Summary:
- The global connected drug delivery devices market size reached USD 864.4 Million in 2023.
- The market is expected to reach USD 6,879.9 Million by 2032, exhibiting a growth rate (CAGR) of 25.1% during 2024-2032.
- North America leads the market, accounting for the largest connected drug delivery devices market share.
- Connected sensors accounts for the majority of the market share in the product segment due to their ability to integrate with mobile apps and other health systems.
- Hospitals and healthcare providers hold the largest share in the connected drug delivery devices industry, as these devices help streamline patient care, reduce hospital visits, and ensure better adherence to treatment protocols.
- Bluetooth represents the leading technology segment, owing to its low power consumption and secure data transmission.
- The widespread integration of digital technologies in the healthcare sector is a primary driver of the connected drug delivery devices market.
- The rising incidences of chronic conditions across the globe are reshaping the connected drug delivery devices market.
Request to Get the Sample Report: https://www.imarcgroup.com/connected-drug-delivery-devices-market/requestsample
Industry Trends and Drivers:
Increasing Adoption of Digital Health Technologies:
The growing adoption of digital health technologies is one of the key factors driving the market growth. Moreover, the rising demand among patients and healthcare providers for digital solutions to improve the management of chronic diseases is creating a positive outlook for the market. Along with this, the increasing adoption of connected drug delivery devices, such as smart inhalers and insulin pens, that allow for real-time monitoring of medication adherence and patient outcomes is fueling the market growth.
These devices collect and transmit data, enabling doctors to adjust treatments remotely, thus improving efficiency and reducing hospital visits. Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) in these devices, as they offer predictive insights to help prevent complications, is fostering the market growth.
Growing Prevalence of Chronic Diseases:
The rising prevalence of chronic diseases is another key factor boosting the market growth. Moreover, the growing incidence of conditions such as diabetes, asthma, hypertension, and cardiovascular diseases that require consistent medication management is stimulating the market growth. Moreover, the increasing popularity of connected drug delivery devices, as they provide a convenient solution for monitoring and administering medications, is catalyzing the market growth.
These devices help patients adhere to prescribed treatment plans, which is crucial for managing long-term health conditions. In addition to this, connected devices improve patient compliance and offer insights to healthcare providers, allowing them to make more informed decisions.
Increasing Focus on Personalized Medicine:
The rising focus on personalized medicine that tailor treatments to individual patients based on their genetic, environmental, and lifestyle factors is propelling the market growth. In line with this, the increasing utilization of connected drug delivery devices, as they allow for more precise medication administration and tracking, facilitating personalized treatment regimens, is fueling the market growth.
These devices provide real-time feedback on how patients are responding to specific therapies, enabling healthcare providers to modify dosages or treatment plans accordingly. Moreover, the growing awareness of the benefits of connected drug delivery systems as they reduce medication errors and enhance patient safety is creating a positive outlook for the market.
Connected Drug Delivery Devices Market Report Segmentation:
Breakup By Product:
- Connected Sensors
- Integrated Connected Devices
Connected sensors account for the majority of shares as they provide real-time monitoring and data collection.
Breakup By End User:
- Hospitals and Healthcare Providers
- Homecare
Hospitals and healthcare providers dominate the market as they are the primary users of connected drug delivery devices due to their need for real-time patient data and precise medication management.
Breakup By Technology:
- Bluetooth
- NFC
- Other Technologies
Bluetooth represents the majority of shares due to its compatibility with smartphones and its ability to transmit data wirelessly in real-time.
Breakup By Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
North America holds the leading position owing to a large market for connected drug delivery devices driven by its advanced healthcare infrastructure, high prevalence of chronic diseases, and widespread adoption of digital health technologies.
Top Connected Drug Delivery Devices Market Leaders: The connected drug delivery devices market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.
Some of the key players in the market are:
- Adherium Ltd.
- BioCorp Production
- Cohero Health Inc. (AptarGroup Inc.)
- Elcam Medical ACS. Ltd
- Findair Sp. z o. o.
- Merck KGaA
- Phillips Medisize (Molex LLC)
- Propeller Health (Resmed Inc.)
- Teva Pharmaceutical Industries Ltd.
- West Pharmaceutical Services Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No: (D) +91 120 433 0800
United States: +1–631–791–1145
Content Source: https://indibloghub.com/post/connected-drug-delivery-devices-market-size-growth-demand-key-players-forecast-2024-2032
