Factors such as the growing prevalence of target diseases, the favorable reimbursement scenario in major markets, and advancements in technologies & designs of electronic drug delivery systems are driving the growth of the electronic drug delivery systems market during the forecast period. However, emerging economies such as China, India, Russia, and Brazil offer significant growth opportunities for players in the electronic drug delivery market.
The Electronic Drug
Delivery Systems Market is projected to grow at a CAGR of
8.7% during the forecast period to reach USD 11.9 billion by 2024 from USD 7.8
billion in 2019.
This can
primarily be attributed to the diversified healthcare markets in this region,
growing incidence of chronic disorders, and increasing R&D initiatives to
develop innovative medical technologies.
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The
electronic wearable infusion pumps segment accounted for the largest share of
the electronic drug delivery systems market in 2018. This is primarily due to
the rising prevalence of diabetes and the increasing availability of commercial
infusion pumps for diabetes treatment. However, the high cost of electronic
drug delivery devices, high acceptance of conventional devices, and lack of
reimbursement for electronic drug delivery devices in developing countries
could restrain the growth of this segment.
The diabetes
segment accounted for the largest share in 2018. This is primarily due to the
high prevalence of diabetes across the globe and the greater availability of
electronic drug delivery devices, such as insulin pumps and injection pens, for
diabetes in comparison to other therapeutic areas.
In 2018,
North America dominated the electronic drug delivery systems market, followed
by Europe.
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The prominent
players in the electronic drug delivery systems market are Insulet Corporation
(US), Bayer AG (Germany), Medtronic (Ireland), Novo Nordisk A/S (Denmark),
Companion Medical (US), F.Hoffmann-La Roche Ltd (Switzerland), United
Therapeutics Corporation (US), AstraZeneca (UK), Tandem Diabetes Care (US),
Merck Group (Germany), and Amgen (US).
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