Connected Drug Delivery Devices Market - Growth, Trends, and Forecasts (2023 - 2028)

Connected Drug Delivery Devices Market - Growth, Trends, and Forecasts (2023 - 2028)

The Connected Drug Delivery Devices Market is expected to register a CAGR of 40.2% during the forecast period. The increasing patient engagement and connectivity due to the rising penetration of the Internet of Things (IoT) in the medical devices sector is likely to bode a well for the market growth. According to a report published "Internet World Stats", as of September 2020, there are approximately 4.92 billion people, i.e. about 60% of the world’s population, is an active internet user.

Connected drug delivery devices are found to help the physicians to modify the treatment of the patient as required as well as to monitor compliance of patients to the therapy prescribed by them. A rising number of initiatives to create awareness regarding the complexities caused by under-dosage or overdosage of medicines is expected to propel the adoption of connected drug delivery devices. Hence the increasing awareness about the ill effects of non-adherence is likely propel the market growth.

Furthermore, increasing awareness regarding the benefits of connected systems over conventional systems is further expected to augment the product demand, thereby driving the market over the forecast period.

The home care segment is estimated to register a significant growth rate over the forecast period. With the increasing cases of Cardiovascular Diseases (CVDs), diabetes, Chronic Obstructive Pulmonary Disease (COPD), and other chronic diseases, which require proper maintenance of health records of the patient is likely to fuel the segment growth in upcoming years.

• As per the data published by the Centers for Disease Control and Prevention (CDC), as of September 2020, there are around 655,000 Americans that were suffering from cardiovascular disorders every year. Thus, it will increase the adoption of connected drug delivery devices in homecare settings. Connected devices can help with the administration of drugs even in the homecare settings without any errors associated with drug delivery and without the assistance of healthcare providers. Such factors are expected to drive the market in the coming years.

North America is anticipated to be the largest market for connected drug delivery devices owing to the rising incidence rate of chronic diseases as well as the presence of a huge target population base. As per the Asthma and Allergy Foundation America, in 2020, there are more than 25 million Americans that are found having asthma. This is 7.7 percent of adults and 8.4 percent of children. Asthma has been increasing since the early 1980s in all age, sex, and racial groups. Therefore, in such cases, connected drug delivery systems prove to be beneficial for the improvement of patient adherence in the direction of prescribed medications by physicians, hence driving the regional market.

In addition, the high per capita healthcare expenditure, rapid adoption of the latest technologies and devices, and rising awareness regarding the unfavorable effects of not following medication are driving the regional growth.

The key market players are involved in strategic collaborations, acquisitions, and new product launches to sustain the competition. Some of the prominent players in the connected drug delivery devices market are Propeller Health, Proteus Digital Health, BioCorp, Merck KGaA, Adherium Limited among others. Major market players are signing partnerships with other major healthcare companies to expand in the market. For instance, in June 2020, Propeller Health entered into a partnership with Novartis. By entering into the partnership, Propeller’s digital health platform will co-package Novartis’ Enerzair Breezhaler to effectively treat patients suffering from asthma.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support