Connected Drug Delivery Devices Market Size, Share & Trends Analysis Report By Product, By End Use (Healthcare Providers, Homecare), By Technology (Bluetooth, NFC), By Region, And Segment Forecasts, 2020 - 2027
New York, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Connected Drug Delivery Devices Market Size, Share & Trends Analysis Report By Product, By End Use, By Technology, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05982596/?utm_source=GNW
Connected Drug Delivery Devices Market Growth & Trends
The global connected drug delivery devices market size is expected to reach USD 2.5 billion by 2027. The market is expected to expand at a CAGR of 42.4% from 2020 to 2027. Factors contributing to the growth of this market include a rise in awareness regarding adverse effects of non-adherence to medication, and increased adoption of IoT, patient connectivity, and engagement. Moreover, the COVID-19 pandemic has further accentuated the need for “contactless” services, thereby providing lucrative growth opportunities in the coming few years.
The instruments can help physicians to monitor compliance of patients to the therapy prescribed by them as well as to modify the treatment of the patient as required. Growing initiatives in order to create awareness regarding the complexities caused by overdosage or under-dosage of medicines are expected to promote the adoption of the instrument.
Patients with chronic diseases such as asthma and diabetes are facing challenges in managing medications, adherence to prescriptions, visiting healthcare providers, and maintaining a balanced diet.Connected drug delivery devices can be useful for self-management.
These instruments can aid in patient adherence to prescribed treatments during the COVID-19 pandemic, which is likely to significantly increase their adoption.
Major market players are collaborating via partnerships to enhance their market presence.For instance, in July 2020, BioCorp signed a distribution contract with Roche Diabetes Care France.
As per the agreement, Roche will distribute Mallya to pharmacies in France and will integrate it into its digital ecosystem.
Connected Drug Delivery Devices Market Report Highlights
• The connected sensors segment dominated the overall revenue share as of 2019 and is projected to show a CAGR of over 40.9% from 2020 to 2027. Low cost of these sensors in comparison with integrated devices, resulting in high adoption of these sensors, is expected to drive the market
• North America held the dominant share as of 2019, due to the quick adoption of the latest technologies as well as devices
• The industry participants are focusing on investing in acquisitions, collaborations, product launch, and partnerships to gain a competitive edge
• The healthcare providers category held the majority of the revenue share of around 60.0% in 2019 owing to the rising prevalence of various chronic diseases
• The Bluetooth segment is expected to garner around 70.0% of the market share owing to its ease of availability and less price
• In Asia Pacific, the market is anticipated to witness lucrative growth of around 42.6% owing to the presence of emerging economies such as Japan and India and increasing healthcare expenditure
• In May 2020, Propeller Health received US FDA approval for its Symbicort Inhaler, which connects patients with a digital platform
Read the full report: https://www.reportlinker.com/p05982596/?utm_source=GNW
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