Connected Drug Delivery Devices Market size worth over $2.5bn by 2027

Connected Drug Delivery Devices Market size is set to surpass USD 2.5 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Rapidly developing healthcare infrastructure, rising demand for remote patient monitoring services, and growing acceptance of connected drug delivery devices will positively impact the market growth. Development of technologically advanced medical device by manufacturers will further encourage the market expansion in the coming years. Rising preference for patient-administrated therapy will spur the market progression.
 

The COVID-19 pandemic has slowed the drift of connected drug delivery devices market. The drop in diagnosis and treatment of patients has impacted the industry growth. In addition, with a slight decline in the number of patients towards connected drug delivery devices technologies, companies are also expanding their capabilities to raise awareness and launch new products. This has helped to reduce the downward trend, thereby lowering the impact on the market.
 

The growth of the connected drug delivery devices market is driven by remote patient monitoring services due to its ability to monitor a patient suffering from chronic disease remotely. The increasing prevalence of chronic diseases such as asthma, cancer, and diabetes are anticipated to stimulate the adoption of connected drug delivery devices. Also, the market is witnessing rising demand for independent and patient-administrated therapy by the patients, thereby, impacting the market. Moreover, with the growing trend of remote monitoring, patients can get access to quality care, and reduce high healthcare costs by eliminating unnecessary trips to hospitals and healthcare centers.

High pricing pressure may hamper the market value

High capital expenditure on the connected drug delivery devices may hamper the industry expansion. The implementation of technologically advanced medical system incurs an initially high cost of medical devices. Also, price hikes by pharmaceutical companies have created a potential revenue loss owing to non-adherence. Thus, the high cost associated with the connected drug delivery devices may restrain people to adopt connected drug delivery devices promptly, thereby obstructing the industry progression.
 

Growing usage of connected sensors will propel the segment growth

The connected sensors segment in the connected drug delivery devices market is expected to exhibit 36.9% growth rate, to reach USD 1 billion by 2027. The connected inhalation sensors technology benefits the healthcare professional to measure the airway resistance, amount of dosage, depth, and length of drug inhalation, and others. These technologies help the patient to recover faster and maintain a record of medication.
 

Rising advent of Bluetooth technology will impel the segment expansion

The bluetooth segment is estimated to attain 34.8% CAGR and will cross USD 1.2 billion by 2027. Bluetooth operates in the range of 10-100 m and it is readily available on all smartphones, thus this makes it one of the leading technology for connected drug delivery devices. Bluetooth-enabled drug delivery devices are connected via a smartphone app that stores all the records of medication and alerts the patient through reminders.
 

Browse key industry insights spread across 200 pages with 456 market data tables & 17 figures & charts from the report, “Connected Drug Delivery Devices Market Size By Device Type [Connected Sensors {Connected Inhalation Sensors, Connected Injectable Sensors}, Integrated Devices {Integrated Inhalation Devices, Integrated Injectable Devices,}], By Technology [Bluetooth, Near Field Communication, Wi-Fi], By Application [Anaphylaxis, Respiratory, Cardiovascular, Diabetes, Hormone Replacement], By End-use [Hospital, Clinics, Homecare], COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027 ” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/connected-drug-delivery-devices-market
 

High prevalence of respiratory diseases will boost the market revenue

The respiratory segment accounted for 45.7% of the connected drug delivery devices market share in 2020 led by the increasing prevalence of respiratory diseases such as asthma, COPD, lung cancer, coronavirus, and others. Treatment of respiratory illness requires long-term treatment in which connected drug delivery devices can be very effective in keeping track of drug dose. Furthermore, the rising prevalence of respiratory diseases and infections will significantly fuel the industry demand.
 

Hospital segment will dominate the connected drug delivery devices market growth

The hospital segment captured 28.8% of revenue share in 2020 and will grow at 34.9% CAGR till 2027. The increasing prevalence of chronic diseases like cardiovascular disorders, diabetes, asthma, cancer, and others will increase the demand for connected drug delivery devices in the hospital will accelerate the industry revenue. Additionally, automation of connected drug delivery devices resulted in faster results with minimal errors, and the rising acceptance among the population will further increase the industry value.
 

High penetration of connected drug delivery devices in the European region will upsurge the adoption

Europe connected drug delivery devices market held for over 24% of revenue share in 2020 due to the rise in therapies. The array of drug devices for specific diseases, disabilities is constantly being developed in this region. In addition, the high market penetration of connected drug delivery devices and the existence of favorable health insurance policies is projected to drive the market during the forecast period. Furthermore, major industry leaders are launching new devices to help promote self-administered medication.
 

Companies are focusing on launching various connected drug delivery devices to fuel the market expansion

Prominent players functioning in the market are Adherium, Bayer, Merck, Phillips Medisize, Nemera, BioCorp, Findair, Propeller Health, West Pharmaceutical Services, and Teva Pharmaceuticals. The industry participants undertake various strategic initiatives to gain a competitive edge in the market.