DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The electronic drug delivery systems market is projected to reach USD 11.9 billion by 2024 from USD 7.8 billion in 2019, at a CAGR of 8.7%.
The growth of the electronic drug delivery systems market is mainly driven by the favourable reimbursement scenario in North America & Europe, the growing prevalence of target diseases such as diabetes & cardiovascular disease, and advancements in technologies and designs of electronic drug delivery systems. Additionally, emerging markets such as China and India are expected to offer potential growth opportunities to market players in the coming years.
By type, the electronic wearable infusion pumps segment is expected to account for the largest share of the electronic drug delivery systems market
Based on type, the electronic drug delivery systems market is segmented into electronic wearable infusion pumps, electronic autoinjectors, electronic injection pens, and electronic inhalers. The electronic wearable infusion pumps segment is expected to account for the largest market share of the electronic drug delivery systems market in 2019. This is mainly due to the high prevalence of diabetes and the increasing availability of commercial infusion pumps for diabetes treatment.
By indication, the diabetes segment is to dominate the electronic drug delivery systems market during the forecast period
The diabetes segment accounted for the largest share of the market in 2018. This is mainly due to the high availability of electronic drug delivery devices such as insulin pumps and injection pens by major market players in comparison to other therapeutic areas, rising adoption of mobile apps for diabetes management, and increasing penetration of digital platforms (such as smartphones, tablet PCs, and personal digital assistants).
For instance, in June 2018, Insulet Corporation (US) received the FDA approval for its Omnipod DASH Insulin Management System for diabetes management. Similarly, in June 2018, Tandem Diabetes Care (US) received the CE mark for its t:slim X2 Insulin Pump for diabetes management.
North America is expected to witness the highest growth during the forecast period.
North America is expected to account for the largest share of the global electronic drug delivery system market in 2019, followed by Europe. Additionally, the US is also expected to witness the highest CAGR during the forecast period. This can primarily be attributed to the high incidence and prevalence of chronic conditions such as diabetes, asthma, CVD, and multiple sclerosis in the US.
For instance, according to the IDF, there were about 30.2 million people suffering from diabetes in the US in 2017, and this figure is estimated to reach 35.6 million by 2045. Similarly, in 2017, approximately 25.2 million people had asthma in the US (Source: CDC). Furthermore, according to the American Heart Association, in 2017, about 801,000 deaths in the US are due to CVD. Obesity is a major risk factor for CVD and diabetes in the US; around 36.5% of adults in the country are obese (Source: CDC).
The prominent players in the electronic drug delivery systems market are United Therapeutics Corporation (US), Insulet Corporation (US), Novo Nordisk (Denmark), Bayer AG (Germany), Medtronic plc (Ireland), AstraZeneca (UK), Tandem Diabetes Care (US), Merck Group (Germany), and Amgen (US).
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