According to analysts at Zion Market Research, the global connected drug delivery devices market was capitalized at USD 219.12 Million in 2019 and is projected to grow at a CAGR of over 25.6% in the forecasted period. The amplified patient engagement and connectivity due to increasing penetration of IoT (Internet of Things) is anticipated to propel the market in the forecasted period. The non-compliance to prescribed medicines is a key factor for augmented healthcare costs and disease burden. The impact of non-compliance can comprise suboptimal patient outcomes, lower product consumption, and decreased drug sale. The connected drug delivery systems are utilized for advancing patient adherence toward prescribed medicines by physicians.
Some of the leading players in the market are Proteus Digital Health, BD, F. Hoffmann-La Roche Ltd., Cohero Health, Inc., West Pharmaceutical Services, Adherium, Propeller Health (A ResMed Company), and Ypsomed Holding.
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The Rising Prevalence Of Chronic Diseases Is Expected To Expand The Global Connected Drug Delivery Devices Market
The augmenting prevalence of chronic diseases, like COPD, asthma, and diabetes globally is creating a considerable amount of likelihood for the development of the connected drug delivery devices market. For example, as per a study led by the GBD (Global Burden of Disease), during 2015, the occurrence of COPD surged by almost 14.9 % during 1990–2015. In addition, there is a steady shift of inclination to the connected drug delivery devices from manual drug delivery devices due to their control of superior benefits. The increasing prominence on preventive care is one of the major factors expected to impel the acceptance of connected drug delivery devices in the forecasted period.
The global connected drug delivery devices market is bifurcated on the basis of type, technology, end-user, and regional analysis. Based on the type, the market is divided into inhalation devices, injectable devices, and others. Based on the technology, the market is divided into NFC (near field communication), Bluetooth, and others. Based on end-user, the market is divided into home care settings and hospitals.
North America Region To Witness Major Spur In The Global Connected Drug Delivery Devices Market
Based on the geographical analysis, the global connected drug delivery devices market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North America region during 2018 generated revenue of USD 252.7 million and is likely to rule the market throughout the estimated period. The highly advanced healthcare infrastructure and surged healthcare spending, the presence of leading market players, and considered partnerships are the key aspects attributable to the supremacy of this region in the market. Across the Asia Pacific region, increasing awareness concerning cost benefits, connected drug delivery devices, and rapid implementation of medical technology in India, China, etc. are generating massive opportunities for the expansion of the market.
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The global connected drug delivery devices market is segmented as follows:
- Injectable Devices
- Inhalation Devices
- NFC (Near Field Communication)
- Homecare Settings
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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