The connected drug delivery devices market is proof that technology and healthcare can coexist in harmony, ushering in a new era of patient-centered treatment paradigms. These gadgets, which have connectivity features like Bluetooth and IoT capabilities, give patients more control over their medication regimens while allowing medical professionals to remotely monitor adherence and results. Pharmaceuticals and digital innovation are coming together, and this holds the potential for better therapeutic outcomes, better patient engagement, and more effective healthcare systems.
Connected drug delivery devices have a profound impact on patient adherence to medication regimens. Through reminders, notifications, and real-time feedback, these devices encourage patients to take their medications as prescribed. The interactive nature of these devices fosters a sense of engagement and responsibility, resulting in improved treatment adherence and ultimately better health outcomes.
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According to the analyst of Future Market Insights (FMI), the leading manufacturers of connected drug delivery devices are focusing collaboration with the software companies to assess the cloud data system in their devices.
The global Connected Drug Delivery Devices Market was valued at US$ 330 million in 2021 and is expected to grow to US$ 1.6 billion by 2028, at a CAGR of 23.6%.
One of the significant advantages of connected drug delivery devices lies in their ability to provide real-time data to both patients and healthcare providers. By tracking medication usage, dosage timings, and patient responses, these devices offer valuable insights into treatment efficacy. Healthcare professionals can remotely assess patient progress, adjust treatment plans if necessary, and identify potential issues early, thereby minimizing complications and hospitalizations.
Moreover, it helps the manufacturer to launch the product more conveniently and to enhance their distribution channel. Manufacturers of inhalers to treat asthma and chronic lung disease are racing to develop a new generation of smart devices with sensors to monitor if patients are using their puffers properly.
The companies operating in the global connected drug delivery devices market are OPKO Health Inc., Bayer AG, 3M Company, West Pharmaceutical Services, Inc., and Teva Pharmaceutical Industries Ltd., among others.
Rapidly evolving technologies, for instance, cloud-based computing models, are enabling the healthcare industry towards a transition to a new architecture.
Cloud technology along with advances in mobility and telepresence solutions is expected to create new unwired business models capable of providing healthcare anywhere.
The use of cloud technology will increase, aided by the proliferation of mobile health applications 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 the healthcare business equations and create opportunities for new players to enter the industry.
Growing Demand for Injectable Drug Delivery to Aid Market Growth
The rising preference for injectable drug delivery is anticipated to drive the market for sterile drugs globally. Self-administration of drugs through usage of pre-filled syringes is one of the ways that can help patients to save the fees given to a caregiver. There is an increased demand for large molecule drugs in pre-filled syringes as compared to small molecule drugs in pre-filled syringes
Following this opportunity, the manufacturers are expected to cash in on profits through introduction of smart injectable drug delivery mediums among their portfolio. The progress is expected to be more prominent in the allergic reactions (Anaphylaxis) indication segment. Further, an upsurge in the number of large molecule drugs that need to be manufactured in injectable format is expected to fuel the growth of the market. Likewise, data generated by bioavailability studies is proving to present a definitive relation between pharmacodynamics and pharmacokinetics for such sterile drugs, which is also expected to offer support to the growth of the market.
Mobile applications are also being used for the treatment of patients suffering from Alzheimer, Diabetes, COPD or Asthma. Mobile applications with the use of GPS help to track the patient location. If the patient is travelling away from the home, the caretaker can track the exact location of the patient and also track the consumption of dosage by using mobile application. Most of these applications have been developed for the cloud. Placing the wireless solution on a cloud storage system helps with connectivity issues and makes it easier to communicate across different information regimes.
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Limited Knowledge 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 dearth of awareness among the patients regarding the technology. Moreover, complexity and limited availability of the device further reduces penetration. For instance, interpretation of insulin delivery trend for analysis, is considered to be useful however, because of the complicated user interface, the patients cannot interpret them smoothly. As per the current scenario, such obstacles might directly have an adverse effect on the overall growth of the connected drug delivery devices market.
Key Segments of Connected Drug Delivery Devices Industry Survey Connected Drug Delivery Devices Market by Product Type:
- Inhalation Devices
- Injectable Devices
- Handheld Injectable Devices
- Wearable Injectable Devices
Connected Drug Delivery Devices Market by End User:
- Hospitals
- Clinics
- Home Care
Connected Drug Delivery Devices Market by Application:
- Anaphylaxis
- Cardiovascular
- Diabetes
- Hormone Replacement
- Others
Connected Drug Delivery Devices Market by Technology:
- Bluetooth Drug 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 & Africa (MEA) Connected Drug Delivery Devices Market
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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