The Connected Drug Delivery Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Connected Drug Delivery Devices Global Market Report 2024, The connected drug delivery market size is expected to see exponential growth in the next few years. It will grow to $17.67 billion in 2028 at a compound annual growth rate (CAGR) of 24%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, rising patient awareness about adherence to prescribed therapies, rapidly moving healthcare it infrastructure, increasing emphasis on preventive care, widespread adoption of connected devices in laboratories and hospitals for maintaining electronic health records (EHR). Major trends in the forecast period include increasing R&D activities, surge in technological innovation and the increasing connectivity of devices, soaring adoption of machine learning and artificial intelligence, rising implementation of telehealth platform integrated with AR/VR technologies, increasing adoption of electronic technology in healthcare devices.
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.
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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
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.
The connected drug delivery devices market report table of contents includes:
1. Executive Summary
2. Connected Drug Delivery Devices Market Characteristics
3. Connected Drug Delivery Devices Market Trends And Strategies
4. Connected Drug Delivery Devices Market – Macro Economic Scenario
5. Global Connected Drug Delivery Devices Market Size and Growth
…..
32. Global Connected Drug Delivery Devices Market Competitive Benchmarking
33. Global Connected Drug Delivery Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Connected Drug Delivery Devices Market
35. Connected Drug Delivery Devices Market Future Outlook and Potential Analysis
36. Appendix
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