Connected Drug Delivery Devices Industry Valued at $21.92 Billion by 2029 With CAGR of 23.9% | Size and Share Insights
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What Is the Forecast for the Connected Drug Delivery Devices Market from 2024 to 2025?
The market size of connected drug delivery devices has witnessed considerable expansion in the previous years. It is set to escalate from $7.48 billion in 2024 to $9.29 billion in 2025, with a compound annual growth rate (CAGR) of 24.2%. The growth observed in the past years is due to factors such as heightened consciousness about connected devices, the growing significance of remote surveillance for drug compliance, augmented patient engagement, extensive consumer uptake, and the swiftly escalating expenses of medical management.
What Is the Projected Market Size of the Connected Drug Delivery Devices Market?
The market size for connected drug delivery devices is projected to experience a significant uptick in the approaching years, with an estimation to reach $21.92 billion in 2029, thanks to a hefty compound annual growth rate (CAGR) of 23.9%. Various factors contributing to this growth during the forecast period include a surge in chronic diseases, heightened patient awareness regarding following prescribed treatments, quickly advancing health IT infrastructures, a growing focus on preventative healthcare, and the widespread use of these connected devices within labs and hospitals for managing electronic health records (EHR). The forecast period is also expected to witness several trends such as a rise in R&D activities, a wave of technological innovation and heightened interconnectivity of devices, increased application of machine learning and AI, higher use of telehealth platforms integrated with AR/VR technologies, and growing use of electronic technology within healthcare devices.
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Who are the Major Competitors in the Connected Drug Delivery Devices Market Outlook?
Major players in the connected drug delivery devices market are Pfizer Inc., Johnson & Johnson, Bayer AG, AstraZeneca PLC, Abbott Laboratories, Novartis AG, Medtronic PLC, Eli Lilly and Company, Amgen Inc., Boehringer Ingelheim International GmbH, Novo Nordisk A/S, Merck Group, Becton Dickinson and Company, GlaxoSmithKline PLC, Phillips-Medisize Corporation, AptarGroup Inc., Dexcom Inc., West Pharmaceutical Services Inc., Insulet Corporation, OPKO Health Inc., Tandem Diabetes Care Inc., Ypsomed AG, Meridian Medical Technologies LLC, Propeller Health, and Findair Sp. z.o.o.
What Is Fueling Growth in the Connected Drug Delivery Devices Market?
The growth of the connected drug delivery device market is projected to be driven by the rising importance of remote patient monitoring. Remote patient monitoring is a method of healthcare delivery wherein technology is deployed to monitor patient health and medical data from a distance. Connected drug delivery devices enhance remote patient monitoring by enabling precise monitoring of medication usage and adherence, implementing timely interventions, and facilitating individualized care management. For example, a survey conducted by Vivalink Inc., a US-based digital health solutions provider, revealed that in August 2023 there was a 305% rise in clinicians utilizing remote patient monitoring on their patients, from 20% in 2021 to currently 81%, and 84% of these users intend to increase their use of remote patient monitoring in 2024. Consequently, the escalating importance of remote patient monitoring is propelling the expansion of the connected drug delivery device market.
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Which Connected Drug Delivery Devices Market Segments Are Growing the Fastest?
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
Which Industry Trends Are Shaping the Future of the Connected Drug Delivery Devices Market?
Leading corporations in the connected drug delivery devices arena are prioritizing the development of ground-breaking tech, like digital respiratory health solutions, in order to amplify their market earnings. These solutions turn technology-aided devices that assist in administering medication to the respiratory system into tools that also track usage and health data to boost patient results. For example, in February 2022, AptarGroup Inc., an American manufacturer specialising in dispensing packaging and drug delivery devices, unveiled HeroTracker Sense. This pioneering digital tool revolutionizes conventional metered-dose inhalers, making them smarter and connected, thereby improving medication compliance and management for people battling chronic respiratory ailments like asthma and COPD amongst others. The tool comes with features like sensors for analytics and insight, and it bolsters patient adherence monitoring through the BreatheSmart app, contributing to the efficient handling of respiratory illnesses.
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Which Countries Are Leading the Connected Drug Delivery Devices Market?
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.
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This Report Delivers Insight On:
1. How big is the connected drug delivery devices market, and how is it changing globally?
2. Who are the major companies in the connected drug delivery devices market, and how are they performing?
3. What are the key opportunities and risks in the connected drug delivery devices market right now?
4. Which products or customer segments are growing the most in the connected drug delivery devices market?
5. What factors are helping or slowing down the growth of the connected drug delivery devices market?
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