Dublin, April 04, 2023 (GLOBE NEWSWIRE) -- The "Connected Drug Delivery Devices - Market Insights, Competitive Landscape, and Market Forecast - 2028" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow at a steady CAGR forecast till 2028 owing to the increasing prevalence of chronic diseases such as diabetes and improving healthcare it infrastructure across the globe
Globally connected drug delivery devices market is estimated to grow at a CAGR of 23.59% during the forecast period from 2023 to 2028. The demand for connected drug delivery devices is primarily being boosted by the increasing geriatric population and rising prevalence of chronic diseases owing to the growing prevalence of lifestyle disorders.
In addition, the superior outcomes of the connected drug delivery devices such as setting alarms and alerts for the dose administration, continuous examination of the dose regimen and disease condition, and others to improve patient treatment outcomes will lead to an increased demand of the device.
Further, the rising awareness about adherence to prescribed therapies and self-administration of drugs and innovation in product development among others are thereby contributing to the overall growth of the connected drug delivery devices market during the forecast period from 2023-2028.
Connected Drug Delivery Devices Market Dynamics:
The International Diabetes Federation (IDF) Diabetes Atlas Tenth edition 2021 provided the latest figures, which stated that in 2021, approximately 537 million adults (20-79 years) were living with diabetes, globally. Also, the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
The same source stated that more than 1.2 million children and adolescents (0-19 years) across the globe were living with type 1 diabetes, in 2021 and nearly 541 million adults were at increased risk of developing type 2 diabetes. The increasing prevalence of diabetes will increase the demand for insulin patches, pens, infusion pumps, and others; which are a type of connected drug delivery device ultimately driving the overall market growth.
The increasing patient engagement and connectivity due to the rising penetration of the Internet of Things (IoT) in the medical devices sector are likely to bode well for the market growth during the forecast period.
According to a report published by Internet World Stats, in 2021 nearly 5,385,798,406 users were using the internet and in 2022 approximately 7,932,791,734 users were using the internet regularly. The incorporation of the internet with medical devices will, in turn, propel the demand for connected drug delivery devices as these devices are connected to the internet for their smooth flow.
Another important factor driving the market growth is the rising need to improve patient medication adherence. As more patients use connected drug delivery devices, they will be able to manage their treatment more efficiently by reducing the number of visits to clinics and hospitals. Connected devices aid in proper dosage and administration, resulting in a successful treatment without the need for costly secondary interventions. These systems also include reminders and adherence trackers, which make it easier for patients to stick to their medication regimen.
Moreover, various strategic activities such as collaboration, acquisitions, and partnerships, among others are also propelling the market growth. For instance, in May 2021, Eli Lilly and Company collaborated with 4 companies- Glooko Inc., DexCom, Inc., Roche, and myDiabby Healthcare- to advance connected solutions for diabetics in markets outside of the US.
The diabetes management platforms being offered by the companies are expected to be compatible with Lilly's Tempo Pen (available in various markets across the globe) and Tempo Smart Button (in late-stage development) to support diabetes patients.
The connected drug delivery devices market experienced a period of a temporary setback as lockdown restrictions were enforced as a necessary step to curb the spread of COVID-19. The demand for connected drug delivery devices was disrupted owing to the lack of resources, raw materials, and manpower.
However, the demand increased significantly with the availability of connected drug delivery devices over e-commerce platforms. This led to an increased thrust in the manufacturing of connected drug delivery devices. Also, the connected drug delivery devices provided treatment to patients in a homecare setting, thereby avoiding frequent visits to healthcare professionals for dose administration.
The physicians were able to track the dose regimen of a patient regularly through the connected drug delivery devices. Henceforth, the afore-said factors propelled the demand for connected drug delivery devices during the pandemic and are estimated to grow similarly during the forecast period.
Recent Developmental Activities in the Connected Drug Delivery Devices Market:
- In July 2022, Adherium Limited, a leader in respiratory eHealth, remote monitoring, and data management solutions, announced that it has received U.S. Food and Drug Administration (FDA) 510(k) clearance to market application connecting GlaxoSmithKline's (GSK) Ellipta inhaler users with Adherium's new, next-generation Hailie sensor with physiological parameters for monitoring Asthma and COPD medication use.
- In February 2022, Aptar Pharma announced the launch of HeroTracker Sense, a breakthrough digital respiratory healthcare system that transforms a typically metered dosage inhaler into a smart linked healthcare system.
Connected Drug Delivery Devices Market Key Players:
- Findair Sp. z o. o.
- Adherium
- Propeller Health.
- West Pharmaceutical Services, Inc.
- BIOCORP
- Phillips-Medisize
- Merck KGaA
- Novo Nordisk A/S
- Medtronic
- Tandem Diabetes Care, Inc.
- Ypsomed
- Teva Pharmaceutical Industries Ltd.
- Elcam Medical
- Cohero Health, Inc.
- BD
Key Topics Covered:
1. Connected Drug Delivery Devices Market Report Introduction
2. Connected Drug Delivery Devices Market Executive Summary
2.1. Scope of the Study
2.2. Market at Glance
2.3. Competitive Assessment
3. Regulatory Analysis
3.1. The United States
3.2. Europe
3.3. Japan
3.4. China
4. Connected Drug Delivery Devices Market Key Factors Analysis
4.1. Connected Drug Delivery Devices Market Drivers
4.1.1. Rising awareness regarding self-administered therapy
4.1.2. Increased patient connectivity and engagement
4.1.3. Rapidly moving healthcare IT infrastructure
4.2. Connected Drug Delivery Devices Market Restraints and Challenges
4.2.1. Security and data breaching concerns
4.2.2. Environmental concern for the disposal of electronic waste
4.3. Connected Drug Delivery Devices Market Opportunities
4.3.1. Rising demand for telehealth programs integrated with Augmented reality (AR) and Virtual Reality (VR) technologies
4.3.2. Increasing demand for machine learning and artificial intelligence in the healthcare sector
5. Connected Drug Delivery Devices Market Porter's Five Forces Analysis
5.1. Bargaining Power of Suppliers
5.2. Bargaining Power of Consumers
5.3. Threat of New Entrants
5.4. Threat of Substitutes
5.5. Competitive Rivalry
6. COVID-19 Impact Analysis on Connected Drug Delivery Devices Market
7. Connected Drug Delivery Devices Market Layout
7.1. By Product
7.1.1. Connected Sensors
7.1.1.1. Connected Inhaler Sensors
7.1.1.2. Connectable Injection Sensors
7.1.2. Integrated Connected Devices
7.1.2.1. Connected Inhaler Devices
7.1.2.2. Connected Injection Devices
7.2. By Technology
7.2.1. Bluetooth
7.2.2. Near-field communication (NFC)
7.2.3. Others
7.3. By End-User
7.3.1. Healthcare Providers
7.3.2. Homecare
7.4. By Geography
8. Connected Drug Delivery Devices Market Company and Product Profiles
For more information about this report visit https://www.researchandmarkets.com/r/g7nh70
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