The global medication telemanagement devices market size was valued at USD 105.0 billion in 2021 and is projected to reach around USD 125.0 billion in 2030 exhibiting a CAGR of 3.5% in the forecasted period. The high durability and flexibility, rise in demand for remote patient monitoring, increasing domestic as well as global trades, and higher incomes are driving the medication telemanagement devices market growth. On the other hand, restriction imposed by governments concerning use of particular medication telemanagement device is one of the confining factors limiting the growth.
The development of cutting-edge technology such as internet of things (IoT) and Bluetooth connectivity has made medication telemanagement devices more effective and user-friendly. This has risen their acceptance by healthcare providers and patients. Furthermore, the growing prevalence of chronic diseases such as hypertension and diabetes has led to an increased demand for medication telemanagement devices. These devices help patients manage their medications and prevent the deteriorating their condition.
As the COVID-19 pandemic has risen the demand for remote patient monitoring, the need for medication telemanagement devices has also grown. These devices enable healthcare providers to remotely monitor their patients’ medicines intake and adherence, decreasing the need for in-person visits.
Product Insights
The inhalers segment is predicted to hold largest share by 2021. Smart inhalers include sensors that attach to present inhalers and record when the medication is taken. They are Bluetooth-enabled, so can be combined wirelessly with a smart device like a phone or tablet or with a computer to enable data to be transported from the smart inhaler robotically, boosting the medication telemanagement devices market.
End User Insights
The hospitals segment was the major contributor in 2021 and is expected to maintain its lead during the forecasted period. The hospitals are dominating the market due to presence of higher number of hospitals in developed as well as developing nations with all the required facilities for the medication telemanagement devices.
Region Insights
North America accounted for the major share for the market in 2021. The higher number of chronic diseases along with presence of well-established and equipped health care infrastructure and risen blood donation activities, along with government initiatives is expected to drive market development in the region throughout the forecast period.
However, the market in Asia Pacific is anticipated to boost at a rapid pace in the next few years due to the growth in chronic diseases and increasing medical tourism.
Key Companies Insights
To stay competitive in the total market, players are using new approaches such as new product development, mergers and acquisitions, joint ventures, and geographic expansions. Some of the key players working in the global medication telemanagement devices market include:
- Abiogenix
- Adherium
- IA Collaborative
- Insulet
- MedFolio
- Medissimo
- MedMinder
- MedSignals
- Propeller Health
- Robotik Technology
- Tandem Diabetes Care
- Other players
Some of the Recent Developments:
- In February 2022, Aptar Pharma launched the HeroTracker Sense, a new digital respiratory health solution that changes a standard metered dose inhaler (pMDI) into a smart connected healthcare device.
- In July 2020, Teva Respiratory launched the first digital rescue inhaler for patients aged 4 years and older and a companion app. This rescue inhaler is furnished with Bluetooth wireless technology sensors that connect with a companion mobile app.
Segments
By Product
- Inhalers
- Pill Boxes
- Insulin Pumps
- Others
By End User
- Hospitals
- Clinics
- Others
By Geography
- North America
o U.S.
o Canada
o Mexico
- Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
- Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
- Latin America
o Brazil
o Argentina
o Colombia
- MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
Analysis of the impact of COVID-19 and the Russia-Ukraine War:
The readers of this section will be better informed on the effects of the pandemic, the post-pandemic, and the Russia-Ukraine War on the global market for refrigerated freight services. The factors that have changed since the poll was done include demand, consumption, transportation, consumer behavior, and supply chain management. Industry experts have also emphasized the crucial factors that will help players identify opportunities and maintain the sector as a whole in the approaching years.
Key Questions Answered in the Report:
- What will be the development pace of market? What is the growth rate of the global market?
- Who are the key manufacturers in the market space? Who are the world’s leading manufacturers?
- What are sales, revenue, and price analysis of the top manufacturers of market?
- Who are the distributors, traders, and dealers of market? What are the key factors driving the Global market?
- What are the market opportunities and threats faced by the vendors in the industries?
- What are deals, incomes, and value examinations by types and applications of the market?
- What are the primary factors driving market?
- What are the market’s advantages, disadvantages, and risks, as well as an overview of the market?
- Who are the Top Manufacturers in the Market in Terms of Sales, Revenue, and Price Analysis?
- Analysis of Industry Revenue, Sales, and Pricing, what is the difference between Equipment by region, type, and application?
