Connected Drug Delivery Devices Market Drivers, Demand, Insights 2024-2033: Unveiling Key Factors

Spread the love

Overview and Scope

Connected drug delivery devices are smart pharmaceutical devices that utilize digital technology to monitor, manage, and control the dispensation of medications, enhancing adherence and patient outcomes. These devices can connect to the internet, allowing for data sharing between patients and healthcare providers to track medication usage, adjust dosages, and improve treatment strategies.

Sizing and Forecast

The connected drug delivery market size has grown exponentially in recent years. It will grow from $6.02 billion in 2023 to $7.48 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to increased awareness of connected devices, increased importance of remote monitoring for medication adherence, increased patient engagement, widespread consumer adoption, the rapidly increasing cost of medical management.

To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/connected-drug-delivery-devices-global-market-report

Segmentation & Regional Insights

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

North America was the largest region in the connected drug delivery market in 2023. 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.

Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=13962&type=smp

Major Driver Impacting Market Growth

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.

Key Industry Players

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.

The connected drug delivery devices market report table of contents includes: