Connected Drug Delivery Devices Market Expected to Reach US$1.6 Billion by 2028
Moreover, it helps the manufacturer to launch the product easier and improve their distribution channel. Makers of inhalers to treat asthma and chronic lung disease are racing to develop a new generation of smart devices with sensors to monitor whether patients are using their inhalers correctly.
Companies operating around the world connected drug delivery device market are OPKO Health Inc., Bayer AG, 3M Company, West Pharmaceutical Services, Inc. and Teva Pharmaceutical Industries Ltd., among others.
Rapidly evolving technologies, for example cloud-based computing models, are enabling the healthcare industry to transition to a new architecture.
Cloud technology along with advances in mobility and telepresence solutions are expected to create new wireless business models capable of delivering healthcare anywhere.
The use of cloud technology will increase, aided by the proliferation of mobile health apps to collect and send vital signs from wireless and wired remote patient and personal health monitoring devices. Cloud-based platforms and new IT service models will fundamentally change healthcare business equations and create opportunities for new players to enter the industry.
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Rising Demand for Injectable Drug Delivery to Drive Market Growth
The growing preference for injectable drug delivery is expected to drive the global sterile drug market. Self-administering medication through the use of pre-filled syringes is one way that can help patients save caregiver fees. There is an increased demand for large molecule drugs in prefilled syringes compared to small molecule drugs in prefilled syringes
Following this opportunity, manufacturers are expected to reap the benefits through the introduction of smart injectable drug delivery means into their portfolio. Progress should be greater in the segment of indications for allergic reactions (anaphylaxis). Additionally, an increase in the number of large molecule drugs to be manufactured in injectable form is expected to fuel the growth of the market. Likewise, data generated from bioavailability studies are found to exhibit a definitive relationship between pharmacodynamics and pharmacokinetics for these sterile drugs, which is also expected to offer support for market growth.
Mobile applications are also used for the treatment of patients suffering from Alzheimer’s, diabetes, COPD or asthma. Mobile apps using GPS help in tracking patient location. If the patient is traveling away from home, the caregiver can track the patient’s exact location and also track the dosage consumption using a mobile app. Most of these applications have been developed for the cloud. Placing the wireless solution on a cloud storage system helps solve connectivity issues and facilitates communication between different information regimes.
Limited awareness and adoption rate among patients to hinder growth rate
The deployment of connected drug delivery devices is not yet widely promoted within the public health system. This is attributed to the high cost of the product, limited reimbursement, and lack of patient awareness of the technology. In addition, the complexity and limited availability of the device further reduce penetration. For example, the interpretation of insulin delivery trend for analysis is considered useful, but due to the complicated user interface, patients cannot interpret them fluently. According to the current scenario, such hurdles may have a direct negative effect on the overall growth of the Connected Drug Delivery Devices Market.
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Key Segments of the Connected Drug Delivery Devices Industry Survey Connected Drug Delivery Devices Market by Product Type:
- Inhalation devices
- Injectable devices
- Portable injectable devices
- Portable injectable devices
Connected Drug Delivery Devices Market by End User:
- Home Care
Connected Drug Delivery Devices Market By Application:
- Hormonal replacement
Connected Drug Delivery Devices Market By Technology:
- Bluetooth Medication Delivery Devices
- Near Field Communication Drug Delivery Devices
Connected Drug Delivery Devices Market by Region:
- North America Connected Drug Delivery Devices Market
- Latin America Connected Drug Delivery Devices Market
- Europe Connected Drug Delivery Devices Market
- East Asia Connected Drug Delivery Devices Market
- South Asia & Pacific Connected Drug Delivery Devices Market
- Middle East and Africa (MEA) Connected Drug Delivery Devices Market