Press release
Connected Drug Delivery Devices Global Market Report 2024: Innovations in Medication Administration
"Connected Drug Delivery Devices
The Business Research Company offers in-depth market insights through Connected Drug Delivery Devices Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The connected drug delivery market size has grown exponentially in recent years. It will grow from $6.02 billion in 2023 to $7.48 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to increased awareness of connected devices, increased importance of remote monitoring for medication adherence, increased patient engagement, widespread consumer adoption, the rapidly increasing cost of medical management.The connected drug delivery market size is expected to see exponential growth in the next few years. It will grow to $17.67 billion in 2028 at a compound annual growth rate (CAGR) of 24%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, rising patient awareness about adherence to prescribed therapies, rapidly moving healthcare it infrastructure, increasing emphasis on preventive care, widespread adoption of connected devices in laboratories and hospitals for maintaining electronic health records (EHR). Major trends in the forecast period include increasing R&D activities, surge in technological innovation and the increasing connectivity of devices, soaring adoption of machine learning and artificial intelligence, rising implementation of telehealth platform integrated with AR/VR technologies, increasing adoption of electronic technology in healthcare devices.
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Market Segmentation:
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
Major Driver - Accelerating Connected Drug Delivery Devices With The Rise Of Remote Patient Monitoring
The increasing importance of remote patient monitoring is expected to propel the growth of the connected drug delivery device market going forward. Remote patient monitoring is a healthcare delivery method that uses technology to track patient health and medical data from a distance. Connected drug delivery devices enhance RPM by enabling accurate tracking of medication usage and adherence, facilitating timely interventions, and providing personalized care management. For instance, In August 2023, according to a survey by Vivalink Inc., a US-based digital health solutions provider, there was a 305% increase in clinicians using remote patient monitoring (RPM) on patients, from 20% in 2021 to 81% currently, with 84% of these users planning to expand their RPM usage in 2024. Therefore, the increasing importance of remote patient monitoring is driving the growth of the connected drug delivery device market.
Competitive Landscape:
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.
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Top Trend - Navigating The Future Of Respiratory Disease Management With Connected Devices
Major companies operating in the connected drug delivery devices market are focused on developing innovative technology, such as digital respiratory health solutions, to increase their profitability in the market. A digital respiratory health solution for connected drug delivery devices refers to a technology-enabled device that facilitates medication delivery to the respiratory system while tracking usage and health data to improve patient outcomes. For instance, in February 2022, AptarGroup Inc., a US-based manufacturer of dispensing packaging and drug delivery devices, launched HeroTracker Sense. This is an innovative digital tool that transforms traditional metered-dose inhalers into smart, connected devices to enhance medication adherence and management for individuals with chronic respiratory conditions such as asthma, COPD, and others. It offers features such as sensors for analytics and insight, and it supports patient adherence monitoring via the BreatheSmart app, aiding in the effective management of respiratory diseases.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Connected Drug Delivery Devices Market Characteristics
3. Connected Drug Delivery Devices Market Trends And Strategies
4. Connected Drug Delivery Devices Market - Macro Economic Scenario
5. Connected Drug Delivery Devices Market Size And Growth
…..
27. Connected Drug Delivery Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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