Connected Drug Delivery Devices Market

Connected Drug Delivery Devices Market

Connected Drug Delivery Devices Market: Will Western Europe be Able to Beat the Adoption Rate of North America in the Coming Years?: Global Industry Analysis & Opportunity Assessment (2015 - 2027)

  • XPLREP2349

  • May, 2018

  • 228 Pages

  • Drug Discovery

Penetration of IoT and High Spending on Healthcare Drives Demand for Connected Drug Delivery Devices

The global connected drug delivery devices market is forecasted to behold a substantial growth trajectory during the forecast period (2015 to 2027), according to a new market study by XploreMR. The growth of the market is predominantly attributed to increased patient engagement and connectivity on the back of the growing penetration of the Internet of Things (IoT) in the pharmaceutical landscape.

Furthermore, increased spending by government and private organizations to improve healthcare is forecasted to bestow lucrative revenue opportunities to healthcare institutions and pharmaceutical companies in the years to come.  Likewise, favorable government initiatives are also fueling the production and subsequent demand for connected drug delivery devices.

Most importantly, non-adherence to prescribed medicines results in an immense amount of revenue and resource wastage globally. Since connected drug delivery devices aid in enhancing adherence to prescribed medications, thereby reducing medical wastage and the revenue associated with it. On the back of these facets, the global connected drug delivery devices market will progressive on a remunerative path through the forecast period.

Increased Expenditure on Developing Novel Drugs and Technologies Shapes Growth Trajectory

The spending on drug development has significantly increased over the years across the world. As per the estimates of the Organization for Economic Cooperation and Development (OECD), the expenditure on healthcare is likely to reach US$ 10 trillion by 2020. Moreover, the healthcare expenditure in most of the European countries is rising faster than their GDP.

In addition, according to the U.S. government’s center for Medicare and Medicaid Services (CMS) the spending on healthcare increased by nearly 7% and is projected to surge past US$ 2 trillion. Likewise, the Congressional Budget Office states that if the growth in healthcare spending continues at this rate, the CMS spending and private health cost would increase approximately to 25% of the GDP. The expenditure bestows substantial revenue opportunities to market players to enhance their services

Growing Trend of Self-Administration Ensures Healthy Demand

To minimize consumer spending on healthcare costs and aid them in improving the quality of life, national governments across the world are shifting the place of care from healthcare facilities to suit the comfort of the patients during their working days. On this premise, it is predicted that in the future, environments such as the home, workplace, school, café, or gym, wherever patients find comfortable, will serve as a place of care with the patients self-administering their therapy.

On these lines, a self-injectable biologic has a regular frequency ranging from one week to every month or quarter, and this will be administered by the patients themselves. With the self-administration trend set to gain prominence in the years to come, it is expected that payers and providers will seek greater access to real-time, cloud-based data that can accurately assess how patients with a chronic disease maintain track of drug consumption and adhere to prescription. This is forecasted to act as a major growth driver.

North America Maintains Hegemony over Regional Landscape

North America is forecasted to remain at the forefront of market growth owing to increased emphasis on shifting to value-based reimbursement model which is lowering healthcare costs. Currently, healthcare accounts for over 17% of total GDP, as health services financing sources find lucrative investments from private sources, it is aiding market players to scale up their services. On the other hand, Europe is expected to witness healthy growth with high revenue concentration in countries such as France, Germany, Italy, and Spain. The growing demand in European countries is attributed to the digitalization of healthcare availability on the internet among the population.

Competitive Landscape Connected Drug Delivery Devices Market

Some of the major market players studied in the report include Propeller Health, Proteus Digital Health, Adherium, BIOCORP, and Merck. Most of these companies focus on new product and technological development, mergers and acquisitions, and partnership activities as part of their business expansion strategies.

Global Healthcare Sector Outlook in Light of the Global Connected Drug Delivery Devices Market

Despite the economic and political uncertainty in the recent past, the global healthcare industry has been receiving positive nudges from reformative and technological disruptions in medical devices, pharmaceuticals and biotech, in-vitro diagnostics, and medical imaging. Key markets across the world are facing a massive rise in demand for critical care services that are pushing global healthcare spending levels to unimaginable limits.

A rapidly multiplying geriatric population; increasing prevalence of chronic ailments such as cancer and cardiac disease; growing awareness among patients; and heavy investments in clinical innovation are just some of the factors that are impacting the performance of the global healthcare industry. Proactive measures such as healthcare cost containment, primary care delivery, innovation in medical procedures (3-D printing, blockchain, and robotic surgery to name a few), safe and effective drug delivery, and well-defined healthcare regulatory compliance models are targeted at placing the sector on a high growth trajectory across key regional markets.

Parent Indicators Healthcare

  • Current expenditure on health, % of gross domestic product
  • Current expenditure on health, per capita, US$ purchasing power parities (current prices, current PPPs)
  • Annual growth rate of current expenditure on health, per capita, in real terms
  • Out-of-pocket expenditure, % of current expenditure on health
  • Out-of-pocket expenditure, per capita, US$ purchasing power parity (current prices, current PPPs)
  • Physicians, Density per 1000 population (head counts)
  • Nurses, Density per 1000 population (head counts)
  • Total hospital beds, per 1000 population
  • Curative (acute) care beds, per 1000 population
  • Medical technology, Magnetic Resonance Imaging units, total, per million population
  • Medical technology, Computed Tomography scanners, total, per million population

Research Methodology

XploreMR utilizes a triangulation methodology that is primarily based on experimental techniques such as patient-level data, number of procedures and capital equipment install base to obtain precise market estimations and insights on various medical devices and medical technology. Bottom-up approach is always used to obtain insightful data for the specific country/regions. The country specific data is again analysed to derive data at a global level. This methodology ensures high quality and accuracy of information.

Secondary research is used at the initial phase to identify the feasibility of the target products/technology categories and its respective segments, product offerings, usage pattern as per disease indications, product installed base in target healthcare facilities, life span of a device, reimbursement scenario, adoption rate and future impact of new technologies.

Each piece of information is eventually analysed during the entire research project which builds a strong base for the primary research information.

Primary research participants include demand-side users such as key opinion leaders, physicians, surgeons, and supply-side providers of medical devices who provide valuable insights on trends, key treatment patterns, adoption rate, and purchasing pattern, technological development of medical devices, patient education, effectiveness of manufacturers and important strategies, pricing and competitive dynamics.

Quantitative and qualitative assessment of basic factors driving demand, economic factors/cycles and growth rates and strategies utilized by key players in the market is analysed in detail while forecasting, in order to project Year-on-Year growth rates. These Y-o-Y growth projections are checked and aligned as per industry/product lifecycle and further utilized to develop market numbers at a holistic level.

On the other hand, we also analyse various companies annual reports, investor presentations, SEC filings, 10k reports and press release operating in this market segment to fetch substantial information about the market size, trends, opportunity, drivers, restraints and to analyse key players and their market shares. Key companies are segmented at tier level based on their revenues, product portfolio and presence.

Please note that these are the partial steps that are being followed while developing the market size. Besides this, forecasting will be done based on our internal proprietary model which also uses different macro-economic factors such as per capita healthcare expenditure, disposable income, industry based demand driving factors impacting the market and its forecast trends apart from disease related factors.

Standard Report Structure

  • Executive Summary
  • Market Definition
  • Macro-economic analysis
  • Parent Market Analysis
  • Market Overview
  • Forecast Factors
  • Segmental Analysis and Forecast
  • Regional Analysis
  • Competition Analysis

Market Taxonomy

The global connected drug delivery devices market has been segmented into:

Region

End User

Product Type

Technology

Application

  • North America
  • Latin America
  • Western Europe 
  • Eastern Europe
  • APECJ
  • China
  • Japan
  • MEA
  • Hospitals
  • Clinics
  • Home Care 
  • Inhalation Devices
  • Injectable Devices
  • Handheld Injectable Devices 
  • Wearable Injectable Devices
  • Bluetooth
  • Near Field Communication 
  • Anaphylaxis
  • Cardiovascular
  • Diabetes
  • Hormone Replacement 
  • Others
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Connected Drug Delivery Devices Market: Will Western Europe be Able to Beat the Adoption Rate of North America in the Coming Years?: Global Industry Analysis & Opportunity Assessment (2015 - 2027)
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Connected Drug Delivery Devices Market

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