The global connected drug delivery devices market size is anticipated to around USD 718.9 billion by 2026, this market is anticipated to grow with 25.2% CAGR during the forecast time period. Surge in technological penetration in healthcare sector is expected to drive the growth of the global connected drug delivery devicesmarket. Also, augmented patient engagement and connectivity due to increasing penetration of(IoT) Internet of Things is anticipated to boot the market over the forthcoming years.
Surge in adoption of advance and improvised healthcare devices are the other reason for the growth of the global connected drug delivery devices market. Apart from this various features such as timely delivery of drug is another factor triggering the market growth.
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Increasing awareness about the antagonistic effects of non-adherence is estimated to surge the connected drug delivery devices industry growth. Awareness regarding the benefits of connected systems over the traditional systems is also anticipated to drive the connected drug delivery devices market growth across the globe over the coming years.
The global connected drug delivery devices market is bifurcated into four major segment named end-user, product, technology, and region. On the basis of the end-user the global connected drug delivery devices market is segmented into homecare centersand healthcare providers. On the basis of product the connected drug delivery devices market is segmented into integrated connected devicesand connected sensors. 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 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 Asia Pacific, North America, Latin America Europe, and Middle East & Africa.
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North America captures the largest revenue share at 35.4% and will continue to retain its dominance position over the forthcoming years. Rapid adoption of progressive devices and technologies and high per capita healthcare expenditure are anticipated to increase the need for connected drug delivery systems in the respective region.High price of connected drug delivery devices is expected to be the one of the substantial factor in hindering the market growth in emerging regions such as MEA, APAC and Latin America. Though, with the growing numeral of market entrants the device prices are anticipated to fall over time; this will backing the market growth in emerging such countries such as India and China.
On the basis of the end-user, the connected drug delivery devices market has been bifurcated into homecare centersand healthcare providers. The healthcare providers sub-segment is capturing the largest revenue share of around 60.1% in 2017 and is anticipated to witness a money-spinning market growth from 2018 to 2026. Growing cases of Chronic Obstructive Pulmonary Disease (COPD), Cardiovascular Diseases (CVDs), diabetes, and other chronic diseases are expected to generate the need for well-organized and effective health record systems. These devices can solve many critical problems by not only observing the drug dosage but also offer delivery feature too, efficiently preserving patient health records.
This in turn is anticipated to add to the device demand, mostly in the homecare settings. Also, increasing geriatric population, which finds trouble in maintaining medication compliance, is expected to boost the adoption of these connected drug delivery devices. As per the United Nations, the worldwide geriatric population was projected to be more than 960 million in 2018. Connected products can support the deliver drugs even in the absenteeism of healthcare providers without any mistakes and henceforth are expected to witness the demand of the product from geriatric patient group.
The key players operating in the global connected drug delivery devices market are Proteus Digital Health, Merck, Adherium, Propeller Health, and BIOCORP. These market participants are investing enormouswealth to revolutionise the product line as the rivalry in the market is growing with rapid pace. Similarly, with varying technology the demand for better healthcare infrastructures are growing, so cater the demand of the customers, market participants are continuously inventing new products.