The market for connected drug delivery devices is foreseen to witness a 25.6% growth rate in the 2015 to 2027 forecast period, rising to a valuation of $1.3bn from $132.2m in 2017.
According to the analysts of Future Market Insights (FMI), the leading manufacturers of connected drug delivery devices are collaborating with software companies to assess Cloud data systems in their devices. Manufacturers are also launching products more efficiently to enhance their distribution channel.
Manufacturers of inhalers to treat asthma and chronic lung disease are developing a new generation of smart devices with sensors to monitor if patients are using their devices properly. The companies operating in the global connected drug delivery devices market include OPKO Health, Bayer, 3M Company, West Pharmaceutical Services, and Teva Pharmaceutical Industries.
Rapidly evolving technologies such as Cloud-based computing models are enabling the healthcare industry towards a transition to a new architecture. Along with advances in mobility and telepresence solutions, Cloud technology is expected to create new unwired business models capable of providing healthcare anywhere.
The use of Cloud technology is expected to increase aided by the proliferation of mobile health applications to collect and send vital signs from wireless and wired remote patient and personal health monitoring devices.
In addition, Cloud-based platforms and new IT service models will fundamentally change the healthcare business equations and create opportunities for new players to enter the industry.
Growing demand for injectable drug delivery to aid market growth
A rising preference for injectable drug delivery is anticipated to drive the market for sterile drugs globally.
Self-administration of drugs through the usage of pre-filled syringes is one of the ways that can help patients to save the fees given to a caregiver.
There is also an increased demand for large molecule drugs in pre-filled syringes as compared with small molecule drugs in pre-filled syringes
Following this opportunity, the manufacturers are expected to cash in on profits through the introduction of smart injectable drug delivery mediums among their portfolio. The progress is expected to be more prominent in the allergic reactions (anaphylaxis) indication segment.
In addition, an upsurge in the number of large molecule drugs that need to be manufactured in injectable format is expected to fuel the growth of the market. Likewise, data generated by bioavailability studies is proving to present a definitive relation between pharmacodynamics and pharmacokinetics for such sterile drugs, which is also expected to offer support to the growth of the market.
Mobile applications are also being used for the treatment of patients suffering from Alzheimer’s, Diabetes, chronic obstructive pulmonary disorder (COPD) or asthma. Mobile applications with the use of global positioning system (GPS) help to track a patient’s location. If the patient is travelling away from the home, the caretaker can track the exact location of the patient and track the consumption of dosage by using a mobile application.
Most of these applications have been developed for the Cloud. Placing the wireless solution on a Cloud storage system helps with connectivity issues and makes it easier to communicate across different information regimes.
Limited knowledge and adoption rate among patients to hinder growth rate
The deployment of connected drug delivery devices is not yet widely promoted within the public health system. This is attributed to the high cost of the product, limited reimbursement, and increasing technology awareness among patients.
Moreover, the complexity and limited availability of the device further reduces penetration. For instance, interpretation of insulin delivery trend for analysis is considered to be useful because of the complicated user interface, but the patients cannot interpret them smoothly. As per the current scenario, such obstacles might directly have an adverse effect on the overall growth of the connected drug delivery devices market.
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