CHICAGO, Oct. 15, 2019 /PRNewswire/ -- According to the new market research report "Electronic Drug Delivery Systems Market By Type (Electronic Wearable Infusion Pump, Autoinjectors, Injection Pens, Electronic Inhalers), Indication (Diabetes, Multiple Sclerosis, Cardiovascular Disease, Asthma & COPD) - Global Forecast to 2024", published by MarketsandMarkets, the Electronic Drug Delivery System 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.
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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 System 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. 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.
Electronic Wearable Infusion Pumps are expected to be the most widely used type of system in the Electronic Drug Delivery System Market
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.
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Diabetes segment is expected to account for the largest share of the Electronic Drug Delivery System Market by indication
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. For instance, according to the International Diabetes Federation, in 2017, almost 425 million people were suffering from diabetes worldwide; this is expected to increase to 629 million by 2045.
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North America to dominate the Electronic Drug Delivery System Market during the forecast period
In 2018, North America dominated the Electronic Drug Delivery Systems Market, followed by Europe. High burden of target diseases, favorable reimbursement scenario, and the presence of major market players in this region are the factors propelling the growth of the market. For instance, in April 2018, AstraZeneca (UK) received OTC clearance for its SmartTouch for Symbicort (an electronic inhaler) and launched this product in the US market. Similarly, in December 2017, Companion Medical (US), launched InPen (an electronic injection pen) in the US.
The prominent players in the Electronic Drug Delivery System 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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