Connected Drug Delivery Devices Market to Reach Approximately USD 718.9 Billion by 2026
Recent study titled, Connected Drug Delivery Devices Market (By Technology [Bluetooth, NFC], By Product [Connected Sensors, Integrated Connected Devices]; By Technology - Bluetooth, NFC, Other Technologies; By End-user - Healthcare Providers, Homecare Centers) - Global Industry Size, Share, Trends and Forecast 2018-2026 which covers clear verifiable examination and lights up feature components and examples that give an extensive picture of the business.
The global connected drug delivery devices market size is expected to be around USD 718.9 billion by 2026, the market is projected to grow with 26.1% CAGR during the forecast timeframe. Supportive government regulation to encourage the adoption of advance healthcare infrastructure is expected to bolster the global connected drug delivery devices market growth.
Augmented patient engagement and connectivity due to growing penetration of Internet of Things (IoT) is anticipated to boost the global connected drug delivery devices market over the forecast timeframe. Non-adherence to prescribed medications is a substantial parameter for augmented disease burden and healthcare costs. The effect of non-adherence can comprise of suboptimal patient outcomes reduced drug sale, and lower product consumption. These connected systems are used for improvising the patient adherence towards prescribed medications by doctor of medicine.
These connected drug delivery devices aid physicians in observing patient compliance to prescribed therapy and alter patient treatment as per the need to the patient. Growing number of initiatives spreading awareness regarding about the complications caused by over or under dosing of medicines are anticipated to encourage the acceptance of connected drug delivery devices during the forecast period.
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Therefore, growing awareness about the adversarial effects of non-adherence is expected to increase the connected drug delivery devices market growth. Awareness regarding the advantages of connected systems over conventional systems is also projected to boost the demand for the connected drug delivery devices, thus positively impact the growth of the market over the coming years.
The global connected drug delivery devices market is bifurcated into four major segments named end-user, product, technology, and region. On the basis of the end-user the global connected drug delivery devices market is segmented into homecare centers and healthcare providers. On the basis of product the connected drug delivery devices market is segmented into integrated connected devices and connected sensors. These connected sensors are further bifurcated into inhaler sensors and injection sensors, and the integrated connected devices is also further segmented into integrated inhaler, and integrated injection. On the basis of technology, the connected drug delivery devices market is segmented into Bluetooth, NFC, other technologies (cellular, low power wide area network). On the basis of region the global connected drug delivery devices market is segmented into Asia Pacific, North America, Latin America Europe, and Middle East amp; Africa.
The sensors segment accounted for 72.6% of the global revenue share in 2017 and is expected to witness lucrative growth over the forecast period. Connected sensors are add-on devices that can be fitted over conventional drug delivery devices. These sensors are further classified into inhaler sensors and injection sensors.
Connected sensors are very economics than integrated systems. These devices can be easily fitted or fixed on the present devices and consequently, decrease in the switching cost from an already existing drug delivery device to an integrated one that are more expensive. Therefore, acceptance of these sensors in cost-sensitive economies is anticipated to be faster, which is expected to drive market revenue.
Integrated connected systems are expected to showcase the fastest growth with a CAGR of 29.2% in the coming years. Integrated connected systems comprise of number of sensors encased in a single device. These devices are complex as compared to the sensors and provide more valuable insights to about the patientrsquo;s healthcare, as well as healthcare and its service providers. They deliver numerous added benefits over connected sensors, for instance, advanced sensing options.
Integrated systems are more expensive due to a number of complex functions. Though, with growing demand and entry of new businesses in this space, the manufacturing cost is anticipated to reduce. This parameter is also anticipated to assist the growth of the conventional drug delivery devices market.
The key players catering to the global connected drug delivery devices market are Proteus Digital Health, Merck, Adherium, Propeller Health, and BIOCORP. These players are investing huge capital to innovate the product portfolio as the competition in the market is increasing with rapid pace. Also, with changing technology the need for better healthcare infrastructures are increasing, so cater the need of the customers, players are continuously innovating new products.
TABLE OF CONTENT
CHAPTER 1. INDUSTRY OVERVIEW
CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
CHAPTER 4. CONNECTED DRUG DELIVERY DEVICES MARKET BY PRODUCT
CHAPTER 5. CONNECTED DRUG DELIVERY DEVICES MARKET BY TECHNOLOGY
CHAPTER 6. CONNECTED DRUG DELIVERY DEVICES MARKET BY END USERS
CHAPTER 7. NORTH AMERICA CONNECTED DRUG DELIVERY DEVICES MARKET BY COUNTRY
CHAPTER 8. EUROPE CONNECTED DRUG DELIVERY DEVICES MARKET BY COUNTRY
CHAPTER 9. ASIA-PACIFIC CONNECTED DRUG DELIVERY DEVICES MARKET BY COUNTRY
CHAPTER 10. LATIN AMERICA CONNECTED DRUG DELIVERY DEVICES MARKET BY COUNTRY
CHAPTER 11. MIDDLE EAST CONNECTED DRUG DELIVERY DEVICES MARKET BY COUNTRY
CHAPTER 12. AFRICA CONNECTED DRUG DELIVERY DEVICES MARKET BY COUNTRY
CHAPTER 13. COMPANY PROFILE
CHAPTER 14. RESEARCH APPROACH
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