Connected Drug Delivery Devices Market Expected to Reach $1,119.3 Million by 2027, at a Growing CAGR of 24.6% - Research DiveDownload Sample Reports Overview
According to a study of Research Dive, the global connected drug delivery devices market forecast shall cross $1,119.3 million by 2027, growing at a CAGR of 24.6%.
Connected Drug Delivery Devices Market Analysis:
The connected drug delivery devices mainly deal with patient’s health issues like treatments, medications, and disease management protocols. The connected drug delivery devices are primarily equipped with a sensor that transfers the data to application/ servers via Bluetooth, Near Field Communication (NFC), or any other connectivity platforms.
Impact Analysis of COVID-19 on Connected Drug Delivery Devices Market:
The global health emergency brought by the spread of coronavirus disease (COVID-19) has created a dramatic impact on the global marketplace. The crucial processes of industries such as logistics & supply-chain, manufacturing of the products, and other activities are disrupted due to communal transmission of the coronavirus. However, the pandemic of the disease may create a considerable impact on the global connected drug delivery devices industry. Leading players operating in the global connected drug delivery devices industry are following strategies such as strategic collaboration, product development, and business expansion, amid the COVID-19 apocalypse. For instance, in April 2020, Aptar Pharma, the largest player in drug delivery systems, announced the alliance with Sonmol, a significant Chinese digital respiratory therapeutics venture, to develop the digital platform for the treatment of chronic respiratory illnesses. The focus of this collaboration will be on to develop connected drug delivery devices for chronic obstructive pulmonary disease (COPD) and asthma suffering patients. These initiatives may offer enormous opportunities for the global connected drug delivery devices market, during the COVID-19 pandemic period.
The extensive growth of the global connected drug delivery devices market is mainly driven by the rising cases of chronic disorders such as diabetes, asthma, and COPD (chronic obstructive pulmonary disease). For example, as per the study conducted by the World Health Organization (WHO), approximately 90% of COPD deaths occur in the low and middle-income nations. These factors are expected to increase the demand for connected drug delivery technologies, in the forecast period. Moreover, organizations operating in connected drug delivery devices market are launching new products to gain a prominent position in the global industry. For example, in November 2019, LOG pharma, has made an announcement to release IoT-based ‘ActiveGuard’ a smart device to address the issue of lack of patient adherence to prescribed medications. These factors may help the global connected drug delivery devices market to generate noteworthy revenue in the analysis period.
On the other hand, the higher costs associated with advanced connected drug delivery devices is one of the major restraining factors for the global market. Furthermore, lack of awareness among patients about the recent technologies and lower technology penetration in the emerging and low-income economies are anticipated to decrease the demand for connected drug delivery devices market, throughout the projected period.
Contrary to this, The significantly rising adoption of state-of-the-art technologies in the connected drug delivery devices is expected to generate noteworthy revenue, throughout the analysis period. The leading players involved in the connected drug delivery device market are implementing recent technologies to develop highly effective connected drug delivery devices. For instance, in October 2018, Phillips-Medisize, has announced that they have launched a ‘cloud-based data system’ particularly for the drug delivery device developers. Such technological upgradations in the connected drug delivery devices may lead to offer extensive market opportunities in the future.
The inhalation devices shall generate a revenue of $467.1 million by the end of 2027, increasing at a CAGR of 25.2%, during the forecast period. Increasing strategic tie-ups amongst the ventures along with their heavy spendings in technology innovations are predicted to fuel the growth of the sub-segment, during the review period. Also, the growing patients of COPD and asthma are also bolstering the sub-segment growth. The injectable devices have a significant market share and shall generate a revenue of $652.2 million by 2027, rising at a CAGR of 24.2%, in the review period. Increasing the prevalence of cancer, diabetes may lead to driving the global market, in the analysis timeframe. Furthermore, many companies are coming forward with strategic product launching, to sustain in the global market. For instance, in June 2018, Noble, the pioneer in the development of a patient-centric advanced drug delivery system has announced that they have released AdhereIT, a connected device platform, which is developed to help improve patient experiences by offering real-time feedback for autoinjector training. These factors and advancements are anticipated to propel the growth of the sub-segment, during the analysis period.
The Bluetooth-based connected drug delivery devices market has a lucrative market share, and it will register a revenue of $733.0 million by 2027, rising at a CAGR of 24.8%, in the projected timeframe. The widespread availability of cost-effective connectivity access to smartphones is one of the major factors for the growth of the sub-segment, in the forecast period. Furthermore, the heavy spendings by established players coupled with ongoing research activities on the Bluetooth enabled drug delivery technologies is anticipated to propel the growth of the sub-segment, during the forecast timeframe. The NFC connected drug delivery devices market shall surpass $290.3 million by 2027, increasing at a healthy CAGR of 25.2%; this mainly owing to the extended battery life, excellent accuracy, and superior data transmission.
The hospitals shall be the fastest-growing sub-segment in the global market, and it is expected to register a significant revenue, throughout the forecast timeframe. increased rate of hospital admissions, developing healthcare infrastructure, and the rising cases of patients with chronic illness are expected to drive the sub-segment, in the projected timeframe. On the other hand, connected drug delivery devices market for homecare settings end-user is expected to surge at a CAGR of 26.2% by generating revenue of $313.5 million by 2027; this is due to technology boom in healthcare settings such as integration of AI and IoT.
The connected drug delivery devices market for the Asia-Pacific region will cross $190.3 million by 2027, increasing at a CAGR of 26.3%. Established companies are emphasizing more on collaboration to develop highly advanced connected drug delivery devices. For example, in April 2020, Sonmol company has announced to collaborate with the Aptar group to focus on the connected drug delivery solutions for asthma and COPD (chronic obstructive pulmonary disease) illness. These key factors driving the connected drug delivery devices market in the Asia-Pacific region.
North-America’s connected drug delivery devices market is projected to grow at a CAGR of 23.6% by generating revenue of $436.5 million by 2027. The presence of leading players such as BD., West Pharmaceutical Services, and Cohero Health, Inc. and their heavey investments in R&D and innovation may lead to flourish the connected drug delivery devices market in the region.
The major ventures in connected drug delivery devices market are AptarGroup Inc., Adherium, Proteus Digital Health, BD, F. Hoffmann-La Roche Ltd, propeller Health, Cohero Health, Inc., Ypsomed AG, Syncro Technology Corp., and West Pharmaceutical Services. To emphasize more on the competitive landscape analysis of established enterprises, the Porter’s five force model is explained in the report.
Porter’s Five Forces Analysis for Connected drug delivery devices market:
- Bargaining Power of Suppliers: The number of suppliers operating in the global market for connected drug delivery devices is higher.
Thus,the switching cost from one supplier to another supplier is projected to be less.
The bargaining power of suppliers is MODERATE.
- Bargaining Power of Buyer: The dependency of connected drug delivery technologies is rising at a constant speed.
Therefore, the number of buyers of connected drug delivery devices is high.
Thus, the bargaining power of the buyer is MODERATE
- The Threat of New Entrants: The high cost of the connected drug delivery devices along with high price war in the key players may offer a less threat of new entrants.
Thus, the threat of new entrants is LOW.
- The Threat of Substitutes: There is no any substitute product available in the global market for the connected drug delivery devices.
Thus, the threat of substitutes is LOW
- Competitive Rivalry in the Market: Key players involved in the connected drug delivery devices market are mainly adopting technological innovations, product introduction, and strategic partnerships to grow in the global market.
Thus, the Competitive Rivalry in the Market is HIGH.