Electronic Drug Delivery Systems Market is anticipated to grow at a CAGR of 8.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Electronic Drug Delivery Systems Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Electronic Drug Delivery Systems Market accounted for over US$ 7.6 billion in 2019. It is anticipated to grow at a CAGR of 8.5% from 2020 to 2030.
The success of the therapy and improvements in the condition of patients are dependent on the formulation of dosage form and the exact delivery of the drug to the desired organ. Electronic Drug Delivery Systems (EDDS) is an important innovation in the field of drug delivery systems as it combines controlled drug release, patient monitoring, and real-time wireless communication. It comprises of medical devices, which are used to infuse drugs, growth hormones, and medicines of the desired quantity in patients. These systems enable patients to administer the therapy and make patients independent of caregivers, drug regimens, and medical professionals, thus reducing the overall healthcare expenditure.
The growth of electronic drug delivery systems can be primarily attributed to factors, such as the increasing number of chronic diseases and a rise in the demand for technologically advanced treatment options. As per the U.S. Department of Health & Human Services, six in ten Americans live with at least one chronic disease - heart disease, cancer, or diabetes. Technological advancements in drug delivery devices have led to the development of electronic drug delivery devices, which provide several advantages over conventional drug delivery devices such as improved efficacy, cost & time effectiveness, autonomous patient-administered therapy, and minimum side effects. This leads to an increased demand for electronic drug delivery systems. Moreover, the development and modernization of healthcare facilities are supporting market growth.
Other factors, such as supportive government policies and improvised reimbursement Mediclaim policies, are expected to provide lucrative growth opportunities for the market. Moreover, investments in R&D by major biopharmaceutical companies for advancements in technologies will also boost market growth.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Electronic Drug Delivery Systems Market By Type (Electronic Injection Pens, Electronic Wearable Infusion Pumps, Electronic Inhalers, and Electronic Autoinjectors), Indication (Cardiovascular Diseases, Diabetes, Multiple Sclerosis, and Asthma & COPD)- Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/electronic-drug-delivery-systems-market/333
However, high cost, manufacturing difficulties, biocompatibility issues, and the potential risks associated with device failure may curb market growth to a certain extent.
Asia Pacific is estimated to be the fast-growing region owing to the increasing prevalence of diabetic patients, COPD, and cardiovascular disorders, along with the rising adoption of technologically advanced treatments in this region. Furthermore, a surge in R&D investments by key market players is further supporting market growth. Additionally, improving healthcare infrastructure and the increasing number of healthcare practitioners in the region will provide a robust growth platform during the forecast period.
Some of the prominent players in the global electronic drug delivery systems market include Merck KGaA, Medtronic, F. Hoffmann-La Roche Ltd, United Therapeutics Corporation, Insulet Corporation., Bayer AG, Novo Nordisk A/S, Amgen Inc., Companion Medical, Tandem Diabetes Care, Inc., and others.
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