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Global Connected Drug Delivery Devices Market Projected to Grow at 23.9% CAGR, Reaching $21.92 Billion by 2029
Connected Drug Delivery Devices Market
What Will the Connected Drug Delivery Devices Industry Market Size Be by 2025?
The market for connected drug delivery devices has witnessed significant growth in recent years. It is projected to expand from $7.48 billion in 2024 to a sizeable $9.29 billion in 2025, reflecting a compound annual growth rate (CAGR) of 24.2%. This historical growth trend can be linked to several factors; heightened awareness of connected devices, the rising significance of remote monitoring for compliance with medication routines, greater patient engagement, widespread acceptance among consumers, and the swift escalation in the cost of medical management.
What's the Long-Term Growth Forecast for the Connected Drug Delivery Devices Market Size Through 2029?
The market for connected drug delivery devices is anticipated to experience significant growth in the coming years, expanding to $21.92 billion by 2029 with a compound annual growth rate (CAGR) of 23.9%. This predicted growth during this forecast period can be ascribed to the escalating prevalence of chronic illnesses, increased patient awareness regarding adherence to recommended treatments, rapid enhancements in healthcare IT infrastructure, growing focus on preventive healthcare, and the extensive implementation of connected devices in labs and hospitals for keeping Electronic Health Records (EHR). Upcoming trends during the prediction period include heightened R&D activities, a rise in technological innovations and enhanced device connectivity, surging acceptance of machine learning and AI, growing usage of telehealth platforms incorporated with AR/VR technologies, and a heightened adoption of electronic technology within healthcare devices.
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What Are the Key Growth Drivers Fueling the Connected Drug Delivery Devices Market Expansion?
The escalating significance of remote patient monitoring is projected to drive the expansion of the connected drug delivery device market. Remote patient monitoring constitutes a form of health care provision that employs technological solutions to remotely track patient health and medical data. These connected drug delivery devices augment remote patient monitoring through precise tracking of medication usage and adherence - thus enabling timely interventions and personalized care management. For example, a survey conducted by US-based digital health solutions company Vivalink Inc. in August 2023, noted a surge of 305% in the use of remote patient monitoring by clinicians. The figures rose from 20% in 2021 to a current 81%, with 84% of these practitioners planning to increase their utilization of remote patient monitoring in 2024. Consequently, the swelling importance of remote patient monitoring is fuelling the growth of the connected drug delivery device market.
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What Are the Key Trends Driving Connected Drug Delivery Devices Market Growth?
Significant corporations involved in the connected drug delivery devices market are concentrating their efforts on the development of innovative technologies, like digital respiratory health solutions, in a bid to boost their market profitability. In essence, a digital respiratory health solution in the context of connected drug delivery devices is a technology-infused apparatus that enables medication delivery to the respiratory system while concurrently monitoring usage and health data to enhance patient results. For example, AptarGroup Inc., a US-based firm that specializes in dispensing packaging and drug delivery devices, in February 2022, unveiled the HeroTracker Sense. This groundbreaking digital instrument transforms traditional metered-dose inhalers into intelligent, connected devices designed to bolster medication compliance and management for those suffering from chronic respiratory diseases such as asthma, COPD, and others. It includes features like sensors for data analysis and insight, and it promotes patient adherence monitoring via the BreatheSmart app, facilitating the effective control of respiratory illnesses.
How Is the Connected Drug Delivery Devices Market Segmented?
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 Companies Are Leading the Charge in Connected Drug Delivery Devices Market Innovation?
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.
Which Regions Are Leading the Global Connected Drug Delivery Devices Market in Revenue?
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.
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