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 trends, size, share 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 prevalence of chronic diseases:
The rising prevalence of chronic diseases such as diabetes, asthma, and cardiovascular conditions significantly drives the demand for connected drug delivery devices. These chronic conditions require ongoing medication management and adherence to treatment regimens, which can be challenging for patients. Connected drug delivery devices, such as smart inhalers, insulin pens, and auto-injectors, provide real-time monitoring and reminders to ensure patients adhere to their prescribed therapies. This improved adherence enhances treatment efficacy and helps in reducing hospitalizations and healthcare costs. The ability of these devices to track and record medication usage data allows healthcare providers to make informed decisions and adjust treatment plans as necessary, impelling the market growth.
Advancements in digital health technologies:
The integration of wireless connectivity, sensors, and mobile applications into drug delivery devices has transformed how patients and healthcare providers interact with medication management. These technological advancements enable seamless data transmission between devices and healthcare systems, facilitating remote monitoring and telemedicine. For instance, smart inhalers equipped with Bluetooth can connect to mobile apps that track usage patterns, provide reminders, and generate reports for healthcare providers. The advent of the Internet of Things (IoT) and artificial intelligence (AI) further enhances the capabilities of these devices, allowing for predictive analytics and personalized medicine, bolstering the market growth.
Growing emphasis on patient-centric care:
Modern healthcare increasingly focuses on empowering patients to take an active role in managing their health. Connected drug delivery devices align with this approach by providing patients with tools to understand better and control their medication regimens. These devices offer user-friendly interfaces, personalized feedback, and educational resources, enhancing patient engagement and self-management. The ability to share data with healthcare providers in real-time also fosters a collaborative approach to care, where patients and providers can work together to optimize treatment. Additionally, connected drug delivery devices can improve patient satisfaction by reducing the complexity of medication management and minimizing the burden of chronic disease management contributing to the market expansion.
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Connected Drug Delivery Devices Market Report Segmentation:
By Product:
• Connected Sensors
• Integrated Connected Devices
On the basis of product, the market is segmented into connected sensors and integrated connected devices.
By End User:
• Hospitals and Healthcare Providers
• Homecare
Based on the end user, the market is classified into hospitals and, healthcare providers and homecare.
By Technology
• Bluetooth
• NFC
• Others
On the basis of technology, the market is divided into Bluetooth, NFC, and others.
Regional Insights:
• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa
Based on the region, the market is segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
Global Connected Drug Delivery Devices Market Trends:
The increasing regulatory requirements for precise fluid measurement in the pharmaceutical and food & beverage (F&B) industries, ensuring product quality and safety, along with the rising focus on non-destructive testing and maintenance practices in critical infrastructure sectors aiding the market growth. Concurrently, the rising adoption of smart water management systems in urban infrastructure projects, which require accurate and efficient flow measurement solutions to optimize water usage and reduce waste, is supporting the growing demand for advanced metering technologies. Besides this, there is an increasing need for precise flow measurement in renewable energy applications, such as hydroelectric and geothermal plants, where accurate monitoring of fluid dynamics is crucial for optimizing energy production and operational efficiency, strengthening the market growth.
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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