The Global Connected Drug Delivery Devices Market Projected to Grow at a CAGR of 24.29% and Generate a Revenue of $ 2,095.2 million by 2030Download Sample Reports Overview
The global connected drug delivery devices market size is predicted to be valued at $2,095.2 million by 2030, surging from $290.3 million in 2021, at healthy CAGR of 24.29%.
Impact Analysis of COVID-19 on the Connected Drug Delivery Devices Market
The global health emergency due to the spread of coronavirus disease (COVID-19) has had a significant impact on the global economy. The communal transmission of the coronavirus disrupted several industry processes such as logistics and supply chain, product manufacturing, imports, exports, and other activities. While most global markets crashed in 2020 during pandemic, the connected drug delivery devices sector grew impressively despite difficult conditions and lockdown in most of the countries globally. The lockdown restrictions resulted in an unexpected increase in demand for connected drug delivery systems for use in home care, which in turn drove demand for standalone drug delivery systems.
However, the leading companies are working on product development. For instance, in February 2020, BD (Becton, Dickinson and Company), a major global medical technology company, announced the completion of a 50-subject human clinical trial with the 'BD Libertas Wearable Injector.' These initiatives and technological advancements have the potential to result in profitable market opportunities for the global market for connected drug delivery devices. Businesses all over the world are gaining people's trust and preparing for the post-pandemic impact by employing such effective strategies.
Global Connected Drug Delivery Devices Market Analysis
Connected drug delivery maintain patient health records and keep track of medication use. Without the assistance of medical experts, connected drug delivery devices enable the administration and monitoring of medications in home healthcare settings while also preventing medication delivery problems. Asthma and diabetes cases are rising, which demonstrates how important connected drug delivery devices may eventually become in near future. The introduction of new technology, connectivity, and medicine accuracy has resulted into the rapid growth in the demand for connected medicine delivery systems. These gadgets enhanced patient adherence and provided better medical care. For instance, a home usage self-administration gadget FlexiQ eMU-P linked auto-injector from Elcam is simple to use and guards against patient’s needle stick injuries both during and after use of this auto-injector. The FlexiQ eMU-P confirms the dosage and enables doctors to remotely monitor patient adherence. The industry has experienced tremendous expansion as a result of technical advancement and increasing connectivity of the gadgets. These are the major factors anticipated to boost the connected drug delivery devices market share during the analysis timeframe.
Despite the fact that connected drug delivery technologies improve patient outcomes, the current global market is hampered primarily by the higher costs of advanced devices. Furthermore, during the analysis period, inadequate cost recovery policies, lack of patient awareness regarding latest technologies, and low product penetration in middle and low-income countries are expected to reduce demand for connected drug delivery devices, resulting in a negative impact on the global market.
Increasing technological advancements in the connected drug delivery devices and new product developments is expected to create new opportunities in the forecast period. For instance, on July 1, 2022, CeQur Corporation launched a wearable insulin pen to make the insulin therapy as convenient as possible for the diabetic patients. These product developments are attracting the consumer base by providing them solutions in form of these connected drug delivery devices.
Global Connected Drug Delivery Devices Market Share, Segmentation
The global connected drug delivery devices market is segmented based on type, technology, end-user, and region.
The type segment is further classified into inhalation devices, injectable devices, and others. Among these, the injectable devices sub-segment is anticipated to have a dominant market share and shall surpass $1,203.1 million by 2030, with an increase from $172.5 million in 2021. Injectable devices as type of connected drug delivery devices is quite popular and most effective form of administration as it works immediately for the patient in need. In addition, increasing awareness and high acceptance of the injectable devices is expected to drive the connected drug delivery devices market growth.
The technology segment is further classified into Bluetooth, NFC, and others. Among these, the Bluetooth sub-segment is anticipated to have a dominant market share and shall surpass $1,375.6 million by 2030, with an increase from $187.7 million in 2021. Bluetooth technology is widely available and user friendly which makes it the best fit to be used in connected drug delivery devices. Bluetooth technology is a cost effective technology as it is widely available at low cost and it is most commonly used for connectivity between two devices. Ease of use and wide availability of Bluetooth devices are the factors anticipated to boost revenue growth of the Bluetooth sub-segment during the analysis period.
The end-user segment is further classified into homecare settings and hospitals. Among these, the hospitals sub-segment is anticipated to have a dominant market share and shall surpass $1,517.9 million by 2030, with an increase from $213.5 million in 2021. Connected drug delivery devices are majorly used by hospitals. Hospitals are the major adopter of the new technological advancements and product development. Additionally, it is anticipated that rising elderly population and an increase in the frequency of chronic respiratory disorders are expected to generate the market growth opportunities for the connected drug delivery devices.
The connected drug delivery devices market in the Asia-Pacific region is projected to show the fastest growth. This region’s market generated a revenue of $73.2 million in 2021 and is projected to reach up to $553.1 million by 2030. Some of the major factors driving the connected drug delivery devices market growth in the Asia-Pacific region are increase in prevalence of the chronic devices such as COPD, diabetes, and asthma. Connected drug delivery devices are specially manufactured devices to track the intake of medication by patient by health professional as well as the patient with the help of advanced technology.
Key Players in the Global Connected Drug Delivery Devices Market
Some of the leading connected drug delivery devices market players are
- Propeller Health
- Syncro Technology Corp.
- F. Hoffmann-La Roche Ltd
- West Pharmaceutical Services, Inc.
- Ypsomed AG
- AptarGroup Inc.
- Cohero Health, Inc.
- Proteus Digital Health.
In October 2021, Methanex, the Canada-based leading supplier and distributor of connected drug delivery devices, established a strategic shipping partnership with Mitsui O.S.K. Lines, the Japanese transportation firm. This partnership will offer multimodal shipping services to boost the commercialization of connected drug delivery devices.