Global Connected Drug Delivery Devices Market Anticipated to Generate a Revenue of $2,095.2 Million and Grow at a CAGR of 24.29% during the Analysis Timeframe 2022 to 2030 [230-Pages] | Research Dive
The global connected drug delivery devices market is expected to witness striking growth by 2026, due to the increasing incidences of chronic diseases among people worldwide. Regionally, the Asia-Pacific region is predicted to dominate the market.
NEW YORK, Aug. 24, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Connected Drug Delivery Devices Market by Type (Inhalation Devices, Injectable Devices, and Others), Technology (Bluetooth, NFC, and Others), End-user (Homecare Settings and Hospitals), and Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
According to the report, the global connected drug delivery devices market is envisioned to garner a revenue of $2,095.2 million and rise at a CAGR of 24.29% over the forecast period from 2022 to 2030.
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Dynamics of the Market
With the increasing pervasiveness of chronic diseases such as diabetes, COPD, asthma, and many more, among individuals all across the globe, the connected drug delivery devices market is predicted to observe remarkable growth during the analysis timeframe. Besides, the increasing demand for connected drug delivery devices which have greater advantages than manual drug administration devices is predicted to bolster the growth of the market over the forecast period. Moreover, the increasing focus on cutting-edge technologies in connected drug delivery devices is expected to create massive growth opportunities during the analysis timeframe. However, the concerns about patient data security may hamper the growth of the market throughout the estimated period.
Covid-19 Impact on the Connected Drug Delivery Devices Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the connected drug delivery devices market. This is mainly due to the unexpected increase in demand for drug delivery systems for home care use because of the lockdown limitations. This led to an increase in the demand for connected drug delivery devices during the pandemic period. Moreover, the increasing implementation of effective strategies by the leading market players to gain the trust of the public is expected to create many growth opportunities for the market during the analysis period.
Segments of the Connected Drug Delivery Devices Market
The market has divided the market into segments based on type, technology, end-user, and region.
- By type, the injectable devices sub-segment is expected to be most productive and is predicted to generate a revenue of $1,203.1 million over the forecast period. The expanding use of electronic technology in medical equipment is predicted to uplift the growth of the market sub-segment during the analysis timeframe.
- By technology, the Bluetooth sub-segment is predicted to be the most profitable and is projected to garner a revenue of $1,375.6 million over the estimated timeframe. International businesses are working to strengthen their positions in the world market by creating unique goods technology such as Bluetooth technology-based inhalers, bio-sensors, and many others which are expected to fortify the growth of the market sub-segment during the forecast period.
- By end-user, the hospital sub-segment is expected to generate a revenue of $1,517.9 million during the analysis timeframe. The rising adoption of connected drug delivery solutions in hospitals, integrated diagnostic technology for improved disease detection, and smartphones to assist healthcare professionals is expected to augment the growth of the market sub-segment over the estimated period.
- By region, the Asia-Pacific region of the connected drug delivery devices market is predicted to dominate the market and is expected to grow at a CAGR of 24.93% during the forecast timeframe. The rapid adoption of new technology and devices and increasing awareness about connected drug delivery devices in this region is predicted to drive the regional growth of the market throughout the analysis period.
Key Players of the Market
The major players of the connected drug delivery devices market include
- F. Hoffmann-La Roche Ltd
- Cohero Health, Inc.
- Ypsomed AG
- Propeller Health
- West Pharmaceutical Services, Inc.
- Proteus Digital Health
- Syncro Technology Corp.
- BD
- AptarGroup Inc.
- Adherium
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in April 2020, Adherium Limited, an international Respiratory eHealth company focused on patient adherence, remote monitoring, and data management solutions for patients announced its partnership with Planet Innovation, a health tech innovation and commercialization company. With this partnership, the companies aimed to expand their position in the U.S. by developing advanced devices for the treatment of both asthma and COPD which have sensors to provide the physiological data required to enable physicians to monitor the activity of patients. Buy the Full Report Here!
In addition, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Connected Drug Delivery Devices Market:
- 4 Distinct Advantages of Connected Drug Delivery Devices
- 5 Ways to Design and Develop Valuable Connected Drug Delivery Devices
- Global Connected Drug Delivery Devices Market to Observe Extensive Growth with Growing Demand for Teleconsultations and Patient Self-Administration
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