Transparency in patient’s data and enhanced medical services on multiple levels of treatment are growing in today’s healthcare sector. In that context, the rising demand for in-home patient supervision and counseling are boosting the growth of the Connected Injectable Drug Delivery Devices Market. These value-based services include adherence trackers, tools promoting patient education, drug dose reminders, monitoring tools with patient and doctor’s interface, and patient diaries that collect and track the reported outcomes are few among them. As a result, the global connected injectable drug delivery devices market generated a revenue of $2 billion in 2017. Furthermore, it is projected to rise at a CAGR of 10.9% over the forecast period 2018-2023 and reach a value of $4.2 billion by the end of 2023.The report covers Connected Injectable Drug Delivery Devices Market size by Delivery Devices and Market size by Connectivity Technology, Connected Injectable Drug Delivery Devices Market share by top 5 companies and also the market share by start-ups during the forecast period.
Increasing Healthcare Expenditure of Europe Boosting the Growth of the Connected Injectable Drug Delivery Devices Market -
Europe Medical Agency (EMA)coordinates with the pharmacovigilance system of its respective countries and is responsible for safety monitoring. This enables the scope for building robust connected injectable drug delivery devices such as selected smart devices and glucose monitoring tools which are set to meet the standards of the EMA.
Subsequently, Europe has dominated the global connected injectable drug delivery devices market with a value of $1,125m and is anticipated to grow at a CAGR of 11.1%, during the forecast period. Total healthcare expenditure of the U.K. was valued at $221.41 billion in 2017, out of which about 79% is government-financed, with an increase of 3.3% from 2016. This rising expenditure is majorly attributed to long-term spending on chronic diseases and their monitoring standards, which are prevalent among U.K. citizens. Regulations to meet these monitoring standards are driving the connected injectable drug delivery devices market in the U.K. In addition, rising pharmaceutical sector of France and increasing diabetes cases in Italy are also summing up to the demand for the connected injectable drug delivery devices market of Europe.
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Self-Injection Devices Reaping Profits in the Connected Injectable Drug Delivery Devices Market –
Increasing adherence to prescribed therapy results in the quality life of the patient is the major driver of the self-injection devices market. Therefore, connected self-injection devices remain to be one of the prominent type of devices in the global connected injectable drug delivery devices market. The growth of this segment is attributed to therapeutic applications of a rising number of insulin-dependent diabetes cases across the globe. The global diabetes cases among adults age above 18 have increased from 4.7% in 1980 to 8.4% in 2014, according to the World Health Organization. These cases are rising among the low and middle-income countries. As a result, the demand for connected self-injection devices attained a value of $2,090m in 2017 and is anticipated to accelerate at a CAGR of 10.9%, over the forecast period.
Connected Injectable Drug Delivery Devices Market Growth Drivers:
• Need to Look Beyond the Numbers in the Use Cases -
With the advent of analytics, the importance of paying attention to the unmet needs of the patient and looking beyond statistics are rising in the healthcare industry. In order to cope up with these trends, high-end drug delivery equipment to record and document the patient experience and feedback is important. Thus, big data analytics is triggering the demand for high-end connected injectable drug delivery devices. Consequently, these factors are driving the growth of the connected injectable drug delivery device market.
• Personalized Monitoring Dominates the Connected Injectable Drug Delivery Devices Market –
As the patient-centric healthcare trend hits the market, the need for personalized monitoring devices and tools are on rise. Thus, upkeep of relevant database along with the understanding of how the injectable drugs affect the patient promotes the demand of connected injectable drug delivery devices.
• Prevailing Chronic Diseases Driving the Growth –
Connected injectable drug delivery devices are major used to monitor chronic diseases such as multiple sclerosis, diabetes, asthma, and rheumatoid arthritis that affect people all over the world. According to the World Health Organization, in 2016, about 41 million deaths occurred due to chronic diseases which accounted for 71% of the total deaths occurred in that year. Hence, to track patient health conditions, incorporating these drug delivery services in hospitals will result positively to cure or treat disease. Patients, on the other hand, are taking these monitoring activities seriously and are willing to see clinical efficacy and evidence of their health conditions. These factors are promoting the demand for connected injectable drug delivery devices.
Connected Injectable Drug Delivery Devices Market Trends:
• Mobile Apps for Tracking Connected Data –
An application installed in the mobile device or on a dedicated device helps to monitor and track patient’s conditions. It can be further accessed from the web browser with the connectivity to cloud storage and web apps. Few of the cloud computing providers such as Amazon Web Services, Google Cloud Platform, and Microsoft Azure are HIPAA (Health Insurance Portability and Accountability Act of 1996) complaint and are trying to enhance user experience in the U.S. As a result, the technologically advanced businesses are progressing in connected technologies.
• Changing Smart Drug DeliveryDevice Strategy Owing to the Demand from Patient-Centric Businesses –
Patient’s perspective in defining the drug delivery devices is quite significant. As patient’s value define the business value for the companies, many delivery device companies are asking the pharmaceuticals these patient-centric questions so as to enable their experience. This
The patient-centric approach by businesses is promoting the collaborations of biologic drug companies and players dealing in delivery devices. Therefore, the demand for user-friendly smart delivery devices, less time-consuming and convenient devices that are not generally painful, and devices with less visibility is increasing in the connected injectable drug delivery devices market.
Connected Injectable Drug Delivery Devices Market Players Perspective –
At present, the major companies operating with a major share in the global connected injectable drug delivery devices market are West Pharmaceuticals Services Inc., Ypsomed, Unilife Corporation, SHL Group, and Bayer AG. Partnerships, collaborations, and joint ventures account for major strategies in the market. Few of these strategies resulted in new product launches in the connected injectable drug delivery devices market. Additionally, individual companies and collaborations of organizations are working on cloud technologies to handle connected data available from medical devices. As a result, enhancing their position in the global connected injectable drug delivery devices market.
Collaborations to Enrich the User-Experience in the Connected Injectable Drug Delivery Devices Market –
• In 2018, Aptar Pharmacollaborated with Propeller Health to launch a comprehensive platform in order to develop digital medicines that treat various therapeutic areas and diseases.
• In 2016, H&T Presspart and Cohero Health came together to launch eMDI, the market-ready and fully–connected metered dose inhaler which improves adherence, self-care, and real-time monitoring of asthma and COPD patients.
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