The connected drug delivery devices global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Connected Drug Delivery Devices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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.
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.
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Scope Of Connected Drug Delivery Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Connected Drug Delivery Devices Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Connected Drug Delivery Devices Market Report Structure
3. Connected Drug Delivery Devices Market Trends And Strategies
4. Connected Drug Delivery Devices Market – Macro Economic Scenario
5. Connected Drug Delivery Devices Market Size And Growth
…..
27. Connected Drug Delivery Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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