Connected Drug Delivery Devices Market By Product Type, By Route of Administration, By Application, By Technology, By End User & Forecast 2023-2032

In 2021, the market for Global Connected Drug Delivery Devices worldwide was worth $0.31 billion US dollars. AMR Group projects that the market will reach US$ 1.9 billion by 2031, growing at a CAGR of 21.3 percent between 2022 and 2031.

Industry Overview

Connected drug delivery devices are machines that deliver various medicinal agents into a patient's body in order supply medical treatment and monitor the patient's condition. These devices are used to help minimize noncompliance with medication prescriptions and to provide better health care. In residential areas, smart wireless electronic systems known as connected drug delivery devices are utilized to support patient monitoring and counselling. Sensors, adherence trackers, dose reminders, and monitoring systems provide real-time feedback and educational materials for individualized patient care. They are more convenient and less expensive than clinic therapies. As a result, connected drug delivery devices are frequently used in the remote monitoring of patients with conditions such as diabetes, asthma, hepatitis C, hypertension, multiple sclerosis, tuberculosis, clinically isolated disorder, Chronic Obstructive Pulmonary Disease (COPD), and recipients of kidneys and liver transplants. It has been found that connected drug delivery devices can enable physicians monitor patient compliance with their recommended therapy and modify a patient's treatment as necessary. The acceptance of connected drug delivery devices is expected to be amplified by a rise in efforts to educate people about the complications caused by medication under or overdosing.

Connected drug delivery devices combine features like access to a variety of online services. Many market players are developing devices to aid in enhanced care monitoring and therapy. Many connected drug delivery systems involve adherence monitors, drug reminders, patient records to gather health information, and patient education opportunities. These devices are commonly used to treat asthma, COPD, diabetes, and other cardiovascular diseases. Because of rising rates of asthma, COPD, and diabetes, the Connected Drug Delivery Devices Market is expected to grow throughout the forecast period, providing a lucrative opportunity for increased use of connected drug delivery devices and increased market revenue.

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Market Dynamics

The rapidly growing cost of medical management, as well as the growing need to improve patient treatment outcomes, are driving demand for connected drug delivery devices. In addition, a shift in preferences toward home-based care is fueling market growth. Furthermore, the growing number of people suffering from chronic diseases, combined with a greater emphasis on preventive care, is positively influencing the market. Furthermore, the widespread use of connected devices in laboratories and hospitals for the maintenance of Electronic Health Records (EHR) is expected to drive market growth.

The increased R&D activities are a key market driver. It also contributes to an exponential growth rate due to the robust product pipeline of several key players, which is expected to be commercially launched during the forecast period. In May 2021, for example, Eli Lilly and Company collaborated with four companies - DexCom, Inc., Glooko Inc., Roche, and myDiabby Healthcare to develop connected solutions for diabetics in markets outside of the United States. The companies' diabetes management platforms are expected to be complementary with Lilly's Tempo Pen and Tempo Smart Button to help diabetes patients, thereby propelling market growth. However, the patient treatments data security is the major risk related to connected delivery device solutions which could reduce the market revenue during the anticipated period.

COVID Impact

The Connected Drug Delivery Devices market has shown a positive impact during the COVID-19 pandemic period. The market, increased provider and patient awareness of connected devices, adoption, and the importance of remote monitoring for medication adherence. Adherium Limited, a key respiratory eHealth company, for example, reported COVID-driven acceleration in remote patient monitoring across the globe in 2021. However, the company encountered difficulties in moving forward with planned pilot evaluations with partners in the United States due to the pandemic. Due to the relaxation of movement restrictions and improved hospital access, the company anticipates a strong series of positive commercial and R&D activities in 2022.

Regional Trend

Geographically, the global Connected Drug Delivery Devices market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is dominating the largest share of the global Connected Drug Delivery Devices market with a share of 30% in 2021. North America holds the highest market share due to the region's high per capita healthcare spending, rapid adoption of technology presence of key players, and growing adoption of remote monitoring for medication adherence. Moreover, Asia Pacific is lined up to register the fastest growth at a rate of over 24% during the forecast period. The growing number of companies and initiatives deployed by them is expected to fuel regional growth in the Asia-Pacific market. Adherium, for example, is a public company based in New Zealand that focuses on developing solutions for remote monitoring, patient adherence, and data management in the respiratory field.

Competitive Landscape

Key players operating in the global tissue diagnostics market are 3M, Adherium Limited, Antares Pharma, AptarGroup Inc., Bayer AG, BD, BioCorp, Cipla Inc., Cohero Health, Inc., Enable Injections, F. Hoffmann-La Roche Ltd, Gerresheimer AG, GlaxoSmithKline plc, Insulet Corporation, Johnson & Johnson Services, Inc., MEDMIX SYSTEMS AG, Medtronic, Merck & Co., Inc., Novartis AG, Novo Nordisk A/S, Novosanis, OraSure Technologies, Inc., Pfizer Inc., Phillips-Medisize, LLC, Propeller Health, Proteus Digital Health, Sanofi, SMC Ltd., Sulzer Ltd, Syncro Technology Corp., Tandem Diabetes Care, Inc., Teva Respiratory, LLC, ViVO Smart Medical Devices Ltd., West Pharmaceutical Services, Inc., and Ypsomed AG among others. Roche signed a joint development agreement with Ibex Medical Analytics, a global leader in AI-based cancer diagnostics, in October 2021. They will collaborate to develop an embedded image analysis workflow for pathologists to seamlessly access to securely exchange data, Ibex's AI algorithms, insights, and decision support tools using Navify Digital Pathology, the cloud version of uPath enterprise software.

Key USP's-

Remote monitoring and telehealth are quickly emerging as new, complementary standards of care. Continuous expansion of telehealth and remote monitoring services, particularly for respiratory disease products, is critical for lowering health-care costs while improving patient management.

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Market Segmentation

Based upon the Product Type used in Connected Drug Delivery Devices Market is segmented into two segments of Standalone Components & Software and Integrated Devices in the drug delivery process. Based on Route of Administration, the Connected Drug Delivery Devices Market is segmented into Parenteral and Inhalational. Based on Application, the Connected Drug Delivery Devices Market is segmented into Asthma, COPD and Diabetes Management. Based on Technology, the Connected Drug Delivery Devices Market is segmented into Bluetooth, NFC and Others.

End user segment of Connected Drug Delivery Devices market is further classified into Homecare and Hospitals. The increasing healthcare expenditure is some of the major factors driving the growth of this segment.

By Product Type

· Standalone Components & Software

· Integrated Devices

By Route of Administration

· Parenteral

· Inhalational

By Application

· Asthma

· COPD

· Diabetes Management

By Technology

· Bluetooth

· NFC

· Others

By End User

· Homecare

· Hospitals

Global Connected Drug Delivery Devices Market: Regional Analysis
The countries covered in the regional analysis of the Global Connected Drug Delivery Devices market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Connected Drug Delivery Devices market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Connected Drug Delivery Devices would help in identifying future applications in this market.

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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Objectives of the Study:
• To provide with an exhaustive analysis on the Connected Drug Delivery Devices Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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