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Electronic Drug Delivery Systems Market Size, Demand, Growth And Forecast 2033
Electronic Drug Delivery Systems Market Size
According to The Business Research Company's, The electronic drug delivery systems market size has grown strongly in recent years. It will grow from $10.54 billion in 2023 to $11.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to risen chronic diseases incidence, aging population, patient preference for non-invasive delivery, healthcare cost containment, clinical advancements and validation.
The electronic drug delivery systems market size is expected to see strong growth in the next few years. It will grow to $16.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing drug personalization, rising global healthcare expenditure, patient-centric healthcare approach, emergence of targeted therapies, supportive regulatory environment, advancements in remote patient monitoring. Major trends in the forecast period include incorporation of artificial intelligence (ai), biocompatible materials and implantable devices, customization for specific therapeutic areas, regulatory advancements and standardization, collaborations between pharma and tech companies.
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Market Drivers and Trends:
The rising prevalence of chronic disease is expected to propel the growth of the electronic drug delivery systems market going forward. Chronic disease refers to a condition or disease that lasts for more than a year and requires ongoing medical treatment. Electronic drug delivery systems are used for regulating drug doses and make monitoring drug doses easy for people who suffer from chronic diseases. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least 1 chronic condition would increase to 142.66 million by 2050. Therefore, the rising prevalence of chronic diseases will drive the electronic delivery system market.
Technologically advanced, minimally invasive drug delivery systems are a key trend in the electronic drug delivery system market. Major companies in the electronic drug delivery market are launching drug delivery systems that are innovative and technologically innovative to sustain their position in the electronic drug delivery systems market. For instance, in March 2022, Evonik Industries AG, a Germany-based specialty chemicals company, launched EUDRATEC SoluFlow, which is a new microparticle technology to enhance the solubility of active pharmaceutical ingredients in oral drug products. The new technology is one of the company's oral drug delivery technologies for treating diseases such as cancer, cardiovascular diseases, infectious diseases, and diabetes.
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Major Key Players of the Market:
Gerresheimer AG; Amgen Inc.; Medtronic plc; Novo Nordisk A/S; Insulet Corporation; Bayer AG; AstraZeneca plc; Tandem Diabetes Care; Merck KGaA; United Therapeutics Corporation; F. Hoffmann-La Roche AG; Elcam Medical; Sanofi S.A.; Canè SpA; FindAir; Johnson & Johnson Services Inc.; Antares Pharma Inc; Abbott Laboratories; Adherium Ltd.; H&T Presspart Manufacturing Ltd.; HCmed Innovations Co. Ltd.; Amiko Digital Health Limited; CeQur Corporation; Teva Pharmaceutical Industries Ltd.; GlaxoSmithKline PLC; Holozymes Inc.; West Pharmaceutical Services Inc.; Pfizer Inc.; Novartis AG; BIOCORP
Electronic Drug Delivery Systems Market 2024 Key Insights:
• The electronic drug delivery systems market will grow to $16.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Rising Prevalence Of Chronic Disease
• Technologically Advanced Eudratec Sets A Benchmark In The Electronic Drug Delivery Systems Market
• North America was the largest region in the electronic drug delivery systems market in 2023
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