Wilmington, Delaware, United States, May 29, 2023 (GLOBE NEWSWIRE) -- The market for smart drug delivery systems is forecast to flourish at a CAGR of 15.2% from 2022 to 2031. By the end of the said period of assessment, a valuation of US$ 36 billion is anticipated for the industry. As of 2023, a valuation of US$ 9.2 billion is projected for the smart drug delivery systems market.
Smart drug delivery system or connected drug delivery system uses different approaches, formulations, technologies, and devices to deliver drugs to specific sites or targets. Drugs are released at proper rates at the sites of action in the process. Majority of the innovations in the pharmaceutical industry are motivated by the need to improve patient compliance.
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Drug formulators focusing on therapeutic areas need to pay close attention to patient experience in order to optimize adherence. Reduced dosage frequency and improved ease of administration are critical to providing the best possible experience for patients and encouraging adherence to their treatment regimen.
Emerging therapeutics in SDDS are now turning into conventional modes of drug delivery to specific sites. Patients are shifting toward controlled drug delivery systems, as the healthcare sector's digitalization accelerates through the gradual integration of diagnostic point-of-care sensors and connected computation platforms into patients' daily routines. Internet of Things (IoT)-based devices such as wearable sensors can now measure functioning, respiration, biomarkers from sweat, and even an individual's emotional state. Metered dose inhalers, nebulizers, and dry powder inhalers are used for pulmonary drug delivery.
Key Takeaways from the Market Report
- As of 2022, the smart drug delivery systems market was valued at US$ 8.7 billion
- By therapeutic area, metabolic disorders treatment is expected to be the key application for smart drug delivery systems
- Smart injectable drug delivery systems to enjoy a higher revenue share in the forthcoming decade
- By end-user, hospitals to be primary sites for deploying smart drug delivery systems
- By product, demand for connected wearable injectors is likely to surge significantly
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Smart Drug Delivery Systems Market: Prominent Drivers
- As the incidence of chronic disorders continues to rise, healthcare providers are seeking approaches to develop quicker methods of diagnosing and detecting them. Applications of smart drug delivery systems are especially high in detecting signs of cancer
- With the rapid digitization of healthcare, key providers are investing copious budgets in streamlining caregiving and treatment procedures. Smart drug delivery systems are helping practitioners in delivering precise and accurate medicine dosages for a number of ailments
- Companies operating in the global smart drug delivery systems market are collaborating with tech companies to develop advanced products. In January 2022, Phillips-Medisize, a Molex company and a leader in drug delivery, diagnostic, and MedTech devices, partnered with SOTECH Health, a healthcare startup, to accelerate the development of a breath-sensor system that can detect COVID-19 in less than 30 seconds
Smart Drug Delivery Systems Market: Regional Profile
- According to the smart drug delivery systems market analysis, North America dominated the global market in 2021 and is expected to maintain its position during the forecast period.
- An increase in R&D expenditure; rise in adoption of novel and improved devices; early availability of advanced technologies; growth in healthcare expenditure are driving the market in the region.
- Asia Pacific is expected to witness the fastest, double-digit growth due to the rise in the geriatric population, increase in the prevalence of cardiovascular diseases, expansion in healthcare infrastructure, and surge in medical tourism in the region.
- According to the Organization for Economic Cooperation and Development (OECD), India, Malaysia, Singapore, and Thailand are prominent medical tourism destinations in Asia Pacific.
Smart Drug Delivery Systems Market: Competitive Landscape
Prominent smart drug delivery systems providers profiled in TMR’s report include:
- Abbott Laboratories
- Adherium Ltd.
- Amiko Digital Health Limited
- Becton, Dickinson and Company
- BIOCORP
- CeQur Corporation
- Cognita Labs
- E3D Elcam Drug Delivery Devices
- H&T Presspart Manufacturing Ltd.
- HCmed Innovations Co., Ltd.
- Medtronic plc
- Novo Nordisk A/S
- Phillips-Medisize
- Sonceboz
Some key developments in the smart drug delivery systems are as follows:
- In March 2022, Novo Nordisk A/S launched the NovoPen 6 and NovoPen Echo Plus smart connected insulin pens available on prescription in the United Kingdom for people with diabetes who use Novo Nordisk insulin
- In December 2021, BIOCORP signed a new agreement with H&T Presspart under which the latter would sell and promote the former's InspairTM smart add-on device for metered-dose inhalers. The collaboration 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.
- In May 2021, the United States 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.
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Market Segmentation
Product
- Connected Inhalers
- Connected Autoinjectors
- Connected Pen Injectors
- Connected Wearable Injectors
- Add-on Sensors
- Others
Drug Delivery Mode
- Injectable
- Inhalation
- Oral
Therapeutic Area
- Metabolic Disorders
- Neurological Disorders
- Respiratory Disorders
- Hormonal Disorders
- Others
End-User
- Hospitals
- Clinics
- Home Care
- Ambulatory Care Settings
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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