Merck Group (Germany), Medtronic plc (Ireland), United Therapeutics Corporation (US), Insulet Corporation (US), Bayer AG (Germany), Novo Nordisk (Denmark), AstraZeneca (UK), Tandem Diabetes Care (US), and Amgen (US) are the Leading Players in the Electronic Drug Delivery System Market
The electronic drug delivery system market is projected to reach USD 11.9 billion by 2024 from USD 7.8 billion in 2019, at a CAGR of 8.7% between 2019 and 2024. The growth of the electronic drug delivery system market is driven mainly by the growing prevalence of target diseases, the favorable reimbursement scenario in major markets, and advancements in technologies and designs of electronic drug delivery systems. However, the preference for alternative drug delivery modes is expected to limit the adoption of electronic drug delivery systems to a certain extent.
The North America region is expected to witness the highest growth in the electronic drug delivery system market during the forecast period. The rising prevalence of chronic diseases, favorable reimbursement scenario, and the presence of major market players in the region are some of the key factors driving the growth of the electronic drug delivery systems market in North America.
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Merck Group (Germany), Medtronic plc (Ireland), Insulet Corporation (US), United Therapeutics Corporation (US), Bayer AG (Germany), Novo Nordisk (Denmark), AstraZeneca (UK), Tandem Diabetes Care (US), and Amgen (US) are the key players operating in this market. Other prominent players in the market include F. Hoffmann-La Roche (Switzerland), Companion Medical (US), FindAir SP. Z O. O. (Poland), ViCentra B.V. (Netherland), Canč SPA (Italy), Debiotech S.A. (Switzerland), Jiangsu Delfu medical device Co., Ltd. (China), Medtrum Technologies (China), Britannia Pharmaceuticals (UK), and SOOIL Development (South Korea).
Merck Group led the electronic drug delivery systems market with a share of 23.0% in 2018. The company develops, manufactures, and commercializes prescription medicines, biologic therapies, vaccines, and health products. To maintain its leading position in the market, the company focuses on organic growth strategies such as expansions. For instance, in February 2018, Merck group opened a new OLED (organic light-emitting diode) technology center in China. This was aimed to develop and enhance innovative technologies for strategic markets in the Asia Pacific. Merck Group sells and markets medicines to drug wholesalers, retailers, hospitals, government agencies and managed health care providers; and animal health products to veterinarians, distributors and animal producers. The company and its subsidiaries operate in North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific.
Medtronic is one of the leading players in the electronic drug delivery systems market. The company’s insulin pump system mimics some of the functions of a healthy pancreas by providing automated insulin delivery with the help of its continuous glucose monitoring system. The company has a broad insulin pumps portfolio and focuses on continuous product launches to meet customer needs. For instance, Medtronic has launched three wearable insulin pump systems in the US market in the last three years. With its strong product pipeline, Medtronic is determined in expanding its leadership in the electronic drug delivery systems market.
Related Reports:
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
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