The global connected drug delivery devices market size is expected to reach USD 2.5 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 42.4% from 2020 to 2027. Factors contributing to the growth of this market include a rise in awareness regarding adverse effects of non-adherence to medication, and increased adoption of IoT, patient connectivity, and engagement. Moreover, the COVID-19 pandemic has further accentuated the need for “contactless” services, thereby providing lucrative growth opportunities in the coming few years.
The
instruments can 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. Growing initiatives in order to create awareness regarding the
complexities caused by overdosage or under-dosage of medicines are expected to
promote the adoption of the instrument.
Patients
with chronic diseases such as asthma and diabetes are facing challenges in
managing medications, adherence to prescriptions, visiting healthcare
providers, and maintaining a balanced diet. Connected drug delivery devices can
be useful for self-management. These instruments can aid in patient adherence
to prescribed treatments during the COVID-19 pandemic, which is likely to
significantly increase their adoption.
Major
market players are collaborating via partnerships to enhance their market
presence. For instance, in July 2020, BioCorp signed a distribution contract
with Roche Diabetes Care France. As per the agreement, Roche will distribute
Mallya to pharmacies in France and will integrate it into its digital ecosystem.
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Connected Drug
Delivery Devices Market Report Highlights
- The connected sensors
segment dominated the overall revenue share as of 2019 and is projected to
show a CAGR of over 40.9% from 2020 to 2027. Low cost of these sensors in
comparison with integrated devices, resulting in high adoption of these
sensors, is expected to drive the market
- North America held the
dominant share as of 2019, due to the quick adoption of the latest
technologies as well as devices
- The industry participants
are focusing on investing in acquisitions, collaborations, product launch,
and partnerships to gain a competitive edge
- The healthcare providers
category held the majority of the revenue share of around 60.0% in 2019
owing to the rising prevalence of various chronic diseases
- The Bluetooth segment is
expected to garner around 70.0% of the market share owing to its ease of
availability and less price
- In Asia Pacific, the market
is anticipated to witness lucrative growth of around 42.6% owing to the
presence of emerging economies such as Japan and India and increasing
healthcare expenditure
- In May 2020, Propeller
Health received US FDA approval for its Symbicort Inhaler, which connects
patients with a digital platform
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Connected Drug
Delivery Devices Market Segmentation
Grand View Research has segmented
the global connected drug delivery devices market on the basis of product, end-use,
technology, and region:
Connected Drug
Delivery Devices Product Outlook (Revenue, USD Million, 2016 - 2027)
- Connected Drug Delivery
Devices
- Connected Sensors
- Connected Inhaler Sensors
- Connectable Injection
Sensors
- Integrated Connected
Devices
- Connected Inhaler Devices
- Connected Injection
Devices
Connected Drug
Delivery Devices End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Healthcare Providers
- Homecare
Connected Drug
Delivery Devices Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Bluetooth
- NFC
- Other Technologies
Connected Drug
Delivery Devices Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players
of Connected Drug Delivery Devices Market
- Propeller Health
- Proteus Digital Health
- BioCorp
- Merck KGaA
- Adherium Limited
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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