Smart Drug Delivery Systems Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
MARKET OVERVIEW
Smart drug delivery systems or connected drug delivery systems use a variety of strategies, formulations, technologies, and apparatus for drug administration at particular sites. Most pharmaceutical industry developments are driven by the desire to increase patient compliance. The drug formulators maximize adherence and concentrate on therapeutic regions, which also helps in enhancing the patient experience. Reducing dosage frequency and simplifying the administration process is essential for giving patients the greatest experience possible and promoting adherence to their treatment plan. New treatments for Somatic symptom disorder (SDDS) are constantly evolving into established methods of administering medication to particular areas.
Additionally, digitization in the healthcare industry gradually incorporates diagnostic point-of-care sensors and connected computation platforms, leading to patient migration towards regulated drug delivery systems. In addition, wearable sensors based on the Internet of Things (IoT) may now assess an individual's emotional state and their functioning, respiration, and biomarkers from their sweat. Nebulizers, dry powder inhalers, and metered dose inhalers are used for pulmonary drug delivery. The industry's significant growth is due to increased home healthcare, creating the demand for easy-to-use devices in home care settings. The device is anticipated to experience significant long-term growth due to the increased focus on improved patient compliance and healthcare standards, increased awareness of manufacturing footprint, associated costs, and the growing use of self-administered and integrated drug therapy. Additionally, increasing consumer awareness regarding benefits of networked systems over traditional systems is anticipated to fuel product demand, hence boosting market growth in the coming years.
MARKET SCOPE
The "Global smart drug delivery systems market analysis to 2030" is a specialized and in-depth study of the medical device industry with a special focus on global market trend analysis. The report aims to provide an overview of the smart drug delivery systems market with detailed market segmentation by product, drug delivery mode, therapeutic area, end user, and geography. The report provides key statistics on the market status of the leading smart drug delivery systems players and offers key trends and opportunities in the smart drug delivery systems market.
MARKET SEGMENTATION
The smart drug delivery systems market is segmented by product, drug delivery mode, therapeutic area, end user, and region. Based on the product, the global smart drug delivery systems market is differentiated into connected inhalers, connected autoinjectors, connected pen injectors, connected wearable injectors, add-on sensors, and others. By drug delivery mode, the smart drug delivery systems market is segmented into injectable, inhalation, and oral. Based on the therapeutic area, the market is classified into metabolic disorders, neurological disorders, respiratory disorders, hormonal disorders, and others. On the basis of end-user smart drug delivery system is categorized into hospitals, clinics, home care, ambulatory care setting, and others.
MARKET DYNAMICS
Drivers-
The increase in chronic diseases such as diabetes, asthma, and others drives the global smart drug delivery systems market. Key factors include a rise in the prevalence of pathologic disease, an increase in the propensity for intravenous drug delivery, and an improvement in demand for medications in pre-filled syringes containing sizable molecules, driving the smart drug delivery market growth. Additionally, increased use of mobile-based healthcare applications, increasing preference for cloud-based computing paradigms, and rising demand for self-administration of drugs are driving the market growth. In addition, technological advancement in the near future is expected to create ample opportunities for the smart drug delivery systems market growth.
The increasing cost of medical treatments and the growing demand for improved patient outcomes are also expected to support the market growth. The rising inclination towards home healthcare, increasing prevalence of incurable diseases, and increased demand for preventative care will likely contribute to the market growth. Moreover, the increased use of smart devices in hospitals and labs to upkeep electronic health records (EHR) and the rising demand for smart drug delivery devices across various end-use industries are driving market growth. The significant increase in IoT-enabled devices and the growing adoption of IoT services are ongoing trends anticipated to boost global smart drug delivery systems market growth.
REGIONAL FRAMEWORK
The global smart drug delivery systems market is expected to be dominated by North America owing to the increased healthcare expenditure, the rapid adoption of new technology and equipment, and the increased awareness about non-compliant drug therapy. The smart drug delivery systems market is expected to maintain its leadership position in coming years owing to the region's well-developed network infrastructure and healthcare business. Additionally, technological developments and advancements in healthcare technology, increasing demand for targeted drug delivery, and the growing prevalence of chronic diseases are expected to drive market growth. The region has also experienced significant growth in wearable injectors among large patient populations living with chronic disorders as it helps in the continuous health monitoring and timely delivery of required drugs. Moreover, new product launches by the major market players are also expected to contribute to overall market growth.
Asia- Pacific is expected to experience the fastest growth among all regions owing to the rising incidence of terminal illnesses and chronic disorders, followed by the development of quick communication methods is driving the market growth. Additionally, an increase in disposable income and a tendency to spend more on high-end medical services is expected to anticipate the smart drug delivery systems market growth. Moreover, various global market players are investing heavily in the Asia Pacific region owing to the large patient population with unmet needs are likely to create ample opportunities for smart drug delivery systems market growth.
Smart Drug Delivery System Market Report Analysis
CAGR (2023 - 2031)
US$ XX Million
US$ XX Million
Report Coverage
Key Players
Regional Overview
Market Segmentation
By Product
By Drug Delivery Mode
By Therapeutic Area
By End User
The report covers key smart drug delivery systems market developments, such as organic and inorganic growth strategies. Various companies such as Abbott Laboratories, Adherium Ltd., Amiko Digital Health Limited, Cognita Labs, Becton, Dickinson and Company, CeQur Corporation, BIOCORP, E3D Elcam Drug Delivery Devices, HCmed Innovations Co., Ltd., Medtronic plc, H&T Presspart Manufacturing Ltd., Novo Nordisk A/S and among others are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the smart drug delivery systems market were acquisitions, partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players in the smart drug delivery systems market are anticipated to have lucrative growth opportunities with the rising demand for smart drug delivery systems in the global market.
Key Developments in the Global Smart drug delivery systems market
- In March 2022, Novo Nordisk A/S launched the NovoPen 6 & NovoPen Echo Plus smart connected insulin pens used for diabetes in the United Kingdom with a prescription.
- In December 2021, as per the new contract signed by BIOCORP and H&T Presspart, the latter will market and sell the former's InspairTM smart add-on device for metered-dose inhalers. Inspair, a smart sensor created by BIOCORP that transforms inhalers into linked devices to help patients with asthma or chronic obstructive pulmonary disease (COPD) receive their therapy, will be included in the cooperation and made commercially available.
The report includes key companies' profiles, SWOT analysis, and smart drug delivery systems market size and strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.
The Insight Partner’s dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.
Smart Drug Delivery System Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ XX Million |
| Market Size by 2031 | US$ XX Million |
| Global CAGR (2023 - 2031) | XX% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. ABBOTT LABORATORIES
2. ADHERIUM LTD.
3. AMIKO DIGITAL HEALTH LIMITED
4. BECTON, DICKINSON AND COMPANY
5. BIOCORP
6. CEQUR CORPORATION
7. COGNITA LABS
8. HCMED INNOVATIONS CO., LTD.
9. MEDTRONIC PLC
10. NOVO NORDISK A/S
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