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Connected Drug Delivery Devices Market Analysis, Top Drivers, Key Players, Segmentation And Forecast To 2033
Connected Drug Delivery Devices Market Analysis
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Connected Drug Delivery Devices Market 2024 Key Insights:
• The connected drug delivery devices market is expected to grow to $17.67 billion in 2028 at a compound annual growth rate (CAGR) of 24%.
• Accelerating Connected Drug Delivery Devices With The Rise Of Remote Patient Monitoring
• Navigating The Future Of Respiratory Disease Management With Connected Devices
• North America was the largest region in the connected drug delivery market in 2023
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