Renewable Energy Market Forecasts to 2028 – Global Analysis By Type (Wind Power Energy, Bioenergy, Hydroelectric Power and Others), By Application (Residential, Commercial, Industrial and Others) and Geography
According to Stratistics MRC, the Global Smart Drug Delivery System Market is accounted for $8.7 billion in 2022 and is expected to reach $22.5 billion by 2028 growing at a CAGR of 17.2% during the forecast period. Smart Drug Delivery Systems are devices that can perform multiple functions with the greatest degree of intelligence. Smart drug delivery devices help to reduce dosage, frequency of administration, and adverse drug effects. Smart drug delivery systems that are connected are more effective and self-manageable. The COVID-19 Pandemic is significantly increased the demand for such smart (contactless) devices, and thus, in the future, there will be a high demand for such systems.
According to a World Health Organization (WHO) fact sheet from 2017, Cardiovascular diseases are the leading cause of death, with 17.9 million deaths reported globally in 2016. The easy availability of advanced products, as well as increased awareness about them expected to drive the Smart drug delivery systems market forward.
Market Dynamics:
Driver:
Rising Prevalence of Chronic Diseases
Numerous new drug delivery systems are in high demand to improve drug efficacy for chronic diseases such as diabetes, cancer, atherosclerosis, myocardial ischemia, asthma, pulmonary tuberculosis, Parkinson's disease, and Alzheimer's disease. Non-long-acting drug delivery systems (LADDS) are used to treat chronic diseases. Non-long-acting drug delivery systems (LADDS) are used to treat chronic diseases. Drug molecules are delivered to target tissues via systemic circulation or localised injections. During the forecast period, such factors will propel the market's growth.
Restraint:
Stringent Regulations
Some of the key factors that regulatory bodies consider are safety, efficacy, pharmacological data, pharmacodynamic effects, and drug interactions. As a result, a drug that fails to meet these criteria is likely to receive a complete response letter (CRL) or face total rejection from regulatory agencies. After receiving a CRL, a drug applicant is required to provide additional data about the drug, which may necessitate additional clinical trials.
Opportunity:
Advanced research and development
Big and local producers can now create a wide range of products thanks to ongoing innovation in the market for drug delivery systems. Collaborations between top industry players for improved technical developments in drug delivery solutions. Major industrial companies constantly engage in research and development to expand their already wide range of product offerings. The global market for drug delivery systems is anticipated to grow as a result of the ongoing expansion of drug delivery systems with high throughput, reduced waiting time, and improved result specificity.
Threat:
Self Medications
As medical technology companies strive to make their products more patient-centric, self-medication solutions are becoming more popular around the world. A number of significant breakthroughs are expected to influence and revolutionise the field of advanced drug delivery in the near future. Poor patient compliance is a major issue in the pharmaceutical and healthcare industries as a whole. Noncompliance rates haven't changed much in the last 25 years, and they're likely to rise even more in the near future. As a result, industry participants are working on solutions that will allow medications to reach therapeutic levels without the need for repeated administration. Therefore, these factors may impact the market's growth in the near future.
Covid-19 Impact
Globally, significant R&D efforts are being made to combat COVID-19. Due to the pandemic, self-injection has grown in popularity, providing patients greater authority and control over their health and safety. Smart medication delivery system products make it possible to adjust injection speed, injection site pain, and treatment anxiety more effectively when receiving home healthcare.
The Connected Wearable Injectors segment is expected to be the largest during the forecast period
The Connected Wearable Injectors segment is estimated to have a lucrative growth 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.
The Hospitals segment is expected to have the highest CAGR during the forecast period
The Hospitals segment is anticipated to witness the fastest CAGR growth during the forecast period, as there are more pharmacies overall and more hospitals are utilising smart drug delivery systems. The healthcare industry had the largest market share in 2021. This can be attributed to hospitals using more smart medicine delivery systems, which are on the rise. The number of hospitals in the United States is expected to increase from 5,564 in 2017 to 6,093 by the year 2022, according to the American Hospital Association (AHA).
Region with highest share:
North America is anticipated to be the major contributor to the connected smart drug delivery systems market over the forecast years. The region is expected to maintain its leadership position during the projection years due to its high per capita healthcare spending, rapid adoption of the most recent technologies and gadgets, and increased awareness of the detrimental effects of non-compliance with drug therapy. The market in the U.S. and Canada is being driven by an increase in the adoption of novel and enhanced devices, early availability of advanced technologies, expansion in healthcare spending, presence of sophisticated healthcare infrastructure, and significant market participants.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the inclination for self-administration of medications, improvements in injectable drug delivery systems, the high rate of adoption of new medical technologies, and the prevalence of chronic illnesses are the main factors driving the North American drug delivery systems market.
Key players in the market
Some of the key players profiled in the Smart Drug Delivery System Market include Novo Nordisk A/S, E3D Elcam Drug Delivery Devices, Sonceboz, Phillips-Medisize, West Pharmaceutical Services Inc., Abbott Laboratories, Adherium Ltd, H&T Presspart Manufacturing Ltd, Becton, Dickinson and Company, Amiko Digital Health Limited, CeQur Corporation, BIOCORP, CeQur Corporation, Cognita Labs, HCmed Innovations Co., Ltd. and Medtronic plc.
Key Developments:
In March 2022, Novo Nordisk recently expanded its oral medication delivery research relationship with the Massachusetts Institute of Technology (MIT) and Brigham and Women's Hospital (BWH). The cooperation will now last through 2026, with the scope expanded to cover the development and integration of bioelectronics, biosensors, and stimuli-responsive delivery systems.
In April 2022, Pneuma Systems Corporation has developed a multifaceted business partnership with West Pharmaceutical Services, Inc. with the purpose of enhancing patients' medication therapy experiences. West will employ Pneuma's unique closed-loop fluid flow management platform to create medication delivery solutions for pharmaceutical corporations and clinical end customers.
In May 2021, the U.S. Food and Drug Administration approved The Bigfoot Unity Diabetes Management System, which incorporates smart pen caps for disposable insulin pens and injection devices the size of a marker that diabetics use to inject insulin. The system integrates with Abbott's FreeStyle Libre 2 technology. Abbott partnered with Bigfoot Biomedical to provide automated information that personalizes diabetes management.
In December 2021, BIOCORP signed a new agreement with H&T Presspart (a division of Heitkamp & Thumann Group in Germany). The agreement includes integration and commercialization of InspairTM, a smart sensor designed by BIOCORP that converts inhalers into connected devices to assist patients suffering from asthma or chronic obstructive pulmonary disease (COPD) in receiving their treatment.
Products Covered:
• Connected Pen Injectors
• Connected Inhalers
• Connected Autoinjectors
• Connected Wearable Injectors
• Add-on Sensors
• Other Products
Therapeutic Areas Covered:
• Respiratory Disorders
• Neurological Disorders
• Hormonal Disorders
• Metabolic Disorders
• Other Therapeutic Areas
Drug Delivery Modes Covered:
• Injectable
• Oral
• Inhalation
End Users Covered:
• Hospitals
• Home Care
• Clinics
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook