Global Connected Drug Delivery Devices Market to Reach $21.92 Billion by 2029, Growing at 23.9% CAGR

What industry-specific factors are fueling the growth of the connected drug delivery devices market?
The growth of the connected drug delivery device market is likely to be driven by the rising significance of remote patient monitoring. This healthcare delivery technique employs technology to remotely monitor a patient's health and medical information. Connected drug delivery devices boost remote patient monitoring by allowing for precise tracking of medication use and adherence, promoting timely interventions, and providing tailored care management. For example, Vivalink Inc., a US digital health solutions company, revealed in a survey in August 2023 that the use of remote patient monitoring by clinicians had soared by 305%, growing from 20% in 2021 to 81% at present, with a projected 84% of these users planning to scale up their use of remote patient monitoring in 2024. As a result, the burgeoning importance of remote patient monitoring is fueling the growth of the connected drug delivery device market.

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What Is the projected market size and growth rate for the connected drug delivery devices market?
The market for connected drug delivery devices has seen incredible growth in recent years. The market, which is slated to escalate from $7.48 billion in 2024 to $9.29 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 24.2%. The unprecedented growth observed in the historic context is largely due to a better understanding and acceptance of connected devices, the mounting relevance of remote tracking for medication adherence, heightened patient involvement, extensive consumer adoption, and the steep increase in the cost of medical management.

Expectations are high for considerable expansion in the connected drug delivery devices market in the upcoming years, with projections suggesting a growth to $21.92 billion by 2029, boasting a compound annual growth rate (CAGR) of 23.9%. The predicted growth during this forecast period can be attributed to factors such as the rising incidence of chronic diseases, heightened patient awareness regarding adherence to prescribed treatment plans, the swift evolution of healthcare IT infrastructure, increased focus on preventive healthcare, and the widespread use of connected devices in labs and hospitals for maintaining electronic health records (EHR). Some major trends expected during this forecast period are an increase in research and development activities, a surge in technological advancement and device connectivity, boosted adoption of machine learning and artificial intelligence, growing implementation of telehealth platforms integrating AR/VR technologies, and a rise in the use of digital technology in healthcare devices.

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How are the latest trends influencing the growth of the connected drug delivery devices market?
Leading corporations in the connected drug delivery devices market are concentrating on developing cutting-edge technology such as digital health solutions for respiratory systems, aiming to heighten their market profitability. A digital health solution for connected drug delivery devices is a technology-equipped apparatus that not only aids in delivering medication to respiratory system, but also tracks health and usage data to enhance patient results. In February 2022, for example, the US-based dispensing packaging and drug delivery devices manufacturer AptarGroup Inc., rolled out HeroTracker Sense. It's a groundbreaking digital tool that transforms conventional metered-dose inhalers to smart, connected tools - benefiting medication adherence and management for people with chronic respiratory diseases like COPD, asthma among others. It presents features such as analytic and insight sensors, and facilitates patient adherence monitoring through the BreatheSmart app, contributing to effective respiratory disease management.

What major market segments define the scope and growth of the connected drug delivery devices market?
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

Subsegments:
1) By Standalone Components And Software: Mobile Applications, Connectivity Modules, Data Analytics Software
2) By Integrated Devices: Smart Inhalers, Smart Auto-injectors, Connected Syringes, Wearable Drug Delivery Devices

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Which region dominates the connected drug delivery devices market?
North America was the largest region in the connected drug delivery market in 2024. The regions covered in the connected drug delivery device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Which key market leaders are driving the connected drug delivery devices industry growth?
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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What Is Covered In The Connected Drug Delivery Devices Global Market Report?

• Market Size Forecast: Examine the connected drug delivery devices market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the connected drug delivery devices market for a structured understanding.
• Key Players Overview: Analyze major players in the connected drug delivery devices market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the connected drug delivery devices market.
• Segment Contributions: Evaluate how different segments drive overall growth in the connected drug delivery devices market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the connected drug delivery devices market.
• Industry Challenges: Identify potential risks and obstacles affecting the connected drug delivery devices market.
• Competitive Landscape: Review strategic developments in the connected drug delivery devices market, including expansions, agreements, and new product launches.

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