On-body Drug Delivery Devices Market to Reach US$ 796.1 Million Valuation by 2034, Growing at 6.8% CAGR: TMR Report
Companies in the on-body drug delivery devices market are working toward launching more efficient on-body delivery systems for injectables. They are also exploring the launch of multifunctional system in order to send drugs where they could be effective in the body's organs and tissues
WILMINGTON, Del., Aug. 2, 2024 /PRNewswire/ -- The on-body drug delivery devices market is poised to expand at a CAGR of 6.8% from 2024 to 2034. By the end of the aforementioned forecast period, the market is poised to total US$ 796.1 million in value terms. A basic advantage of an on-body drug delivery device is that it is able to accurately target specific cells and tissues. This minimizes the side-effects of drugs and increase therapeutic efficacy.
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An on-body drug delivery device is a patched-on device delivering big molecules (biologics) subcutaneously and has been designed for therapies that periodically need a specific quantity of formulated drug. Typical applications comprise proteins such as monoclonal antibodies (mAbs).
The advantages offered by on-body drug delivery devices include higher level of precision at lower dosing increments, home-use with bolus and/or basal profile, automatic needle insertion and retraction, occlusion detection, resusable/disposable concept supporting sustainability, and use of standard glass cartridges. Research states that targeted drug delivery results in enhanced pharmacokinetics such as improved absorption, distribution, metabolism, and excretion (ADME).
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Increasing preference for advanced drug delivery systems has widened the scope for on-body drug delivery devices. Advanced drug delivery technologies have proven to enhance treatment outcomes in various ways, which include enhancement of therapeutic efficacy, increasing patient compliance, reducing toxicity, and facilitating novel medical treatments.
Key Takeaways from the Market Study
-- The market for on-body drug delivery is poised to accumulate a value of
US$ 416.8 million in 2024.
-- The on-body drug delivery devices market is poised for a 1.9x growth
from 2024 to 2034.
-- By application, cancer is expected to emerge as an important area for
on-body drug delivery devices use.
-- By product type, both wearable and auto-injectors are expected to enjoy
heightened demand throughout the forecast period.
-- Hospitals are the main sites for availing on-body drug delivery devices
for patients.
Key Market Drivers and Trends
-- On-body drug delivery devices help in obtaining enhanced drug safety
along with patient compliance. These devices are designed such that
therapeutic levels of drug are maintained, and side-effects and overdose
of drugs can be reduced. Besides, drugs can be delivered with short
in-vivo half-lives.
-- Targeted drug delivery systems such as on-body drug delivery devices are
capable of concentrating a medicine's active ingredient at site of a
lesion/anatomical target. This keeps the drug at effective concentration
on targeted organs for a longer duration, facilitating prescription of
medicines at a lower dose.
On-body Drug Delivery Devices Market Report Scope:
Report Coverage
Details
Forecast Period
2024-2034
Base Year
2020-2022
Size in 2023
US$ 390.7 Mn
Forecast (Value) in 2034
US$ 796.1 Mn
Growth Rate (CAGR) 6.8 %
No. of Pages
136 Pages
Segments covered By Product Type, By Application, By
End-user
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Regional Profile
-- North America expects to witness substantial progress with respect to
on-body drug delivery devices sales. This is attributed to growing
demand for advanced drug delivery systems such as metered-dose inhalers
and sensor-embedded devices. As per a study published by CIHI in April
2021, more than 3 million acute inpatient hospitalizations were
witnessed in Canada from 2019 to 2020.
-- The market in Europe is expected to see substantial expansion. Europe's
market growth is ascribed to rise in awareness about advanced drug
delivery devices and rise in adoption of the advanced products.
-- Various clinical trials are being conducted regularly for novel products
and introduction of new products by the key participants. Along these
lines, in April 2021, Medtronic launched its extended infusion set in
select European nations. It can be worn for close to a week.
Competitive Landscape
Key participants in the on-body drug delivery devices market are launching new products to strengthen their position. For instance, in September 2023, Corium, Inc. introduced ADLARITY, a donepezil transdermal system in the U.S. to treat patients contracting mile-to-severe Alzheimer's.
In August 2022, Baxter announced that it had obtained clearance from the U.S. FDA for usage of Novum IQ Syringe Infusion Pump with Dose IQ Safety Software. These infusion pumps deliver small quantities of fluid at low rates in neonatal, pediatric, or anesthesia care settings with utmost precision.
Enable Injections Inc., NOVO Engineering, Elcam Medical, Battelle, and Gerresheimer AG are some of the key players covered in the on-body drug delivery devices market report.
Key Players Profiled
-- Enable Injections Inc.
-- NOVO Engineering
-- Elcam Medical
-- Battelle
-- Gerresheimer AG
Recent Market Developments
-- In January 2024, Medtronic received CE Mark approval for MiniMed 780G
system, in collaboration with Simplera Sync. MiniMed 780G is one of the
automated insulin delivery system, which is equipped with meal detection
technology and makes provision for automatic adjustments as well as
corrections to the levels of sugar every five minutes.
-- In February 2023, Innovation Zed received CE mark for its InsulCheck
DOSE, one of the single unit add-on device for insulin pen injectors.
Key Segments Profiled
Product Type
-- Wearable Injectors
-- Auto-injectors
-- Patches
-- Others
Application
-- Cardiovascular Diseases
-- Cancer
-- Autoimmune Diseases
-- Diabetes
-- Others (Orthopedic Disorders, etc.)
End User
-- Hospitals
-- Specialty Clinics
-- Ambulatory Surgery Centers
-- Others (Research Institutes, etc.)
Region
-- North America
-- Europe
-- Asia Pacific
-- Latin America
-- Middle East & Africa
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