The Global Connected Drug Delivery Devices Market- Growth, Trends, COVID-19 impact and Forecast (2021-2025)
The Connected Drug Delivery Devices Market is segmented by Product type (Connected Sensors and Integrated Connected Devices); Technology (Bluetooth, NFC and Others); End-users (Healthcare Providers and Homecare); Geography (North America, Europe, APAC and ROW).
Introduction
The connected drug delivery products help in addressing patient’s issues associated with disease management protocols, treatments, and medications. Connected drug delivery is one of the emerging solutions equipped with a sensor that facilitates connection and transfer of data to servers/applications via near field communication (NFC), Bluetooth, or cellular networks.
The major factors driving the market growth include the rising burden of chronic diseases due to lifestyle changes, the rising geriatric population, and the growing demand for home-based monitoring devices.
On the other hand, the shortage of sustaining the data’s safety and secrecy, higher cost of connected drug delivery devices is obstructing the growth
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for remote patient monitoring market is likely to increase during this pandemic period. These technologies are mainly helpful in safely tracking the COVID-19 patients and suspected cases.
Table of Contents
Market Overview
The Global connected drug delivery devices market is expected to have incremental growth of $1119.40 million during 2020-2025
Growth momentum is expected to accelerate during the forecast period with a 43.52% CAGR.
The rising geriatric population, cost benefits of telehealth and remote patient monitoring, advancements in telecommunications, growing incidences of chronic diseases are boosting the market growth.
North America is dominating the global connected drug delivery devices market.
Key Trends
Increasing utilization of connected drug delivery devices solutions for personalized patient engagement
High utility of connected drug delivery devices in combating infectious diseases and epidemics
Increasing number of programs and initiatives aimed at spreading awareness about the benefits of adherence to therapies prescribed by physicians will also support market growth.
Key Market Players
Some of the key players in the market are ResMed, BIOCORP, Merck, Teva Pharmaceutical Industries, cohere health, Adherium.
The market is highly competitive owing to the rise in demand for connected drug delivery solutions and services coupled with technological advancements, which is likely to boost the entry of new companies. Mergers & acquisitions, strategic alliances, collaborations and extensive R&D in this area are some of the initiatives being undertaken by key companies to increase their market shares.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, increasing utilization of connected devices and telehealth apps for the management of chronic diseases
Increasing penetration of IoT enabled devices is also driving the market growth
Robust penetration of 3G and 4G networks for uninterrupted healthcare services.
Data security and privacy concerns are some of the factors that may hinder the adoption of this platforms, thereby limiting the market growth. Data breaches, configuration changes, or accessibility issues to sensitive information are impeding the growth of the market
Unawareness regarding various advance technologies and electronic devices among general population is another factor expected to hinder growth
Higher cost of connected drug delivery devices is a major factor expected to hamper growth of the global connected drug delivery devices market to the certain extent