Connected Drug Delivery Devices Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The connected drug delivery devices market is expected to grow from US$ 463.59 million in 2021 to US$ 7,998.09 million by 2031; it is expected to grow at a CAGR of 50.3% from 2022 to 2031.

The increasing number of patients suffering from diabetes, asthma, hypertension, tuberculosis, multiple sclerosis, clinically isolated syndrome, chronic obstructive pulmonary disease (COPD), hepatitis C, and other chronic diseases and the growing emphasis of healthcare professionals on preventive care drive the growth of the connected drug delivery devices market.  Connected drug delivery devices are made by using embedded electronics and sensors. The devices are designed to collect information on self-administration and transmit real-time dose compliance data from the device to the patient’s smartphone and the HCP’s database. As a result of drug delivery connectivity, the remote compliance helps highlight potential complications that could lead to poor treatment outcomes. During COVID-19 outbreak, patients were restricted from visiting hospitals to avoid the spread of the virus infection. Thus, to maintain social distancing, patients and healthcare professionals depended on self-administration and remote monitoring.

MARKET DYNAMICS

The growth of the connected drug delivery devices market is majorly attributed to the increasing number of patients affected by chronic diseases, growing demand for remote patient monitoring, and rising demand from the geriatric population. However, the high cost of the devices hampers the growth of the market. Moreover, the adoption of partnerships, mergers & acquisitions, collaborations, and other strategic initiatives among market participants is expected to propel the market growth during the forecast period.

MARKET SCOPE

The “Global Connected Drug Delivery Devices Market Forecast to 2031” report aims to provide an overview of the connected drug delivery devices market with detailed market segmentation based on type, technology, and end user. The report provides key market statistics based on the financial performances of the leading players. It also offers key trends and opportunities in the market.

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Connected Drug Delivery Devices Market: Strategic Insights

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MARKET SEGMENTATION

The global connected drug delivery devices market is segmented on the basis of type, technology, and end user. Based on type, the market is segmented into connected sensors, integrated devices, and platform & services. The market for the connected sensors segment is further bifurcated into connected inhaler sensors and connected injection sensors. The market for the integrated devices segment is subsegmented into connected inhaler devices and connected injection devices. Based on technology, the global connected drug delivery devices market is segmented into Bluetooth, cellular networks, near field communication (NFC), and others. The market, by end user, is segmented into hospitals, homecare, and others.

REGIONAL FRAMEWORK

The global connected drug delivery devices market is segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region.

From the regional perspective, North America dominates the connected drug delivery devices market with ~35% market share in 2021. Rising per capita expenditure of healthcare and the increasing adoption of advances in product launches and related innovations bolster the growth of the regional market. The below figure shows the revenue growth trend in the connected drug delivery devices market:

The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the connected drug delivery devices market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.

IMPACT OF COVID-19 PANDEMIC

During COVID-19 outbreak, the demand for connected drug delivery devices increased, which led to a high volume of orders among drug manufacturers, resulting in a higher production volume of connected sensors. Thus, owing to the COVID-19 crisis and the transition of individuals and healthcare professionals to adopt remote patient monitoring methods have bolstered the demand for connected drug delivery devices at the recent past. The trend is expected to continue during the forecast period.

MARKET PLAYERS

The report covers key developments in the connected drug delivery devices market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies, such as acquisitions, partnerships, and collaborations, have encouraged the expansion of business and the customer base of market players. The players operating in the connected drug delivery devices market are anticipated to experience lucrative growth opportunities in the coming years owing to the rising demand for connected drug delivery devices.

The report includes the profiles of key connected drug delivery devices market companies, along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players’ company profiles, components and services offered, financial information for the last three years, and key developments in the past five years. The list of a few companies engaged in the connected drug delivery devices market is mentioned below:

• Propeller Health
• Adherium Limited
• West Pharmaceutical Services
• FindAir
• Phillips-Medisize
• Biocorp
• 3M
• Cohero Health
• Merck Group
• Other Market Participants

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Report Scope

Connected Drug Delivery Devices Market Regional Insights

The regional trends and factors influencing the Connected Drug Delivery Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Connected Drug Delivery Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Connected Drug Delivery Devices Market Report Scope

Connected Drug Delivery Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Connected Drug Delivery Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Connected Drug Delivery Devices Market are:

1. Phillips-Medisize
2. West Pharma
3. Aterica Inc.
4. Panasonic Corporation
5. BIOCORP

Disclaimer: The companies listed above are not ranked in any particular order.