosities. Additionally, a connected version called Qfinity+ allows for remote monitoring of patients' care and compliance through built-in sensors and electronics, providing connectivity without compromising ease of use.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Pfizer Inc, Johnson & Johnson, Bayer AG, Abbott Laboratories, Novartis International AG, Medtronic plc, Eli Lilly and Company, Amgen Inc, Novo Nordisk, Merck Group, Becton Dickinson and Company, Stryker Corporation, Baxter International Inc, Boston Scientific Corporation, Biogen Inc, Vertex Pharmaceuticals Incorporated, Phillips-Medisize Corporation, ResMed Inc, West Pharmaceutical Services Inc, Insulet Corporation, Owen Mumford Ltd, Sonceboz, H&T Presspart Manufacturing Ltd, E3D Elcam Drug Delivery Devices, CeQur Corporation
Smart Drug Delivery Systems Market 2024 Key Insights:
• The smart drug delivery systems market size is expected to see rapid growth in the next few years. It will grow to $25.94 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%.
• Impact Of Rising Chronic Diseases On Smart Drug Delivery Systems Market
• Advanced Technologies In Smart Drug Delivery Systems
• North America was the largest region in the smart drug delivery systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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