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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.

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. 

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.

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.

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.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Connected Drug Delivery Devices Market

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