What Has Been the Growth of the Connected Drug Delivery Devices Market So Far?
The connected drug delivery devices market has seen considerable growth due to a variety of factors.
• In recent years, there has been a significant expansion in the market size of connected drug delivery devices. The market is projected to increase from $7.48 billion in 2024 to $9.29 billion in 2025, marking a compound annual growth rate (CAGR) of 24.2%.
The phenomenal growth experienced during the historical period can be ascribed to a heightened consciousness about connected devices, the growing emphasis on remote monitoring to ensure medication adherence, improved patient engagement, a broad consumer acceptance, and the swift escalation in the cost of medical management.
How Will the Connected Drug Delivery Devices Market?
The connected drug delivery devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of connected drug delivery devices is predicted to escalate tremendously in the upcoming years, reaching $21.92 billion in 2029 with a compound annual growth rate (CAGR) of 23.9%.
This increase during the projected time frame can be associated with growing incidences of chronic diseases, enhanced patient knowledge about the importance of adhering to recommended treatment plans, fast-paced evolution of healthcare IT infrastructure, and the rising focus on preventive care. The period will also witness expanding use of connected devices in labs and hospitals for electronic health record (EHR) keeping. In the same time frame, trends to expect include a boost in research and development activities, a spike in technology innovations and device connectivity, an increased reliance on machine learning and artificial intelligence, a rise in the implementation of telehealth platforms with AR/VR technologies, and an expansion in the use of electronic technology in healthcare devices.
Which Factors Are Boosting Growth In The Connected Drug Delivery Devices Market?
The burgeoning significance of remote patient surveillance is anticipated to fuel the expansion of the connected drug delivery device market. The technique of remote patient monitoring, which employs technology to observe patient health and medical information from afar, plays an instrumental role in healthcare delivery. This approach augments remote patient monitoring by allowing precise monitoring of medication consumption and adherence, prompting timely interventions, and providing tailored care management. As an illustration, in August 2023, Vivalink Inc., a digital health solutions firm based in the US, conducted a survey that presented a meteoric 305% surge in clinicians using remote patient monitoring on their patients, increasing from 20% in 2021 to 81% at present, with a staggering 84% of these users expected to enlarge their use of RPM in 2024. Therefore, the escalating significance of remote patient monitoring is steering the ascension of the connected drug delivery device market.
What Key Areas Define The Segmentation Of The Global Connected Drug Delivery Devices Market?
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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What Trends Are Reshaping The Future Of The Connected Drug Delivery Devices Market?
Key players in the connected drug delivery devices market are prioritizing the development of unique technology like digital respiratory health solutions to bolster their market profitability. This type of solution for connected drug delivery devices represents a tech-enabled device that assist the delivery of medication to the respiratory system whilst monitoring usage and health statistics to enhance patient results. For example, AptarGroup Inc., a US manufacturing organisation for dispensing packaging and drug delivery devices, unveiled HeroTracker Sense in February 2022. It is a ground-breaking digital tool that converts traditional metered-dose inhalers into intelligent, connected devices, escalating medication consistency and management for sufferers of chronic respiratory diseases such as asthma, COPD, among others. Features include sensors for detailed analytics and insight, and it encourages patient adherence tracking with the BreatheSmart application, thereby aiding in the effective control of respiratory ailments.
Who Are the Key Players In The Connected Drug Delivery Devices Market?
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.
What Is The Most Dominant Region In The Connected Drug Delivery Devices Market?
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.
