The global connected drug delivery devices market size is expected to reach USD 717.7 million by 2025, according to a new report by Radiant Insights, Inc. The market is projected to expand at a strong CAGR of 25.1% during the forecast period. Factors contributing to the growth of this market include rise in awareness regarding adverse effects of non-adherence to medication and increased adoption of IoT, patient connectivity, and engagement. Based on the product type, connected drug delivery systems are categorized as sensors and integrated devices.
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The sensors segment accounted for the largest market share of 72.6% in 2017. The connected sensors are cost-effective as compared to their integrated counterparts. Moreover, the cost of switching from a conventional systems to add-on sensors is low. The integrated systems are anticipated to witness the fastest CAGR over the forecast period owing to reduced prices of these devices. These devices also provide more detailed insights regarding the dosage and patient’s compliance and health records, which is expected to drive their demand further.
North America held the largest revenue share at 34.4% and will continue to retain its leading position over the forecast period. Quick adoption of advanced devices and technologies and high per capita healthcare expenditure are expected to boost the demand for connected drug delivery systems in the region. Some of the key companies in the global connected drug delivery device market include Propeller Health; Proteus Digital Health, Inc.; Adherium Limited; BIOCORP; and Merck KGaA.
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Further key findings from the study suggest:
• The connected sensors segment led the market in terms of revenue share in 2017. Cost-effectiveness and easy availability of these sensors were the major factors behind the segment growth
• The Bluetooth technology was the largest technology segment in 2017 and accounted for 70.5% of the global market share
• The homecare segment is anticipated to witness the fastest CAGR of 26.9% owing to increasing shifting preference for homecare settings or Point of Contact (PoC)
• North America led the market in 2017 owing to the presence of a large number of early adopters and high per capita healthcare expenditure
• Some of the key companies in the global connected drug delivery devices market are Propeller Health, Proteus Digital Health, Adherium Ltd., BIOCORP, and Merck KGaA.
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