Connected Drug Delivery Devices Market
Global Market Analysis and Industry Forecast: 2021-2028
Release Date: February 2022 | Number of Pages: 185 | No. of Charts & Figures: 130 | No. of Tables: 67
REPORT OVERVIEW
The Connected Drug Delivery Devices involve the integration of wireless connectivity such as Bluetooth and NFC with traditional drug delivery devices. Connectivity can be achieved by attaching reusable connected add-on sensors with any existing drug delivery device such as an inhaler and insulin pen device, other options involve integrated connectivity. After establishing the Bluetooth connection, the connected drug delivery devices collect and send the device usage data to the mobile app, and from there to the cloud for further access by the patients, payers, and physicians.
Due to the benefits associated with maintaining device usage records, dose reminders, and providing audio-visual feedback for improving device user experience, the connected drug delivery devices become the innovative solution for user training, remote patient monitoring, improving patient medication adherence rate, and managing chronic diseases such as asthma & COPD, and Diabetes.
The global connected drug delivery devices market was valued at $239.07 million in 2020 and is estimated to reach $1,648.73 million by 2028, registering a CAGR of 24.57% from 2021 to 2028.
Factors that drive the market growth involve, (1) An increase in investment pertaining to healthcare IT infrastructure: For instance, in 2020 venture capital funding in digital health reached $14.8 Billion with a 66% increase from 2019, and telemedicine was the top-funded category with $4.3 Billion.
(2) Rising patient awareness about adherence to prescribed therapies: Currently, up to 30% of prescriptions for treating chronic conditions are never filled, and across major indications, more than 50% of patients stop taking medications within the first year. According to the New England Healthcare Institute, this Non-adherence to prescribed medication translates into USD 290 billion value lost annually in the U.S. alone.
Other factors that boost the market growth involve; the rise in the prevalence of chronic diseases, and increasing demand for patient connectivity and engagement. However, the high cost associated with the devices, and concerns over patient data privacy and transfer are expected to hamper the market growth.
By so far there are currently 6 approved connected drug delivery devices available in the market including smart inhalers solutions provided by Adherium and Propeller Health, and BioCorp's Mallya, a clip-on device for insulin pen devices. Other expected approvals include the BD Libertas™ Wearable injector with the smart option, Ypsomed SmartPilot™, and Flexi-Q eMU-P™, a connected electronically powered auto-injector by Elcam 3D.
The report also presents a detailed quantitative analysis of the current market trends and future estimations from 2021 to 2028. The forecasts cover By 5 Device Types, 2 Product Types, 3 Technology Types, 3 Applications, and 4 Regions.
The report comes with an associated file covering quantitative data from all numeric forecasts presented in the report.
KEY FINDINGS
The report has the following key findings:
The global connected drug delivery devices market accounted for $239 million in 2020 and is estimated to reach $1,648 million by 2028, registering a CAGR of 24.57% from 2021 to 2028.
By Device Type Inhalers segment has accounted for the highest market share in 2020 follows by the Pen and Auto-injector segment.
Add-on Connected Sensors was the largest contributor among the product type segments.
Among the Application type, Asthma and COPD segment is expected to continue its dominance throughout the forecast period.
North America dominated the global connected drug delivery devices market in 2020 and is projected to continue its dominance in the future.
In the Asia Pacific region, China and Japan are expected to grow at the highest CAGR during the forecast period.
TOPICS COVERED
The report covers the following topics:
Market Drivers, Restraints, and Opportunities
Porter's Five Forces Analysis
COVID-19 Impact on connected drug delivery devices industry
Analysis of by Device Type, Product Type, Technology, Application, and Region
20 Company Profiles, Product Portfolio, Financial overview, and Key Strategies
Market analysis and forecasts from 2018 to 2028
Conclusion
COMPANIES COVERED
Adherium Limited
Aptar Pharma
Bayer AG
BD
BioCorp
Credence MedSystems, Inc
Elcam 3D
Enable injections Inc
FindAir
Medmix
Nemera
Owen Mumford
Phillips-Medisize
Propeller Health
Recipharm AB
SHL Group
Stevanato Group
The PARI Group
West Pharmaceutical Services, Inc
Ypsomed Holding
FORECAST SEGMENTATION
By Device Type
Inhalers
Pen and Auto-Injectors
Prefilled Syringes
Wearable Injectors
Others
By Product Type
Add-on Connected Sensors
Integrated Connected Devices
By Technology
Bluetooth
NFC
Others
By Application
Asthma and COPD
Diabetes
Others
By Region
North America: USA, Canada, Mexico
Europe: UK, Germany, France, Italy, Russia, Rest of Europe
Asia-Pacific: China, Japan, South Korea, India, Rest of Asia-Pacific
LAMEA: Brazil, South Africa, Rest of LAMEA
REPORT PRICING
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- Full PDF Report File
- Free Associated Quantitative Data File
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- Unlimited Users Within a Company
- Full PDF Report File
- Free Associated Quantitative Data File
- Free Data Updates