Connected Drug Delivery Devices Market to Garner $2,095.2 Million and Grow at a Fascinating CAGR of 24.29% in the 2022-2030 Timeframe [230-Pages] | Interpreted by Research Dive
The global connected drug delivery devices market is expected to grow significantly during the forecast period due to the growing prevalence of chronic diseases among people. The Asia-Pacific region is predicted to be the fastest growing by 2030.
NEW YORK, April 12, 2023 /PRNewswire/ --
Global Connected Drug Delivery Devices Market Forecast Analysis:
As per the report published by Research Dive, the global connected drug delivery devices market is expected to register a revenue of $2,095.2 million by 2030 at a CAGR of 24.29% during the forecast period 2022–2030.
Segments of the Connected Drug Delivery Devices Market
The report has divided the connected drug delivery devices market into the following segments:
- Type: inflation devices, injectable devices, and others
- Injectable Devices: To garner a revenue of $1,203.1 million by 2030
The expanding use of electronic technology in medical equipment is predicted to uplift the growth of this sub-segment during the analysis timeframe. - Technology: Bluetooth, NFC, and others
- Bluetooth – Expected to register a revenue of $1,375.6 million by 2030
International businesses are working to strengthen their positions in the global market by creating unique goods technology, such as Bluetooth technology-based inhalers, bio-sensors, and many others which is expected to fortify the sub-segment's growth during the forecast period. - End-user: hospitals and homecare settings
- Hospitals– Expected to surpass $1,517.9 million by 2030
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. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – To grow at a CAGR of 24.93% during the forecast period
The rapid adoption of new technology and devices, and the increasing awareness about connected drug delivery devices in this region is predicted to drive the market growth throughout the analysis period.
Access to the Complete PDF Sample of the Connected Drug Delivery Devices Market
Dynamics of the Global Connected Drug Delivery Devices Market
With the increasing prevalence of chronic diseases, such as diabetes, COPD, asthma, and many more among people 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 another factor 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 market 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 device. Moreover, the rising 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.
Key Players of the Global Connected Drug Delivery Devices Market
The major players of the market include
- Propeller Health
- Syncro Technology Corp.
- BD
- Adherium
- West Pharmaceutical Services Inc.
- F. Hoffmann-La Roche Ltd
- Ypsomed AG
- Cohero Health Inc.
- AptarGroup Inc.
- Proteus Digital Health
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in April 2020, Adherium Limited, an international Respiratory eHealth company, entered into a partnership with Planet Innovation, a health tech innovation & commercialization company. The aim behind this partnership is to expand the position of the companies in the U.S. by developing advanced devices for the treatment of both asthma and COPD.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Connected Drug Delivery Devices Market:
- 4 Distinct Advantages of 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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