Medication Telemanagement Devices Market Size, Share, Growth, Trends & Forecast 2032

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.

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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.

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Segments

By Product

· Inhalers

· Pill Boxes

· Insulin Pumps

· Others

By End User

· Hospitals

· Clinics

· Others

Reasons to Purchase Medication Telemanagement Devices Market Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come

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