Factors such as the growing prevalence of target diseases, the favorable reimbursement scenario in major markets, and advancements in technologies & designs of electronic drug delivery systems are driving the growth of the electronic drug delivery systems market during the forecast period. However, emerging economies such as China, India, Russia, and Brazil offer significant growth opportunities for players in the electronic drug delivery market.
The Electronic Drug Delivery Systems Market is projected to grow at a CAGR of 8.7% during the forecast period to reach USD 11.9 billion by 2024 from USD 7.8 billion in 2019.
This can primarily be attributed to the diversified healthcare markets in this region, growing incidence of chronic disorders, and increasing R&D initiatives to develop innovative medical technologies.
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The electronic wearable infusion pumps segment accounted for the largest share of the electronic drug delivery systems market in 2018. This is primarily due to the rising prevalence of diabetes and the increasing availability of commercial infusion pumps for diabetes treatment. However, the high cost of electronic drug delivery devices, high acceptance of conventional devices, and lack of reimbursement for electronic drug delivery devices in developing countries could restrain the growth of this segment.
The diabetes segment accounted for the largest share in 2018. This is primarily due to the high prevalence of diabetes across the globe and the greater availability of electronic drug delivery devices, such as insulin pumps and injection pens, for diabetes in comparison to other therapeutic areas.
In 2018, North America dominated the electronic drug delivery systems market, followed by Europe.
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The prominent players in the electronic drug delivery systems market are Insulet Corporation (US), Bayer AG (Germany), Medtronic (Ireland), Novo Nordisk A/S (Denmark), Companion Medical (US), F.Hoffmann-La Roche Ltd (Switzerland), United Therapeutics Corporation (US), AstraZeneca (UK), Tandem Diabetes Care (US), Merck Group (Germany), and Amgen (US).