The connected autoinjectors category is anticipated to expand rapidly as more companies enter the market with connected autoinjectors enhancing patient satisfaction
Wilmington, Delaware, United States, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global smart drug delivery systems market size was clocked at US$ 8.7 Bn. The growth rate of smart drug delivery systems market is estimated to be 15.2% CAGR during the forecast period, from 2022 to 2031. The global smart drug delivery systems market is anticipated to reach more than US$ 36 Bn by 2031. Increase in the incidence of chronic diseases and growing patient demand for advanced drug delivery systems is projected to fuel growth of smart drug delivery systems market.
Self-medication solutions are becoming more popular around the world as medical technology companies try to make their products more patient-centric. It is anticipated that a number of important breakthroughs will soon influence and revolutionize the field of advanced drug delivery. The pharmaceutical and healthcare sectors as a whole are affected by poor patient compliance, which is a severe problem. Over the past 25 years, there hasn't been much of a change in noncompliance rates, and in the near future, they are likely to rise even more. As a result, industry participants are developing solutions that will enable medications to reach the proper therapeutic levels without the need for repeated administration.
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The market for smart drug delivery systems was led by North America in 2021, and this dominance is anticipated to continue throughout the forecast period. Spending on research and development has increased, and the use of new and better equipment has risen, which is likely to drive the regional market. In addition, the market is anticipated to be driven by increase in healthcare spending, prompt availability of cutting-edge technologies, and existence of advanced healthcare system.
Key Findings of Market Report
The market is expected to be dominated by the category for metabolic disorders based on therapeutic area due to the rising incidence of cardiovascular illnesses and diabetes globally. About 422 million people worldwide have diabetes, most of whom reside in low- and middle-income nations, as reported by the WHO. Both diabetes and cardiovascular disease are predicted to drive sales of smart drug delivery systems market.
In terms of delivery mode, in 2021, the injectable category commanded a sizeable market share owing to the advantages of injections, which include lower dosage frequency, simplicity in use, improved patient compliance, and less discomfort.
In 2021, the hospitals category held the biggest market share based on end-user. This is explained by the rise in smart medication delivery system usage in hospitals and the growing number of hospitals.
Autoinjectors are now being developed to support larger viscosities and concentrations and minimize the frequency of medication delivery. It is anticipated that this will increase adherence to advised medication regimes. As a result, the market is likely to observe increasing demand for autoinjectors due to increasing cases of COVID-19.
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Global Smart Drug Delivery Systems Market: Growth Drivers
Depending on product, in 2021, the category of connected wearable injectors had the greatest market share and the trend is estimated to continue during the forecast timeline. Growing senior populace, increasing worries over needle stick injuries are expected to drive the segment's expansion. Besides, rise in chronic illnesses, and demand for constant health supervision are expected to add to the segment's growth.
Due to the rising elderly population and increased prevalence of cardiovascular disorders, Asia Pacific is predicted market is expected to observe rapid growth. The regional market is also anticipated to be driven by booming medical tourism and the development of improved healthcare system.
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Global Smart Drug Delivery Systems Market: Key Players
Some of the key market players are
H&T Presspart Manufacturing Ltd
Becton, Dickinson and Company
Novo Nordisk A/S
E3D Elcam Drug Delivery Devices
Amiko Digital Health Limited
Global Smart Drug Delivery Systems Market: Segmentation
Connected Pen Injectors
Connected Wearable Injectors
Drug Delivery Mode
Ambulatory Care Settings
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