The global connected drug delivery devices market is project worth $718.9 Billion in 2026 and the market is projected to showcase 26.1% CAGR during the forecast period.
The market is driven by increasing penetration of Internet of Things (IoT) in healthcare sector.
|Market||Connected Drug Delivery Devices Market|
|Analysis Period||2015 - 2026|
|Forecast Data||2018 - 2026|
|Segments Covered||By Product, By End-user, By Technology and By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Proteus Digital Health, Propeller Health, Merck, Adherium, and BIOCORP.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation
Increase in acceptance to technology in healthcare sector is the key reason for the growth of the connected drug delivery devices market. Also, supportive government regulation for healthcare sector is positively impacting the growth of the industry and is expected to push the growth during the forecast period.
Connected drug delivery devices technological innovation that has bridged the unsought gap between healthcare and digital technology. The emergence of these ‘healthcare-cum-technology’ devices have addressed the soaring need for better diagnostics and targeted therapeutic tools. It has outpaced the conventional endoscopy by more convenient capsule endoscopy technology, which has now become the standard for non-invasive diagnosis of motility disorders. Moreover, it not only helps physicians in real-time patient monitoring through remote controlling options, but also works as a dose reminder for the patients. Recent success in targeted drug delivery for diseases such as Crohn’s disease, Colitis and Colon cancer has opened new avenues for connected drug delivery devices.
The global connected drug delivery devices market is expected to register substantial growth in the near future, attributed to an increased collaborations between research institutions and companies, licensing agreements and partnerships amongst companies and augmented R&D investment on connected drug delivery devices. Other factors that drive the connected drug delivery devices market are rising prevalence of motility disorders, colon cancer, sedentary lifestyle, encouraging reimbursement environment, high patient compliance due to minimally invasive techniques, targeted drug delivery, and remote patient monitoring. However, factors such as high costs, limited technical knowledge and the patient’s expectations are likely to restrain the growth of the market.
The global connected drug delivery devices market is segmented into four major segment named product, end-user, technology, and region. On the basis of product the connected drug delivery devices market is segmented into connected sensors and integrated connected devices. These connected sensors are further bifurcated into inhaler sensors and injection sensors, and the integrated connected devices is also further segmented into integrated inhaler, and integrated injection. On the basis of the end-user the global connected drug delivery devices market is segmented into healthcare providers and homecare centers. On the basis of technology, the connected drug delivery devices market is segmented into bluetooth, NFC, other technologies (cellular, low power wide area network) On the basis of region the global connected drug delivery devices market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
In 2017, North America captured largest revenue share and the region is projected to continue its dominance over the forecast period as the region is highly active towards the adoption of modern technology. Other reason for the growth of the North America connected drug delivery market are high per capita healthcare expenditure, and increasing awareness about the adverse effects of non-adherence to medication.
Europe is projected to be the second fastest-developing market for connected drug delivery devices. Augmented incidence of chronic diseases and incidence of a huge target population base are the key parameter increasing demand for connected drug delivery devices in the region. Asia Pacific, Latin America, and Middle East and Africa, the need for connected drug delivery devices is anticipated to remain low during forecast period. This is due to less awareness of better healthcare facilities.
The major players associated with the connected drug delivery devices market Proteus Digital Health, Propeller Health, Merck, Adherium, and BIOCORP. Most of these enterprises put emphasis on new product launch and technological expansion, mergers & acquisitions, and strategic partnership activities as part of their commercial development strategies. Players associated with connected drug delivery market are continuously focussing on research and development to cater best to the customer and facilitate best technology to healthcare sector.
Market By Product
Market By Technology
Market By End-user
Market By Geography