The global connected drug delivery devices market, valued at US$ 330 million in 2021, is set to experience exponential growth, with its market size projected to expand to US$ 1.6 billion by 2028, registering an impressive compound annual growth rate (CAGR) of 23.6% over the forecast period.
Market Growth Drivers
- Advancements in IoT and Smart Healthcare: Integration of Internet of Things (IoT) technology is driving the development of smart drug delivery devices that enable real-time monitoring and enhanced patient compliance.
- Rising Prevalence of Chronic Diseases: Increasing cases of diabetes, asthma, and cardiovascular diseases are fueling the adoption of connected devices for consistent and effective drug administration.
- Focus on Patient-Centric Care: Demand for personalized healthcare solutions is pushing pharmaceutical companies to innovate and integrate connectivity features into drug delivery systems.
- Regulatory Support and Investments: Governments and private players are investing heavily in connected healthcare technologies to improve treatment outcomes and reduce healthcare costs.
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Regional Insights
- North America: Leads the market due to the presence of advanced healthcare infrastructure and a strong focus on digital health.
- Europe: Gaining momentum with supportive government initiatives for smart healthcare solutions.
- Asia-Pacific: Experiencing rapid growth owing to rising healthcare digitization and increased adoption of wearable devices.
Key Market Trends
- Integration with Mobile Applications: Patients can now manage their medication schedules and access analytics through apps connected to their drug delivery devices.
- Data-Driven Insights for Physicians: Real-time feedback from connected devices is empowering healthcare providers to make informed treatment decisions.
- Adoption of AI and Machine Learning: Predictive algorithms are enhancing patient adherence and identifying potential issues before they occur.
Forecast Highlights
- Market size to grow from US$ 330 million in 2021 to US$ 1.6 billion by 2028.
- Connected inhalers and injectables to dominate market demand due to high prevalence of respiratory and chronic diseases.
- Technological partnerships between pharma and tech companies to shape the future of connected drug delivery.
Market Drivers
- Increased Patient Connectivity and Engagement: The rise in awareness about medication adherence and the benefits of connected devices is driving demand for these technologies.
- Surge in Chronic Diseases: The increasing prevalence of chronic diseases, such as diabetes and respiratory conditions, necessitates effective drug delivery solutions, boosting the market for connected devices.
- Technological Advancements: Innovations in IoT and mobile health technologies are enhancing the functionality of connected drug delivery devices, making them more appealing to both patients and healthcare providers.
- Growing Geriatric Population: The expanding elderly demographic, which often requires ongoing medication management, is contributing to the demand for connected drug delivery solutions.
- Impact of COVID-19: The pandemic has accelerated the need for contactless healthcare solutions, further driving the adoption of connected drug delivery devices.
Regional Insights
- North America: Expected to dominate the market due to high healthcare expenditure, advanced technology adoption, and a significant incidence of chronic diseases.
- Asia-Pacific: Anticipated to witness rapid growth driven by increasing healthcare access and rising awareness about self-administration of therapies.
Key Companies Profiled
- Bayer AG.
- Propeller Health
- West Pharmaceutical Services Inc.
- 3M Company
- OPKO Health
- Sagentia (Science Group)
- Care TRx
- CeQur SA
- Biocorp Production SA
Key Segments of Connected Drug Delivery Devices Industry Survey
Connected Drug Delivery Devices Market by Product Type:
- Inhalation Devices
- Injectable Devices
- Handheld Injectable Devices
- Wearable Injectable Devices
Connected Drug Delivery Devices Market by End User:
- Hospitals
- Clinics
- Home Care
Connected Drug Delivery Devices Market by Application:
- Anaphylaxis
- Cardiovascular
- Diabetes
- Hormone Replacement
- Others
Connected Drug Delivery Devices Market by Technology:
- Bluetooth Drug Delivery Devices
- Near Field Communication Drug Delivery Devices
Connected Drug Delivery Devices Market by Region:
- North America Connected Drug Delivery Devices Market
- Latin America Connected Drug Delivery Devices Market
- Europe Connected Drug Delivery Devices Market
- East Asia Connected Drug Delivery Devices Market
- South Asia & Pacific Connected Drug Delivery Devices Market
- Middle East & Africa (MEA) Connected Drug Delivery Devices Market
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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