The global Connected Drug Delivery Devices Market size is expected to reach USD 4.07 billion by 2028 registering a CAGR of 46.7%, according to a new report by Grand View Research, Inc. Factors contributing to the growth of this market include a rise in awareness about the adverse effects of non-adherence to medication and increased adoption of IoT, patient connectivity, and engagement. The Covid-19 pandemic has further accentuated the need for “contactless” services, thereby increasing the demand for connected drug delivery devices as well as providing lucrative growth opportunities in the coming years.
Connected drug delivery devices help physicians to monitor the compliance of patients to the therapy prescribed by them as well as to modify the treatment of the patient treatment as required. A growing number of initiatives to create awareness regarding the complexities caused by overdosage or underdosage of medicines is expected to promote the adoption of connected drug delivery devices.
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 devices can aid in patient adherence to prescribed treatments, 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, Teva Respiratory, LLC, a U.S.-based affiliate of Teva Pharmaceutical Industries Ltd., launched the ProAir Digihaler inhalation powder. The device is a digital rescue inhaler with built-in Bluetooth wireless technology sensors for the treatment or prevention of bronchospasm.
Related Press Release @ Connected Drug Delivery Devices Market Report
Connected Drug Delivery Devices Market Report Highlights
- The connected sensors product segment dominated the overall market in 2020 and is projected to expand further at a steady CAGR from 2021 to 2028
- The growth of this segment is attributed to the lower prices of connected sensors than integrated connected devices
- North America held the dominant share in 2020 due to the quick adoption of the latest technologies as well as devices
- The industry participants are focusing on investing in acquisitions, collaborations, product launches, and partnerships to gain a competitive edge
- In June 2020, Propeller Health entered into a partnership with Novartis. Through this, Propeller’s digital health platform co-packaged Novartis’ Enerzair Breezhaler for effective treatment of asthmatic patients
- The healthcare providers end-user segment accounted for the majority of the revenue share in 2020 owing to the high prevalence of various chronic diseases
- The Bluetooth technology segment is expected to lead the global market, in terms of revenue share, owing to the easy availability and low price of this technology
- Asia Pacific is anticipated to witness steady growth from 2021 to 2028 due to the presence of emerging economies like Japan and increasing healthcare expenditure