Latest Market intelligence report released by MarketDigits with title “Global Connected Drug Delivery Devices Market Research Report with Opportunities and Strategies to Boost Growth- COVID-19 Impact and Recovery” is designed covering micro level of analysis by manufacturers and key business segments. The Global Connected Drug Delivery Devices Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are BioCorp Production, CeQur, Care TRx, Cohero Health, Sagentia, OPKO Health, 3M Company, West Pharmaceutical Services.
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The global connected drug delivery devices market size was valued at USD 172.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 42.4% from 2020 to 2027. Increased patient engagement and connectivity owing to increasing penetration of the Internet of Things (IoT) in the medical devices sector is anticipated to drive the market. According to HostingFacts.com, approximately 4.5 billion people, i.e. about 60.0% of the world’s population, is an active internet user as of 2020.
Non-adherence to prescribed medications is a significant factor for the rising disease burden as well as healthcare costs. This non-adherence can potentially lead to suboptimal patient outcomes, lower product consumption, and reduced drug sales. Therefore, in such cases, connected drug delivery systems prove to be beneficial for the improvement of patient adherence in the direction of prescribed medications by physicians, hence driving the market.
Connected drug delivery devices help physicians to monitor compliance of patients to the therapy prescribed by them as well as to modify the treatment of the patient as required. A growing amount of initiatives in order to create awareness regarding the complexities caused by overdosage or under-dosage of medicines is expected to promote the adoption of connected drug delivery devices.
Hence, rising awareness regarding the ill effects of non-adherence is expected to boost the market growth. Awareness regarding the benefits of connected systems over conventional systems is further expected to fuel product demand, thereby driving the market over the forecast period.
Partnerships, collaborations, product approvals, and launches and acquisitions have positively impacted the market in recent years. Moreover, there has been a significant increase in the demand for connected drug delivery devices due to increasing awareness, which, in turn, is fueling the growth of the market.
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Report Coverage & Deliverables
- Competitive benchmarking
- Historical data & forecasts
- Company revenue shares
- Regional opportunities
- Latest trends & dynamics
The connected sensors segment dominated the market and accounted for more than 70.0% share of the global revenue in 2019. Connected sensors can be integrated with the existing delivery devices without interfering with their normal functioning and can be reused even if the device is disposable. These sensors are further divided into injection sensors and inhaler sensors. The integrated connected devices segment is also sub-segmented into inhalation and injection devices.
The integrated connected devices segment is expected to show lucrative growth over the forecast period. Various advantages of inhalation devices over injection devices, such as needleless drug delivery devices, have led to increased use of inhalation devices. The increasing incidence of chronic respiratory diseases such as asthma and COPD is expected to boost the demand for inhalation devices in the market. For instance, according to the Global Asthma Report in 2018, around 339 million people are suffering from asthma and about 1,000 people die every day due to it. In addition, the rising adoption of technology and increasing connectivity due to the Internet of Things and other technologies are expected to drive the market in the coming years.
The healthcare providers segment accounted for the largest revenue share of more than 50.0% in 2019 owing to the increasing cases of Chronic Obstructive Pulmonary Disease (COPD), Cardiovascular Diseases (CVDs), diabetes, and other chronic diseases, which require proper maintenance of health records of the patient. According to the Centers for Disease Control and Prevention (CDC), as of September 2020, approximately 655,000 Americans are dying suffering from cardiovascular disease every year. Connected drug delivery devices have the potential to tackle this issue by monitoring the drug usage as well as its delivery, and also maintaining the health records.
On the other hand, the homecare segment is estimated to register the fastest CAGR of over 44.0% over the forecast period owing to the increasing adoption of connected drug delivery devices in homecare settings. Connected devices can help with the administration of drugs even in the homecare settings without any errors associated with drug delivery and without the assistance of healthcare providers. Such factors are expected to drive the market in the coming years.
The Bluetooth segment accounted for the largest revenue share of more than 60.0% in 2019 owing to the high usage of Bluetooth technology in drug delivery devices. With the advancements in this technology, the market is expected to witness significant growth. Moreover, the technology is cheaper as well as easily available as compared to NFC and other such technologies, which also boosts the market growth.
The NFC segment is expected to garner the second largest market share as it assists in communicating through the internet as well as mobile apps. Furthermore, for the purpose of drug identification and tracking of drugs, the technology is highly adopted.
The other technologies segment is expected to demonstrate the fastest CAGR of around 54.0%, as these are cellular technologies and prove to be beneficial in transferring data in the connected drug delivery devices. Moreover, these devices overcome the limitations such as the requirement of a hub and a companion device, like in the case of other technologies.
North America dominated the connected drug delivery devices market and accounted for over 34.8% share of the global revenue in 2019. This region is also expected to demonstrate the fastest growth rate owing to the high per capita healthcare expenditure, rapid adoption of the latest technologies and devices, and rising awareness regarding the unfavorable effects of not following medication.
Europe is anticipated to be the second-largest market for connected drug delivery devices owing to the increasing incidence rate of chronic diseases as well as the presence of a huge target population base. In regions such as Asia Pacific (excluding Australia and Japan), Latin America, and MEA, the demand for connected drug delivery devices is expected to remain low in the coming years.
The high cost of these devices is expected to be one of the considerable factors in hindering market growth in these regions. However, with the increasing number of market entrants, the product prices are expected to decrease over time; this will support market development in such countries.
Key Companies & Market Share Insights
The key market leaders are involved in strategic collaborations, acquisitions, and new product launches to sustain the competition. Major market players are signing partnerships with other major healthcare companies to expand in the market. For instance, in June 2020, Propeller Health entered into a partnership with Novartis. According to the partnership, Propeller’s digital health platform will co-package Novartis’ Enerzair Breezhaler to effectively treat patients suffering from asthma.
Furthermore, owing to the on-going COVID-19 pandemic crisis, an increase in consumers’ inclination towards connected drug delivery devices is observed as they can be used without any help from healthcare professionals. Patients and healthcare providers are adopting remote monitoring as well as self-management, which is likely to provide immense opportunities for market players to demonstrate the efficacy and effectiveness of these devices. Some of the prominent players in the connected drug delivery devices market include:
- Propeller Health
- Proteus Digital Health
- Merck KGaA
- Adherium Limited
The large scale Connected Drug Delivery Devices Market report is a thorough and professional report that focuses on primary and secondary drivers, market share, leading segments & geographical analysis. These calculations will provide estimations about how the Connected Drug Delivery Devices Market is going to perform in the forecast years by informing what the market definition, classifications, applications & engagements are. 2020 is the base year while 2019 is the historic year for calculation in the report. Being an excellent in quality, this market research report gains customer confidence and trust. The global Connected Drug Delivery Devices Market research report takes into account key product developments and tracks recent acquisitions, mergers & research in the industry by the top market players.
Report on (2020-2027 Connected Drug Delivery Devices Market Report) mainly covers 12 sections acutely display the global market:
Chapter 1: To describe Connected Drug Delivery Devices Introduction, product scope, market overview, market opportunities, market risk, market driving force.
Chapter 2: To analyze the top manufacturers of Connected Drug Delivery Devices, with sales, revenue, and price of Connected Drug Delivery Devices, in 2010 and 2020.
Chapter 3: Connected Drug Delivery Devices, to display the competitive situation among the top manufacturers, with sales, revenue and market share in 2016 and 2020.
Chapter 4: To show the global market by regions, with sales, revenue and market share of Connected Drug Delivery Devices, for each region, from 2016 Connected Drug Delivery Devices to 2020.
Chapter 5, 6, 7, 8 and 9 To analyze the market by countries, by type, by application and by manufacturers, with sales, revenue and market share by key countries in these regions.
Chapter 10 and 11 To show the market by type and application, with sales market share and growth rate by type, application, from 2014 Connected Drug Delivery Devices to 2020.
Chapter 11 Connected Drug Delivery Devices market forecast, by regions, type and application, with sales and revenue, from 2020 to 2027 Connected Drug Delivery Devices.
Chapter 12: To describe Connected Drug Delivery Devices sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.
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