PUBLISHER: The Business Research Company | PRODUCT CODE: 1485211
PUBLISHER: The Business Research Company | PRODUCT CODE: 1485211
Smart drug delivery systems encompass advanced technologies aimed at enhancing the efficacy, safety, and targeted delivery of pharmaceutical compounds within the body. These systems utilize diverse approaches to regulate drug release, improve bioavailability, and minimize adverse effects.
The primary products within smart drug delivery systems include connected inhalers, connected autoinjectors, connected pen injectors, connected wearable injectors, add-on sensors, and other related devices. Connected inhalers, for instance, are electronic monitoring systems integrated into inhalers, which track drug usage and may provide feedback on device technique. These systems find applications across various therapeutic areas such as metabolic disorders, neurological disorders, respiratory disorders, hormonal disorders, and more. They can deliver drugs via different modes including injectable, inhalation, and oral routes, and cater to a range of end users including hospitals, clinics, home care settings, ambulatory care facilities, among others.
The smart drug delivery systems market research report is one of a series of new reports from The Business Research Company that provides smart drug delivery systems market statistics, including smart drug delivery systems industry global market size, regional shares, competitors with smart drug delivery systems market share, detailed smart drug delivery systems market segments, market trends and opportunities, and any further data you may need to thrive in the smart drug delivery systems industry. This smart drug delivery systems market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart drug delivery systems market size has grown rapidly in recent years. It will grow from $10.61 billion in 2023 to $12.65 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth observed during the historic period can be attributed to several factors, including the increasing demand for drug delivery systems, rising patient compliance with treatment regimens, the growing prevalence of chronic diseases, the rise of personalized medicine approaches, and the need for cost-effective healthcare solutions.
The smart drug delivery systems market size is expected to see rapid growth in the next few years. It will grow to $25.94 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The anticipated growth in the forecast period can be attributed to several factors, including the growing burden of non-communicable diseases, an increased focus on precision medicine, the rise of theragnostics, a growing demand for non-invasive drug delivery methods, and the continual increase in healthcare expenditure. Major trends expected during this period include advancements in miniaturization and microfabrication technologies, innovations in material science, the integration of artificial intelligence (AI) and machine learning (ML), the development of nano-sized drug delivery systems, and the integration of IoT and wearable technology into drug delivery systems.
The increasing prevalence of chronic diseases is poised to drive the growth of the smart drug delivery systems market. Chronic diseases, characterized by long-term health conditions with slow progression and complex causes, are on the rise due to factors such as aging populations, environmental influences, and disparities in healthcare access. Smart drug delivery systems offer a promising solution for managing chronic diseases by enhancing medication effectiveness and improving patient adherence. For example, data from the National Library of Medicine forecasts a substantial increase in the number of individuals with at least one chronic illness by 2050, underscoring the significant role of rising chronic disease prevalence in propelling the smart drug delivery systems market.
Key players in the smart drug delivery systems market are focused on developing innovative reusable drug delivery devices to revolutionize drug administration. One such device is Qfinity, a reusable drug delivery device designed for subcutaneous self-administration of medication. Unlike single-use devices, Qfinity can be utilized for multiple injections, reducing waste and offering environmental benefits. For instance, Jabil Inc. launched Qfinity in May 2022, featuring the capability to handle over 100 injections per device and accommodating various pre-filled cartridges. The device not only reduces the carbon footprint per injection but also offers versatility in handling different drug volumes and viscosities. Additionally, the connected version, Qfinity+, enables remote monitoring of patient care and compliance through built-in sensors and electronics, ensuring connectivity without compromising ease of use.
In October 2023, Novo Nordisk A/S strengthened its position in the smart drug delivery systems market through the acquisition of Biocorp Production SA for $164.5 million. This strategic move aims to augment Novo Nordisk's capabilities in developing innovative connected devices and delivery solutions, exemplified by Mallya, a smart add-on device for pen injectors. Biocorp, a France-based designer and manufacturer of medical devices and drug delivery systems, brings expertise in connected devices that align with Novo Nordisk's focus on advancing drug delivery technologies to enhance patient care and treatment outcomes.
Major companies operating in the smart drug delivery systems market are Pfizer Inc, Johnson & Johnson, Bayer AG, Abbott Laboratories, Novartis International AG, Medtronic plc, Eli Lilly and Company, Amgen Inc, Novo Nordisk, Merck Group, Becton Dickinson and Company, Stryker Corporation, Baxter International Inc, Boston Scientific Corporation, Biogen Inc, Vertex Pharmaceuticals Incorporated, Phillips-Medisize Corporation, ResMed Inc., West Pharmaceutical Services Inc, Insulet Corporation, Owen Mumford Ltd, Sonceboz, H&T Presspart Manufacturing Ltd, E3D Elcam Drug Delivery Devices, CeQur Corporation
North America was the largest region in the smart drug delivery systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart drug delivery systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the smart drug delivery systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart drug delivery systems market consists of revenues earned by entities by providing services such as personalized drug delivery, targeted treatment, diagnostic integration, remote monitoring, and feedback mechanisms. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart drug delivery systems market also includes sales of products including microfluidic devices, transdermal drug delivery patches, electroceutical devices, and remote-controlled drug delivery devices. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.