PUBLISHER: Allied Market Research | PRODUCT CODE: 1140349
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140349
The global connected drug delivery devices market is envisioned to garner $2,095.2 million by 2030, growing from $290.3 million in 2021 at a CAGR of 24.29% from 2022 to 2030.
Connected drug delivery devices are integrated with capabilities that include connectivity to a wide range of digital services. These devices are being developed by various market players with an aim to support superior patient supervision and counselling. Connected drug delivery devices are equipped with several features, such as adherence trackers, dosing remainders, and patient diaries to collect health information. These devices are prominently used in the treatment of asthma, Chronic Obstructive Pulmonary Disease (COPD), diabetes, and other cardiovascular disorders.
The efficiency of drug delivery devices in therapeutic procedures along with rising usage of electronic healthcare devices are anticipated to fuel market expansion for connected drug delivery devices over the forecast period. In addition to this, it is projected that an increase in the prevalence of diabetes, COPD, and asthma will offer a lucrative potential for increasing use of connected drug delivery devices throughout the course of the forecast period.
On the other hand, high cost associated with the research and development proficiencies, limited infrastructural facilities, and imposition of stringent regulations on drug delivery systems are expected to hinder the market growth. Also, lack of favorable reimbursement scenario and technology penetration in the developing economies, availability of low-cost substitutes, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period.
Furthermore, increased public-private funding for targeted research initiatives, rising air pollution levels, and an increase in product innovations and development due to global technological breakthroughs will all create lucrative opportunities for key players in the market throughout the projection period. In the future, the market growth rate will be accelerated due to expanding number of strategic alliances, increasing Internet usage, increasing number of hospitals and laboratories, and rising per-capita expenditure on health care spending. For instance, in February 2022, Aptar Pharma, a global leader in drug delivery systems launched a product Hero Tracker Sense, which is a next generation Metered-Dose Inhaler (MDI) add-on connected device, designed to address patient inhalation technique and adherence. It is designed to help improve the lives of patients around the world suffering from chronic respiratory diseases such as asthma, COPD, cystic fibrosis, and other respiratory conditions caused by COVID-19, to track their MDI usage and facilitate improved adherence to their prescribed therapy.
Global distribution and sales channel disruption due to COVID-19 pandemic could be blamed for the decline in connected drug delivery devices sales. People had to face restrictions such as lockdown, social distancing, and others. During the pandemic, business processes such as production, inventory management, and distribution of goods and services have ceased, which is expected to have a significant impact on the worldwide economy. However, the coronavirus outbreak made the high demand for simple and secure homecare setting medical devices. A healthcare provider is now able to remotely monitor a patient's medicine due to the requirement for online connectivity equipment. Owing to these factors, the COVID-19 pandemic's negative effects were decreased and the market kept expanding gradually.
The key players profiled in the connected drug delivery devices market report include Adherium, BD, Proteus Digital Health, propeller Health, F. Hoffmann-La Roche Ltd, Ypsomed AG, Cohero Health, Inc., West Pharmaceutical Services, Syncro Technology Corp., and AptarGroup Inc.
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