Connected Drug Delivery Devices Market Growth Factors, Top Leaders, Development Strategy Forecast till 2026
Pune, India -- (SBWIRE) -- 06/28/2019 -- Increasing digitalization is anticipated to propel growth in the global connected drug delivery devices market. Fortune Business Insights has recently announced a report, titled "Connected Drug Delivery Devices Market Size, Share and Global Trend By Product Type (Sensors, Integrated devices), Application (Diabetes, Multiple Sclerosis, Asthma and COPD, Hypertension), End Users (Home Care Settings, Hospitals, Surgical Centers) and Geography Forecast till 2026." Increasing adoption of mobile apps for medical purposes is expected to increase the growth rate in the market.
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On the basis of region, in 2018 North America held a considerable share in the global market. The region is expected to emerge dominant over the forecast period 2019-2026. Owing to the high presence of key market players, the region is likely to have major gains. Moreover, technological advancements in the drug delivery devices Are anticipated to contribute towards market expansion. Europe is foreseen to be among the leading regions.
The region is witnessing high demand for home treatment. Furthermore, favorable reimbursement policies in the region is a factor expected to drive the market. Besides this, the Asia Pacific Connected Drug Delivery Devices Market is likely to have major gains. Owing to the high prevalence of the chronic disorder in the region, the market is likely to witness expansion. The increasing healthcare expenditure in the region is further expected to contribute towards the market growth.
Technological Advancements in Devices to Fuel Demand in Market
Factor expected to drive the global market is the advantages of the devices such as reimbursement evidence, better dose measurement, and efficient monitoring of the patient. Moreover, innovation in the connected drug delivery devices is expected to fuel the demand in the market.
In 2018, the U.S. Food and Drug Administration, approved Companion Medical's new product, InPen. The system includes a special insulin pen-enabled with diabetes management mobile app. Such advancement is expected to contribute towards the market expansion.
On the flip side, the risk of data privacy associated with devices is a factor that may restrain the global connected drug delivery devices market to a certain extent. Additionally, the high cost associated with these devices is a factor that might hamper the growth in the market.
AptarGroup, Inc., and Propeller Health to Set Higher Standards for Other Players
The U.S. Food and Drug Administration approved AliveCor, Inc.'s new product, cardia and. The devices are enabled with personal electrocardiogram, to detect sinus heart rhythms and atrial fibrillation. Development of new devices is further expected to increase growth in the global connected drug delivery devices market.
The competition among the market players is increasing owing to the prevailing opportunities in the market. Certain players are focusing on product development to attain a higher share in the market. Some players are involved in partnership and mergers and acquisition to attain a strong brand presence.
For instance, AptarGroup, Inc., and Propeller Health partnered together in 2018. The aim of the partnership is to launch a platform to develop digital medicines. Some of the key players operating in the globally connected drug delivery devices market are Propeller Health, Cohero Health Inc., AliveCor, Inc., Teva Pharmaceutical Industries Ltd., Phillips-Medisize, Medtronic, 3M, Proteus Digital Health, Inc., and West Pharmaceutical Services, Inc.