New York, USA, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global connected drug delivery devices market is predicted to rise at a tremendous CAGR of 24.29%, thereby garnering a revenue of $2,095.2 million in the 2022-2030 timeframe. This integrated report presents a brief outlook of the current framework of the connected drug delivery devices market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2030. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing incidence of chronic devices such as diabetes, asthma, COPD amongst the global populations is predicted to boost the connected drug delivery devices market in the forecast period. Additionally, increasing focus on using cutting-edge technologies for developing connected drug delivery devices is predicted to offer numerous growth opportunities to the market.
Opportunities: Various advantages associated with connected drug delivery devices such as timely reminders for self-administration of medication by the patients has led to an increase in demand for these devices which is expected to offer numerous growth opportunities for the market in the forecast period. Moreover, the growing prevalence of chronic ailments such as diabetes and asthma is anticipated to push the growth rate of the market even higher.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the growing concerns about patient data security, which might prove to be a restraint for the connected drug delivery devices market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. However, there was a massive increase in the demand for connected drug delivery devices during the pandemic. Due to lockdowns and fear of contracting infection, many patients avoided visiting their doctors for their regular checkups and periodic drug administration. Instead, they opted for connected drug delivery devices which help in patient self-management as well as remote monitoring by the doctors. This increase in demand has helped the connected drug delivery devices market to rise despite the pandemic.
Segments of the Market
The report has divided the connected drug delivery devices market into certain segments based on type, technology, end-user, and region.
Type: Injectable Devices Sub-segment to be the Most Profitable
By type, the injectable devices sub-segment is expected to be the most dominant and is predicted to gather $1,203.1 million by 2030. Injectable drug delivery is considered to be the most efficient which is why injectable devices are in high demand. This high demand is further expected to boost the growth of this sub-segment.
Technology: Bluetooth Sub-segment to be the Most Dominant
By technology, the Bluetooth sub-segment is expected to have the highest market share and gather a revenue of $1,375.6 million during the 2022-2030 timeframe. The extensive availability of inexpensive connection access to smartphones is expected to be the primary growth driver of the market in the forecast period.
End-User: Hospitals Sub-segment to be the Most Lucrative
By end-user, the hospitals sub-segment is expected to be the most lucrative and is predicted to gather $1,517.9 million by 2030. Increasing adoption of connected drug delivery solutions in hospitals is predicted to boost the growth rate of the sub-segment in the forecast period.
Region: Market in the North America Region to Have the Highest Market Share
By regional analysis, the connected drug delivery devices market in North America region is predicted to be the most dominant and grow with a CAGR of 23.89% by 2030. Technological advancements in the field of connected drug delivery devices and rising prevalence of chronic diseases is expected to boost the growth of this sub-segment in the forecast period.
Prominent Market Players
Some of the prominent players of the connected drug delivery devices market are
- Propeller Health
- F. Hoffmann-La Roche Ltd
- AptarGroup Inc.
- BD
- West Pharmaceutical Services, Inc.
- Cohero Health, Inc.
- Syncro Technology Corp.
- Ypsomed AG
- Proteus Digital Health
- Adherium
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in March 2022, Sandoz, a Swiss-based pharmaceutical company, announced the acquisition of Coalesce Product Development Limited, a UK-based medical drug delivery device company. This acquisition is expected to help Sandoz immensely as it will be able to fulfil the demands of the market in a more comprehensive manner and increase its foothold in the market.
Finally, the report also summarizes many crucial aspects of the connected drug delivery devices market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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
