Connected Drug Delivery Devices Market: Current Analysis and Forecast (2021-2027)

Report Description

Connected Drug Delivery Devices Market was valued at ~US$ 200 million in 2020 and is expected to grow at a CAGR of ~25% over the forecast period (2021-2027). Connected drug delivery devices are mainly developed for the supervision and counseling of patients in a home setting. These devices offer various advantages such as adherence trackers, dose reminders, and monitoring of various diseases such as asthma, clinically isolated syndrome, Chronic Obstructive Pulmonary Disease (COPD), diabetes, and hypertension. Moreover, the sensors incorporated in the delivery devices help to monitor the side effects and evaluation of the effect of change in dose. The adherence trackers help to check whether the patients are taking the required dose at right time or not, whereas the apps associated with the connected delivery devices help to record the effect of treatment, safety of dose, and tolerability. Flexi-Q eMU-P electromechanical multi-use auto-injector system consists of a single-use cassette, reusable device, and a pre-filled syringe. This device is mainly used for various diseases which require a repeated dose of injections, such as autoimmune diseases, multiple sclerosis, blood-related disorders, and growth hormone deficiencies. The main advantage of Flexi-Q eMU-P is that it is reusable and easily affordable. The demand for Connected drug delivery devices is increasing on account of increasing penetration of the Internet of Things (IoT) in the healthcare devices, increasing focus on patient compliance, quality of healthcare, rising awareness of costs, increasing use of self-administered drugs, rising healthcare programs, and initiatives to spread the connected drug delivery devices’ awareness. For example, Propeller Health company has conducted around 60 connected medical programs to spread awareness of connected drug delivery devices. The company provides add-on devices for inhalers that are synchronized with the patient’s software for the analysis of symptoms and diseases.

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Value Chain of Global Connected Drug Delivery Devices Market

Insights Presented in the Report

“Amongst Products, Connected sensors segment holds the major share.”

Based on Products, the global Connected drug delivery devices market is fragmented into Connected Sensors and Integrated Connected Devices. The connected sensors segment is expected to dominate the market owing to its easy integration inside the already existing delivery devices without any interruption in their normal functioning.

“Amongst Connected Sensors, Connected Inhaler Sensors is anticipated to grow at the highest CAGR during the analyzed period.”

Connected Sensors are further bifurcated into Connected Inhaler Sensors and Connectable Injection Sensors. The demand for connected inhaler sensors is on rise on account of the high prevalence of respiratory diseases. Several research companies are working to control the incidence of respiratory diseases, for instance, propeller health is providing digital health solutions for respiratory medicine with the combination of analytics, inhaler device sensors, and mobile applications. Propeller Health has launched several connected inhaler device sensors such as metered-dose inhalers (MDIs), dry powder inhaler (DPI), and soft mist inhaler (SMI) for the monitoring of COPD and Asthma.

Amongst Integrated Connected Devices, the Connected Inhaler Devices segment holds the major share”

The integrated connected devices are expected to register the fastest CAGR in the upcoming period. The integrated connected devices segment is also sub-divided into Connected Inhaler Devices and Connected Injection Devices. Connected Inhaler Devices hold several benefits over the Connected Injection Devices because of the needleless delivery of the drug. The demand for inhalational devices in the market is increasing owing to the high prevalence of chronic diseases such as Chronic Obstructive Pulmonary Disease (COPD), and asthma. As per Burden of Obstructive Lung Disease (BOLD), the global prevalence of COPD is 10.1% in 2019.

Amongst Technology, the Bluetooth segment holds the major share”

Based on Technology, the market is fragmented into Bluetooth, Near-field communication (NFC), and Other Technologies. Bluetooth sub-segment is expected to show significant growth in the forecast period owing to its high use in drug delivery devices, and its low-cost connectivity access to smartphones. The Bluetooth technology is easily available in comparison to NFC and other technologies. For example, Teva a pioneer in enhancing health and improving access to quality healthcare for society has launched a Bluetooth-enabled albuterol sulfate rescue inhaler. The new inhaler is available by prescription to U.S. patients age 4 and older, according to the Tel Aviv, Israel-based company. ‘ProAir Digihaler’ connects with the smartphone to detect and record COPD and Asthma symptoms.

Amongst End-User, the Homecare segment holds the major share”

Based on End-user, the market is divided into Healthcare Providers, Homecare, Hospitals, and Others. The home care segment is expected to register the fastest CAGR from 2021-2027 because of the rise in product acceptance. The advantage of using these products in the homecare setting is easy administration and without the need for healthcare practitioners. Furthermore, the increasing incidents of chronic diseases such as diabetes, Chronic Obstructive Pulmonary Disease (COPD), and Cardiovascular Diseases (CVDs) are expected to fuel the homecare segment growth in the forecast period. For instance, as per WHO, Cardiovascular diseases (CVDs) are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Four out of 5CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people under 70 years of age.

“North America is the largest markets and Europe is expected to be the fastest-growing markets”

For a better understanding of the market adoption of the Connected Drug Delivery Devices, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World.

Competitive Scenario

Some of the major players operating in the market include Propeller Health (Reciprocal Labs Corporation), Proteus Digital Health, BIOCORP, Merck KGaA, Adherium Limited, West Pharmaceutical Services, Inc., Aterica Digital Health, Phillips Medisize, Teva Pharmaceutical Industries Ltd and FindAir . Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Connected Drug Delivery Devices were the three major steps undertaken to create and analyze the adoption of Connected Drug Delivery Devices for the different applications across major end-users including Healthcare Providers, Homecare, and Hospitals globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Connected Drug Delivery Devices sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Connected Drug Delivery Devices through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Connected Drug Delivery Devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Connected sensors, Integrated Connected Devices, Technology, and End-user. Further country-level analyses were conducted to evaluate the overall adoption of Connected Drug Delivery Devices in every region/country.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Connected Drug Delivery Devices. Further, we conducted factor analysis using dependent and independent variables such as increasing penetration of the Internet of Things (IoT) in the healthcare devices, increasing focus on patient compliance, quality of healthcare, rising awareness of costs, increasing use of self-administered drugs, rising healthcare programs, and initiatives to spread the connected drug delivery devices’ awareness.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Connected Drug Delivery Devices Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Connected Drug Delivery Devices across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Connected Drug Delivery Devices market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Connected Drug Delivery Devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Connected sensors, Integrated Connected Devices, Technology, and End-user of the Connected Drug Delivery Devices market.

Main Objective of the Connected Drug Delivery Devices Market Study

The current & future market trends of Connected Drug Delivery Devices were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Connected Drug Delivery Devices in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Connected sensors, Integrated Connected Devices, Technology, and End-user
• Define and analysis of the regulatory framework for the Connected Drug Delivery Devices industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Connected Drug Delivery Devices market for the major region
• Major regions studied in the report include North America (US, Canada), Europe (Germany, France, Italy, Spain, United Kingdom), Asia-Pacific (China, Japan, India, Australia), and Rest of the World
• Company profiles of the Connected Drug Delivery Devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry