New York, Dec. 13, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Market.us, the global Smart Drug Delivery System Market size is expected to be worth around USD 32.5 Billion by 2032 from USD 9.7 Billion in 2023, growing at a CAGR of 14.9% during the forecast period from 2023 to 2032.
Smart drug delivery systems employ various strategies, formulations, technologies, and devices for targeted drug administration. Pharmaceutical industry goals center around improving patient compliance while driving new formulation innovations. Formulators strive to maximize adherence and target specific therapeutic regions, ultimately improving patient experiences overall.
Enhancing patient experiences and encouraging compliance with treatment plans requires streamlining administration processes through reduced dosage frequency. With Somatic Symptom Disorder Syndrome (SDDS) becoming an established condition, treatment methods are developing methods for administering medications directly into specific areas.
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Key Takeaway
- Market Size: Smart Drug Delivery System Market size is expected to be worth around USD 32.5 Billion by 2032 from USD 9.7 Billion in 2023.
- Market Growth: This market is estimated to register a CAGR of 14.9%.
- Product Analysis: The most popular type of device is the connected wearable injector they held the largest market share of 29% in 2022.
- Application Analysis: Metabolic disorders segment dominated the market with a 33% share in 2022.
- End-Use Analysis: The homecare segment is estimated to register a significant growth rate over the forecast period.
- Regional Analysis: North America was the largest regional market for smart drug delivery devices with a market share of 31% and holding USD 3.4 Billion in revenue.
- Monitoring and Dilution Capabilities: Connected wearable injectors are well-known for efficiently monitoring the volume and viscosity of autoinjectors and prefilled syringes, providing precise dose monitoring while diluting highly concentrated drugs into larger volumes for sustained administration.
- Long-Term Administration: These devices are intended for long-term administration, making them suitable for treatments requiring extended durations.
- Industry Collaboration and Innovation: Over the past decade, both medical device and pharmaceutical companies have collaborated and invested their efforts in creating advanced injectors for market entry.
Factors affecting the growth of the smart drug delivery system market
Various factors influence the growth of the smart drug delivery system market are;
- Technological Advancements: Continuous advances in technology, such as wireless connectivity, miniaturization, and sensor capabilities are driving the creation of increasingly sophisticated and effective smart drug delivery systems.
- Patient-Centric Approach: Healthcare's increased focus on personalized medicine has spurred demand for intelligent drug delivery systems that improve patient convenience, increase adherence, and create more tailored experiences for treatment.
- Prevalence of Chronic Diseases: With chronic diseases like diabetes, cancer and cardiovascular conditions becoming increasingly prevalent, drug delivery systems that offer precise and targeted administration have become essential.
- Demand for Prolonged and Controlled Release: Due to chronic illnesses requiring longer and controlled release of medications, smart drug delivery systems that offer precise dosing over a longer period are becoming increasingly necessary.
- Focused Attention on Precision Medicine: Precision medicine's increasing emphasis on tailoring treatments to individual patient characteristics has led to an increase in demand for drug delivery systems that provide medications accurately.
Regional Analysis
North America leads in smart drug delivery devices with 31% market share. This success can be attributed to rising chronic disease prevalence rates and a substantial target population base, the rapid adoption of innovative devices, ready availability of advanced technologies, and strong participation by key market players from both North America and Canada; Abbott Laboratories' prominent presence in both countries contributes significantly to driving this market forward and cementing its place within this niche sector.
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Competitive Landscape
- Novo Nordisk
- Abbott
- West Pharmaceutical Services, Inc.
- Findair Sp. z o. o.
- Adherium
- BIOCORP
- Propeller Health (ResMed Inc.)
- Cognita Labs, LLC
- CeQur Corporation
- Medtronic plc
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 9.7 Billion |
| Forecast Revenue 2032 | USD 32.5 Billion |
| CAGR (2023 to 2032) | 14.9% |
| North America Revenue Share | 31% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The Smart Drug Delivery System Market is driven by rapid technological developments in wireless and connected devices that are revolutionizing patient-administered therapy, increasing precision drug delivery for enhanced treatment outcomes. These innovations aim to revolutionize therapy through precise drug administration. Market growth can be seen through a renewed emphasis on patient-centric healthcare, encouraging the creation of systems that increase adherence rates and offer customized treatment experiences.
Due to chronic diseases' increased prevalence globally, demand for intelligent drug delivery systems is on the rise; these ensure precise administration and controlled release of medications over extended periods. Collaborations between pharmaceutical and technology companies fuel innovation that drives market expansion.
Market Restraints
Although Smart Drug Delivery System appears promising, there remain serious security and privacy challenges related to the wireless nature of devices that present potential data breach risks and unapproved access of sensitive health data.
Interoperability issues between existing healthcare systems as well as the need for standardized protocols could impede seamless integration, diminishing their efficacy as advanced drug delivery solutions. Resistance within traditional healthcare settings to change along with concerns over costs related to their implementation could hinder widespread adoption.
Market Opportunities
The Smart Drug Delivery System Market presents immense potential due to the rise of personalized medicine and patient-centric care. Wearable injectors represent a growing need for devices that offer long-acting medication administration, including long-term monitoring capabilities.
Connected wearable injectors hold the greatest market share and represent this need. Market growth can be found through technological advancements that provide more sophisticated and efficient drug delivery systems. Collaborations between medical device and pharmaceutical companies continue to create innovative solutions and create growth opportunities.
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Report segmentation of the smart drug delivery system market
Product Type Analysis
Wireless and smart drug delivery devices focus on patient-administered therapy. Their products range from needle-free injectors, inhalers, pen injectors, wearable injectors and others to connected needle-free injectors and inhalers. Connected wearable injectors were the market leaders, accounting for 29% market share in 2022 and expected to experience further expansion.
These devices monitor autoinjector and prefilled syringe volumes and viscosities to dilute highly concentrated drugs into larger volumes for prolonged administration over time. Over the last decade, various medical device and pharmaceutical companies have taken great strides toward creating and marketing these injectors as part of a commitment to patient-centric drug delivery solutions.
Application Insight
The global smart drug delivery system market can be divided into applications for metabolic disorders, neurological disorders, hormonal disorders and others. Metabolic disorders account for 33% market share due to rising global prevalence rates of cardiovascular disease and diabetes; approximately 422 million people worldwide suffer from this condition; with most affected living in low and middle-income countries where 1.5 million annual deaths from diabetes can be attributed. Smart drug delivery systems play an essential role in combatting metabolic disorders that pose global health challenges that need urgent solutions immediately.
End-User Insight
Homecare services are projected to experience rapid expansion due to rising rates of cardiovascular diseases (CVDs), diabetes, chronic obstructive pulmonary disease (COPD), and other chronic illnesses. Modern drug delivery devices will play an instrumental role in driving this growth; growing elderly populations coupled with rising incidences of diabetes often requiring in-home care solutions are major drivers. By 2022, 62% of new cases expected of type 1 diabetes globally would affect adults aged 20 or above according to International Diabetes Federation projections - further emphasizing their need.
Recent developments in the smart drug delivery system market
- March 2023: Cognita Labs, LLC Received FDA clearance for its ProDose smart pill dispenser, which helps patients with medication adherence.
- May 2023: BIOCORP Launched a new digital health platform that allows patients to track their medication usage and receive medication reminders.
- June 2023: Adherium Announced a partnership with Propeller Health to integrate their respective smart inhaler technologies.
- September 2023: Abbott Received FDA approval for its FreeStyle Libre 3 sensor, a continuous glucose monitoring system that can be worn for up to 14 days.
- October 2023: Novo Nordisk Announced the launch of a connected insulin pen that allows patients to track their insulin doses and receive reminders.
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Market Segmentation
By Product Type
- Connected Needle-Free Injectors
- Connected Inhalers
- Connected Pen Injectors
- Connected Wearable Injectors
- Other Product Types
By Application
- Metabolic Disorders
- Neurological Disorders
- Respiratory Disorders
- Hormonal Disorders
- Other Applications
By End User
- Hospitals
- Clinics
- Homecare
- Other End-Users
By Geography
North America
- The US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
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