IMARC Group, a leading market research company, has recently released a report titled “Connected Drug Delivery Devices Market Report by Product (Connected Sensors, Integrated Connected Devices), End User (Hospitals and Healthcare Providers, Homecare), Technology (Bluetooth, NFC, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the connected drug delivery devices market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global connected drug delivery devices market size reached US$ 864.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 6,879.9 Million by 2032, exhibiting a growth rate (CAGR) of 25.1% during 2024-2032.
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Factors Affecting the Growth of the Connected Drug Delivery Devices Industry:
- Increasing Healthcare Expenditure and Digital Health Adoption:
The escalating healthcare expenditure globally, coupled with the growing adoption of digital health solutions, is fostering the uptake of connected drug delivery devices. Governments and healthcare organizations are increasingly investing in digital health infrastructure to improve patient outcomes, enhance efficiency, and reduce healthcare costs. Connected drug delivery devices align with this digital health transformation by offering remote monitoring capabilities, medication reminders, and personalized treatment plans, thereby optimizing healthcare delivery and resource utilization. As healthcare systems worldwide transition towards value-based care models and prioritize patient-centric approaches, the demand for connected drug delivery devices is projected to surge, driving market growth in the foreseeable future.
- Escalating Prevalence of Chronic Diseases:
The escalating incidence of chronic diseases such as diabetes, asthma, and cardiovascular disorders is a significant driver of the global connected drug delivery devices market. With chronic conditions affecting millions worldwide, there's a pressing need for effective management and treatment. Connected drug delivery devices offer a proactive approach by enabling real-time monitoring and data collection, facilitating better disease management and medication adherence among patients. This trend is particularly crucial in regions with aging populations and increasing lifestyle-related health issues, where connected devices play a pivotal role in improving healthcare outcomes and reducing the burden on healthcare systems.
- Advancements in Technology and IoT:
The rapid advancements in technology, especially in the realm of Internet of Things (IoT) and wearable devices, are revolutionizing healthcare delivery, including drug administration. Connected drug delivery devices leverage these technological innovations to provide patients with seamless connectivity, enabling remote monitoring, data transmission, and personalized treatment regimens. These devices not only enhance patient convenience and medication adherence but also enable healthcare providers to remotely monitor patients' health status and intervene promptly when necessary. As IoT continues to evolve, the capabilities of connected drug delivery devices are expected to expand, further driving market growth and adoption.
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Connected Drug Delivery Devices Market Report Segmentation:
By Product:
- Connected Sensors
- Connected Inhaler Sensors
- Connectable Injection Sensors
- Integrated Connected Devices
- Connected Inhalation Devices
- Connected Injection Devices
Connected sensors represented the largest segment due to the increasing demand for real-time monitoring and data collection capabilities offered by connected sensors, enhancing patient care and treatment outcomes.
By End User:
- Hospitals and Healthcare Providers
- Homecare
Hospitals and healthcare providers represented the largest segment due to the extensive usage of connected drug delivery devices in clinical settings for patient management, medication administration, and remote monitoring, aligning with the healthcare industry's focus on improving patient outcomes and operational efficiency.
By Technology:
- Bluetooth
- NFC
- Other Technologies
Bluetooth represented the largest segment due to the widespread adoption of Bluetooth-enabled devices for seamless connectivity and data transmission between drug delivery devices and associated applications, facilitating remote monitoring and personalized treatment management.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America was the largest market due to the high healthcare expenditure, advanced healthcare infrastructure, and early adoption of connected health technologies in North America, driving the demand for connected drug delivery devices and establishing the region as a dominant market player in the industry.
Global Connected Drug Delivery Devices Market Trends:
The global connected drug delivery devices market is primarily driven by several key factors shaping its growth trajectory, such as the rising prevalence of chronic diseases such as diabetes, asthma, and cardiovascular disorders is propelling the demand for connected drug delivery devices, as they offer improved patient monitoring and medication adherence. In line with this, advancements in technology, particularly in the field of Internet of Things (IoT) and wearable devices, are facilitating the development of innovative connected drug delivery solutions, enhancing treatment outcomes and patient convenience. Additionally, increasing healthcare expenditure and the growing adoption of digital health solutions are driving market expansion. Moreover, the surge in geriatric population worldwide, coupled with the need for personalized and remote patient care, is fueling the demand for connected drug delivery devices.
Top Companies Operated in Connected Drug Delivery Devices Industry:
- Adherium Ltd.
- BioCorp Production
- Cohero Health Inc. (AptarGroup Inc.)
- Elcam Medical ACS. Ltd
- Findair Sp. z o. o.
- Merck KGaA
- Phillips Medisize (Molex LLC)
- Propeller Health (Resmed Inc.)
- Teva Pharmaceutical Industries Ltd.
- West Pharmaceutical Services Inc.
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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