Connected Drug Delivery Devices Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What is the Future CAGR of the Connected Drug Delivery Devices Market, and How Will It Impact Industry Expansion?
In recent years, there has been a significant expansion in the market size of connected drug delivery devices. The market is projected to increase from $7.48 billion in 2024 to $9.29 billion in 2025, marking a compound annual growth rate (CAGR) of 24.2%. The phenomenal growth experienced during the historical period can be ascribed to a heightened consciousness about connected devices, the growing emphasis on remote monitoring to ensure medication adherence, improved patient engagement, a broad consumer acceptance, and the swift escalation in the cost of medical management.
The market size of connected drug delivery devices is predicted to escalate tremendously in the upcoming years, reaching $21.92 billion in 2029 with a compound annual growth rate (CAGR) of 23.9%. This increase during the projected time frame can be associated with growing incidences of chronic diseases, enhanced patient knowledge about the importance of adhering to recommended treatment plans, fast-paced evolution of healthcare IT infrastructure, and the rising focus on preventive care. The period will also witness expanding use of connected devices in labs and hospitals for electronic health record (EHR) keeping. In the same time frame, trends to expect include a boost in research and development activities, a spike in technology innovations and device connectivity, an increased reliance on machine learning and artificial intelligence, a rise in the implementation of telehealth platforms with AR/VR technologies, and an expansion in the use of electronic technology in healthcare devices.
Which Drivers Are Expected to Have the Greatest Impact on the connected drug delivery devices Market’s Growth?
The burgeoning significance of remote patient surveillance is anticipated to fuel the expansion of the connected drug delivery device market. The technique of remote patient monitoring, which employs technology to observe patient health and medical information from afar, plays an instrumental role in healthcare delivery. This approach augments remote patient monitoring by allowing precise monitoring of medication consumption and adherence, prompting timely interventions, and providing tailored care management. As an illustration, in August 2023, Vivalink Inc., a digital health solutions firm based in the US, conducted a survey that presented a meteoric 305% surge in clinicians using remote patient monitoring on their patients, increasing from 20% in 2021 to 81% at present, with a staggering 84% of these users expected to enlarge their use of RPM in 2024. Therefore, the escalating significance of remote patient monitoring is steering the ascension of the connected drug delivery device market.
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What Are the Top Market Players Propelling the Growth of the Connected Drug Delivery Devices Industry?
Major players in the connected drug delivery devices market are:
• Pfizer Inc._x000D_
• Johnson & Johnson_x000D_
• Bayer AG_x000D_
• AstraZeneca PLC_x000D_
• Abbott Laboratories_x000D_
What Are the Key Trends to Watch in the Connected Drug Delivery Devices Market Over the Coming Years?
Key players in the connected drug delivery devices market are prioritizing the development of unique technology like digital respiratory health solutions to bolster their market profitability. This type of solution for connected drug delivery devices represents a tech-enabled device that assist the delivery of medication to the respiratory system whilst monitoring usage and health statistics to enhance patient results. For example, AptarGroup Inc., a US manufacturing organisation for dispensing packaging and drug delivery devices, unveiled HeroTracker Sense in February 2022. It is a ground-breaking digital tool that converts traditional metered-dose inhalers into intelligent, connected devices, escalating medication consistency and management for sufferers of chronic respiratory diseases such as asthma, COPD, among others. Features include sensors for detailed analytics and insight, and it encourages patient adherence tracking with the BreatheSmart application, thereby aiding in the effective control of respiratory ailments.
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Which Segments of the Connected Drug Delivery Devices Market Hold the Most Potential for Future Development?
The connected drug delivery devices market covered in this report is segmented –
1) By Type: Standalone Components And Software, Integrated Devices
2) By Technology: Bluetooth, Near-Field Communication (NFC), Other Technologies
3) By Administration: Parenteral, Inhalational
4) By Application: Asthma, Chronic Obstructive Pulmonary Disease, Diabetes Management, Other Applications
Subsegments:
1) By Standalone Components And Software: Mobile Applications, Connectivity Modules, Data Analytics Software
2) By Integrated Devices: Smart Inhalers, Smart Auto-injectors, Connected Syringes, Wearable Drug Delivery Devices
What Regions Are Dominating the Connected Drug Delivery Devices Market Growth?
North America was the largest region in the connected drug delivery market in 2024. The regions covered in the connected drug delivery device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Are the Key Characteristics That Define the Connected Drug Delivery Devices Market?
Connected drug delivery devices are smart pharmaceutical devices that utilize digital technology to monitor, manage, and control the dispensation of medications, enhancing adherence and patient outcomes. These devices can connect to the internet, allowing for data sharing between patients and healthcare providers to track medication usage, adjust dosages, and improve treatment strategies.
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