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Accelerating Connected Drug Delivery Devices With The Rise Of Remote Patient Monitoring: An Emerging Driver Transforming The Connected Drug Delivery Devices Market Landscape
Connected Drug Delivery Devices
What Is the Expected Connected Drug Delivery Devices Market Size During the Forecast Period?
The market size for connected drug delivery devices has seen significant growth in recent years. The market is projected to expand from $7.48 billion in 2024 to $9.29 billion in 2025, indicating a compound annual growth rate (CAGR) of 24.2%. The historical growth of this market is linked to heightened awareness of such devices, the growing significance of remote monitoring for medication compliance, amplified patient involvement, increased adoption by consumers, and the fast-rising costs associated with medical management.
In the coming years, the connected drug delivery devices market is anticipated to undergo significant growth. It is projected to expand to $21.92 billion by 2029 with a compound annual growth rate (CAGR) of 23.9%. Factors contributing to this growth in the projected period include an increased occurrence of chronic illnesses, surging consciousness amongst patients regarding compliance to prescribed treatments, a swiftly developing healthcare IT infrastructure, heightened focus on preventive care, and the widespread use of connected devices in labs and hospitals to maintain electronic health records (EHR). Other contributing trends for the forecasted period encompass heightened research and development activities, a boom in technological innovation, escalating connectivity of devices, exponential adoption of machine learning and artificial intelligence, increased use of telehealth platforms that incorporate AR/VR technologies, and a growing utilization of electronic technology in healthcare devices.
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What Are the High-Growth Segments in 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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What Key Drivers Are Expected to Influence Future Connected Drug Delivery Devices Market Growth?
The projected growth of the connected drug delivery device market is fueled by the rising prominence of remote patient monitoring. This advanced health care method employs technology to remotely keep track of patient health and medical information. The role of connected drug delivery devices within this framework is pivotal, as they advance remote patient monitoring by ensuring precise monitoring of medication compliance and intake, allowing for timely interventions and fostering personalized care management. Vivalink Inc., a US digital health solutions firm, conducted a survey in August 2023 which revealed a 305% increase in health professionals utilizing remote patient monitoring for their patients, rising from 20% in 2021 to 81%. Interestingly, 84% of these users have plans to broaden their implementation of remote patient monitoring in 2024. As such, the escalating prominence of remote patient monitoring serves as a catalyst for the growth of the connected drug delivery device market.
Which Companies Hold the Largest Share Across Different Connected Drug Delivery Devices Market Segments?
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.
What Trends Are Driving Growth in The Connected Drug Delivery Devices Market?
Leading entities in the connected drug delivery devices market are directing their efforts towards the creation of advanced technology like digital respiratory health solutions to escalate their market earnings. This type of solution for connected drug delivery devices implies a tech-based device that aids in the delivery of drugs to the respiratory system while also tracking use and health data to better patient outcomes. For example, in February 2022, AptarGroup Inc., an American firm that specializes in the manufacture of dispensing packaging and drug delivery devices, unveiled HeroTracker Sense. It is a revolutionary digital tool that upgrades traditional metered-dose inhalers to smart, connected devices. This advancement aids in improving medication adherence and management for people suffering from persistent respiratory diseases such as asthma, COPD, among others. It is equipped with sensors for analysis and insight, and it facilitates patient adherence surveillance through the BreatheSmart app, assisting in the efficient control of respiratory conditions.
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What Are the Emerging Geographies for The Connected Drug Delivery Devices Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Connected Drug Delivery Devices Market?
2. What is the CAGR expected in the Connected Drug Delivery Devices Market?
3. What Are the Key Innovations Transforming the Connected Drug Delivery Devices Industry?
4. Which Region Is Leading the Connected Drug Delivery Devices Market?
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