Connected Drug Delivery Devices Market
Connected drug delivery devices are the wireless connected and smart electronic devices that allow patient-administrated therapy. Primarily, these devices are equipped with a sensor that offers various features such as adherence trackers, dosing remainder, and patient education tools. Also, these devices are used for the treatment of various diseases such as multiple sclerosis, diabetes, liver & renal transplant recipients, hepatitis C, hypertension, asthma, tuberculosis, and clinically isolated syndrome. Modern drug delivery devices when compared with the traditional devices are much more sophisticated. Many of these devices are packed with electronics and sensors that allow in tracking dose delivery & timing and offer instant feedback to patients. This help the patients to know whether a dose has been successfully delivered or not. Many devices available today are also connected to apps and programs, either through wireless connectivity or cables that allow data transfer.
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Nowadays, people are nearly managing every aspect of day-to-day lives online with computers at their fingertips. Meanwhile, the pharmaceutical and med-tech industries are looking for ways to assist people stay on top of their treatment regimens and thereby improve outcomes.
A number of companies believe that by combining their drug delivery systems or medical devices with connected capabilities, can help in boosting patient compliance & learn more about the products available in the market. However, developing a connected drug delivery devices comes with a unique set of challenges.
Drug delivery devices are specialized tools used for delivering drugs or therapeutic agents through a specific route of administration. Connected drug delivery devices are broadly used by health care professionals and patients. They are designed to perform multifunctional tasks. They help patients in recording dosing pattern and remind them about dose timings. Moreover, they educate and engage patients, thus helping them increase adherence and improve their medical knowledge and literacy. They also help patients with other issues related to medication management. Connected drug delivery devices are patient-centric, quick, user-friendly, efficient, and easily accessible.
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According to the WHO, the number of people aged 60 years or above is expected to increase from 900 million to 2 billion between 2015 and 2050. In terms of percentage, it is an increase from 12% to 22% of the total global population. The population is ageing at a more rapid pace than in the past.
According to a report in the 2014-15 national health survey by The Department of Health of the Australian government, one in every two Australians has at least one notable chronic condition. The conditions include arthritis, back pain, asthma, cancer, chronic obstructive pulmonary disease, cardiovascular disease, diabetes, and mental health conditions.
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Key drivers of the connected drug delivery devices market include rise in the geriatric population, increase in the incidence of chronic disease, rise in preference for injectable drug delivery, increase in demand for drugs comprising large molecules in pre-filled syringes, rise in the usage of self-administration of drugs via connected drug delivery device, increase in the use of mobile-based health applications, inclination toward cloud-based computing models. However, insufficient reimbursement policies in emerging countries, high cost of connected drug delivery devices, and lack of awareness among patients regarding technological advancements are expected to hinder the connected drug delivery devices market.
The global connected drug delivery devices market can be segmented based on product, technology, end-user, and region. In terms of product, the connected drug delivery devices market can be classified into connected sensors and integrated connected devices. The connected sensors segment can be further divided into injection sensors and inhaler sensors. The integrated connected devices segmented can be further categorized into integrated inhalers and integrated injection. The connected sensors segment is expected to dominate the market, due to the easy availability and cost-effectiveness of connected sensors. Based on technology, the connected drug delivery devices market can be segmented into Bluetooth, NFC, and others (including cellular, low power wide area network). The Bluetooth segment is expected to lead the market in the coming years. In terms of end-user, the market can be classified into hospitals, homecare, and clinics. The homecare segment is expected to be a rapidly expanding segment due to a rise in preference for homecare settings or point-of- contact (PoC) care.
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Based on region, the global connected drug delivery devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is expected to lead the market during the forecast period. This can be attributed to rapid adoption of advanced technologies and devices, increase in awareness among people about the unfavorable effects of non-adherence to medication, and rise in health care expenditure. Europe is anticipated to be a prominent region of the market, owing to an increase in the prevalence of chronic diseases, willingness of consumers to invest in well-being, and development of rapid data networks.
Key players operating in the global connected drug delivery devices market are Bayer AG, Phillips-Medisize, Aterica Inc., Panasonic Corporation, West Pharmaceutical Services, Inc., Proteus Digital Health, Merck KGaA, Cohero Health, Inc., Sagentia, CeQur SA, and Qualcomm Technologies, Inc. To achieve a competitive advantage in the connected drug delivery devices market, key players are involved actively in different growth strategies such as partnerships, collaborations, agreements, and new product development.
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