Connected drug delivery devices reminds and records patients dosing pattern and makes it available to healthcare professionals for meaningful insight generation about the patient condition. Connected drug delivery devices helps in addressing the patient compliance issues with the drug therapy, diseases management protocols which are primary concern to the healthcare and pharmaceutical industry. For life style, metabolic, and chronic diseases patient compliance to therapy plays pivotal role in over all patients Quality of Life (QoL). Connected drug delivery devices gaining much demand among healthcare professionals and pharmaceutical companies owing to devices effect on improved adherence to the treatment protocol. Connected drug delivery devices have significant effect on drug formulation design, drug delivery decisions, and physician prescribing pattern. Connected drug delivery devices market value chain consist of Original Equipment Manufacturers (OEM), pharmaceuticals or medical devices manufacturers, prescribers, and patients.
Connected drug delivery devices market is driven by increasing prevalence of chronic diseases like diabetes, cardiovascular disease, and cancer etc. coupled with rising compliance to the treatment owing to use of these devices. Connected drug delivery devices helps caregivers to access the patient self-administration data, reported outcomes, takes feedback on user experience which yields better revenue growth for the connected drug delivery devices market over the forecast period. In addition, increased interest of pharmaceutical or medical devices companies to increase consumer compatibility and application is expected to boost the revenue growth of connected drug delivery devices market over the forecast period. However, increased per-patient cost for treatment, difficulties in patient acceptance and training, hurdles in regulatory approvals, and data security and privacy issues may impact the connected drug delivery devices market revenue growth negatively over the forecast period.
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Connected drug delivery devices market has been segmented on the basis of technology, application, connected devices, end user and region.
Based on the technology, the connected drug delivery devices market is segmented into the following:
- Smart Phone Apps
- Near Field Communication
- Emergency Technologies
Based on the application, the connected drug delivery devices market is segmented into the following:
- Autoimmune Diseases
- Hormones Replacement
- Upper Respiratory Diseases
Based on the connected devices, the connected drug delivery devices market is segmented into the following:
- Inhalation devices
- Injection Devices
- Handheld Devices
- Wearable Devices
- Solid Dosage Forms
Based on end user, the connected drug delivery devices market is segmented into the following:
- Homecare Settings
Connected drug delivery devices market is undergoing market changes due to competition among key service/product providers who are scaling up service offering and global capabilities for gaining market share. Majority Pharma company’s activities are surrounding on drug delivery devices for chronic diseases. Connected drug delivery devices market is set to affect by increasing biologics/biosimilars in the market along with patent expiries of several injectable drugs in the foreseeable future. By technology type, sub segment such as smart phone based apps in the global connected drug delivery devices market is expected to grow in positive traction owing to increasing penetration of internet and rising usage of smart phones for day to day activities.
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Geographically, connected drug delivery devices market is segmented into regions viz. North America, Latin America, Europe, Asia Pacific and Japan, Middle East and Africa. North America and Europe region is projected to maintain its lions share over the forecast period. Advanced healthcare infrastructure, availability of diverse patient pool is expected to propel the demand for connected drug delivery devices during the forecast period in the above mentioned region. Asia Pacific region is expected to be the moderately growing regional market. Growing healthcare facilities, increased healthcare awareness, and conducive regulatory environment, and increased internet penetration in countries like India and China are mainly generating the demand for connected drug delivery devices in the region.