Global Medication Telemanagement Devices Market is expected to grow at a CAGR of 23.3% from 2020 to 2027
The important aspects associated with the increasing demand for medication Telemanagement devices are its low-cost processing power, miniaturization, ruggedized sensors, encryptions capabilities, and data storage, etc. A constant rise in the adoption of the Internet of things (IoT) and smartphones and healthcare applications further propels the medication Telemanagement devices market.
Connected sensors are representing the largest share in the product segment for the medication Telemanagement devices market. They are basically add on devices that can be installed in the drug delivery devices in order to effectively monitor drug delivery and precisely maintain patient’s health records. Furthermore, the low cost associated with the sensors is critical in lowering the count of patients showing noncompliance to prescribed medication. Integrated connected devices are going to be the fastest-growing segment during the forecast period on account of its ability to synchronize with technology such as Bluetooth and near field communications etc. It provides advanced sensing options and a significant rise in the new market entrants will reduce its associated cost and higher adoption throughout the world.
Browse the full report Medication Telemanagement Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2027 at https://www.atlanticmarketresearch.com/medication-telemanagement-devices-market
Healthcare providers are leading the end-user segment for the medication Telemanagement devices market. Significant increase in the number of patients non-adhering to the prescribed medications and rising prevalence of lifestyle disorders requiring the daily intake of medicines chiefly determine the healthcare provider’s market growth. It is anticipated that the demand for medication Telemanagement devices is set to increase in the homecare centers during the forecast period on account of the increasing adoption of smartphones by health enthusiasts and constantly increasing healthcare cost burden for the treatment of chronic diseases in the hospital’s settings.
North America is currently spearheading the geography segment for medication telemanagement devices. As per the latest research citings brought forward by the Center for Disease Control and Prevention (CDC), chronic diseases affect 1 in 3 adults in the United States. A significant rise in the number of patients non-adhering to the prescribed medication provides a positive impetus for the medication Telemanagement devices market. Domicile of chief players such as BIOCORP, Adherium Limited, Insulet Corporation, etc. further propels the market growth in the region. Europe is placed in the 2nd position owing to the strategic collaboration between the academic research institutes and IT healthcare companies for the development of medication Telemanagement devices. Asia Pacific is believed to register impressive market growth in the near future on account of the significant increase in the new market entrants and the presence of a well-developed IT healthcare segment in the Asia Pacific region.
IT-healthcare companies manufacturing medication Telemanagement devices are BIOCORP., Propeller Health, Adherium Limited, Insulet Corporation, Abiogenix, MedSignals, Medfolio Pillbox, ProCare, Inc., Robotik Technology and IA Collaborative Holdings, LLC.
Market Key Takeaways:
- Rising prevalence of the chronic disease worldwide requiring the daily intake of medication
- Increased adoption of smartphones and health applications by patients and health enthusiasts to gain accurate drug delivery and dosage by using Telemanagement devices
- The constant rise of new market entrants and growing IT healthcare segment to propel the medication Telemanagement devices market
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