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Electronic Drug Delivery Systems Market Size Reach US$ 12.1 Billion by 2026 - Yahoo Finance
The electronic drug delivery systems market size is expected to reach around US$ 12.1 Bn by 2026 growing at a CAGR of 8.9% from forecast period 2019 to 2026.
LOS ANGELES, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Electronic Drug Delivery Systems Market By Product (Electronic Wearable Infusion Pumps, Electronic Injection Pens, Electronic Inhalers, Autoinjectors), By Indication (Diabetes, Cardiovascular diseases, Multiple Sclerosis, COPD & Asthma) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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North America dominated the regional segment in the year 2018 and is also expected to maintain its dominance during the forecast period. This can be attributed to the increasing incidence of chronic diseases, technological advancement and higher acceptance to the advanced technology, favorable reimbursement scenario, commercialization of various innovative drug delivery systems, and the presence of key market players in the region. According to the Centers for disease Control and Prevention (CDC), 30.3 million people in US, about 1 in 10, had diabetes in 2017. However, Asia Pacific is anticipated to propel the market with the fastest rate during the forecast period due to the presence of large targeted patient population, increasing investment by market players in the region due to supportive government regulations, and presence of emerging economies such as China, Russia, and India. Hence, increasing technological adoption, supportive reimbursement, rising chronic diseases, and commercialization of various devices are the key driving factors for the electronic drug delivery devices across the world.
Based on product type, the market has been segmented into electronic wearable infusion pumps, electronic injection pens, electronic inhalers, and autoinjectors. Electronic wearable infusion pumps dominated the product segment of the market in 2018. This can be attributed to greater availability of commercial infusion pumps in the market as compared to other electronic drug delivery devices due to the presence of several products and high demand from consumers to deliver various drugs in a controlled manner. Electronic infusion pumps can deliver medications such as chemotherapy drugs, insulin & other hormones, pain relievers, and antibiotics. These pumps are useful to deliver small doses.
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The diabetes segment accounted for the largest share of the market in 2018 by indication. Diabetes, cardiovascular diseases, Multiple Sclerosis, and COPD & asthma are key indications of the electronic drug delivery systems. Wider availability of electronic insulin delivery devices, such as insulin pen and pumps, high prevalence of diabetes around the world, and investment by market players for the development and commercialization of devices for diabetes are the key factors responsible for the dominance of the diabetes segment in the market. For instance, according to the World Health Organization, the number of diabetic patients has risen to 422 million in 2014 from 108 million in 1980.
Key operating payersin the electronic drug delivery system market are AstraZeneca, Insulet Corporation, Medtronic, F.Hoffmann-La Roche Ltd, Merck Group, Amgen, Bayer AG, Companion Medical, Tandem Diabetes Care, and Novo Nordisk A/S. Research & development activities and geographical expansion have been the most adopted strategies by market leaders to increase their market share.
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Some of the key observations regarding electronic drug delivery systems industry include:In February 2019, t:Slim X2 insulin pump was approved by U.S. FDA. The latter developed by Tandem Diabetes Care, with interoperable technology to deliver insulin under the skin for children and adult diabetic patients. This pump can work with different components including automated insulin dosing, blood glucose meters, continuous glucose monitors, and other devices that can be used for diabetes management. In July 2018, Sensile Medical acquired by Gerresheimer to develop smart drug delivery systems. According to deal, Sensile Medical is expected to be a development center for innovative delivery systems within the Gerresheimer Group. In June 2018, the U.S. FDA approved MiniMed 670G hybrid closed looped system for use pediatric use (age 7 to 13) for type 1 diabetes type by Medtronic. This device is intended for continuous monitoring of glucose level and automatic dosage of basal insulin without any input from the user. This device was already approved for use in patients above 14 years suffering with type 1 diabetes. In December 2017, Companion Medical launched a smart insulin pen system, InPen, in the U.S. InPen is use with Novo Nordisk Novolog rapid-acting insulin and U-100 Lilly Humalog for patient older than 12 years. InPen calculates and recommends the optimal dosing for the patient, remindsthe user, displaysthe last dose, and can generate actionable reports for the healthcare provider. In September 2016, Medtronic received approval for the MiniMed 670G hybrid closed looped system by the U.S. FDA. It was the first U.S. FDA approved device which is intended to monitor blood glucose level and provide basal insulin dose automatically in type 1 diabetes patients above 14 years of age.
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