Connected Drug Delivery Devices Market Introduction

Connected drug delivery devices are smart medical devices that can track and monitor the usage of drugs by patients. These devices are equipped with connectivity features such as Bluetooth and Wi-Fi, which enable them to transfer data to other devices such as smartphones, tablets, or cloud-based platforms. Connected drug delivery devices can also provide real-time feedback and alerts to patients, healthcare providers, and caregivers, which can improve medication adherence, patient outcomes, and reduce healthcare costs.Connected drug delivery devices can be used to administer various types of drugs such as insulin, opioids, and vaccines. They are particularly useful for patients with chronic conditions such as diabetes, asthma, and multiple sclerosis, who require frequent and accurate dosing of medication.The market for connected drug delivery devices is growing rapidly due to the increasing prevalence of chronic diseases, the rising demand for personalized healthcare, and the advancements in digital health technologies. The global connected drug delivery devices market is expected to experience significant growth in the coming years as more healthcare providers and patients adopt these devices.

Connected Drug Delivery Devices Market Size

The global connected drug delivery devices market size was valued at USD 1.53 billion in 2020 and is expected to reach USD 4.63 billion by 2026, growing at a CAGR of 19.8% during the forecast period of 2021 to 2026.The increasing demand for remote patient monitoring and the growing trend of home healthcare are major drivers of market growth. Additionally, the rising prevalence of chronic diseases, such as diabetes and respiratory disorders, is also contributing to the growth of the connected drug delivery devices market. Furthermore, the technological advancements in digital health, such as the Internet of Things (IoT) and artificial intelligence (AI), are also expected to boost the market growth in the coming years.

Connected Drug Delivery Devices Market Share

The global connected drug delivery devices market accounted for USD 1.58 billion in 2020 and is projected to grow at a CAGR of 25.8% during the forecast period from 2021 to 2028. The market is expected to reach a value of USD 10.12 billion by 2028.

Connected Drug Delivery Devices Market Trends

Some of the key trends in the connected drug delivery devices market include:

Integration of AI and IoT: The integration of AI and IoT technology is a major trend in the connected drug delivery devices market. Connected devices are being equipped with sensors that can collect and transmit data to healthcare providers, allowing for real-time monitoring and analysis of patient health.Increased Patient Convenience: Patients are increasingly seeking convenient and flexible healthcare options. Connected drug delivery devices offer patients the convenience of administering medication at home and being able to monitor their own health remotely, without the need for frequent hospital visits.Shift towards Personalized Medicine: With advancements in digital health, there is a growing trend towards personalized medicine. Connected drug delivery devices can be programmed to deliver customized doses of medication based on individual patient needs and health conditions.Emergence of Wearable Drug Delivery Devices: Wearable drug delivery devices are becoming increasingly popular, as they allow for continuous monitoring of patient health and drug delivery. These devices are typically worn on the body and can be connected to smartphones or other devices for data collection and analysis.Increasing Adoption of Smart Inhalers: Smart inhalers are becoming more widely adopted for the treatment of respiratory diseases such as asthma and COPD. These devices are equipped with sensors that can detect inhaler usage and provide real-time feedback to patients and healthcare providers.

Connected Drug Delivery Devices Market Driving Factors

The following are some of the driving factors for the growth of the connected drug delivery devices market:

Increasing prevalence of chronic diseases: The rising incidence of chronic diseases such as diabetes, cancer, and asthma is one of the major factors driving the growth of the market. Connected drug delivery devices offer several advantages over traditional drug delivery systems in terms of efficiency, accuracy, and ease of use, making them a preferred choice among patients and healthcare providers.Technological advancements: The continuous technological advancements in connected drug delivery devices, such as the development of sensors and wireless technologies, have improved the accuracy and effectiveness of drug delivery. The increasing use of smartphone apps and cloud-based platforms to monitor and track medication adherence has also contributed to the growth of the market.Increasing focus on patient-centric healthcare: The increasing focus on patient-centric healthcare and personalized medicine is expected to drive the demand for connected drug delivery devices. These devices allow for remote monitoring of patients, enabling healthcare providers to track patient data in real-time and adjust treatment plans accordingly.Government initiatives: The government initiatives aimed at reducing healthcare costs and improving patient outcomes are also expected to drive the growth of the market. For instance, the US FDA has launched the Digital Health Innovation Action Plan, which aims to provide regulatory clarity for digital health technologies, including connected drug delivery devices.Growing demand for self-administration of drugs: The growing trend towards self-administration of drugs is also expected to drive the growth of the market. Connected drug delivery devices enable patients to self-administer medication with greater ease and accuracy, reducing the need for hospitalization and improving patient outcomes.

Connected Drug Delivery Devices Market Regional Analysis

The global connected drug delivery devices market is expected to witness significant growth in all regions. North America is expected to dominate the market due to the high prevalence of chronic diseases, the presence of leading market players, and favorable healthcare policies. Europe is expected to be the second-largest market due to increasing healthcare expenditure, the presence of key players, and increasing demand for connected drug delivery devices. The Asia-Pacific region is expected to witness the fastest growth due to increasing healthcare expenditure, increasing awareness about connected drug delivery devices, and the presence of a large patient population. Latin America and the Middle East & Africa are also expected to witness significant growth due to increasing government initiatives to improve healthcare infrastructure and increasing investments in the healthcare sector.

Connected Drug Delivery Devices Market Forecasts 2030 

The global connected drug delivery devices market is expected to continue to grow in the coming years and reach a value of USD 3.9 billion by 2030, at a CAGR of 26.5% from 2021 to 2030. Factors driving the growth of the market include increasing prevalence of chronic diseases, technological advancements, increasing demand for home healthcare, and the rising need for patient monitoring and management.In terms of product type, the inhalers segment is expected to hold the largest share of the market due to the increasing prevalence of respiratory diseases such as asthma and COPD. By end user, the home care settings segment is expected to grow at the highest rate due to the increasing trend of home healthcare and the availability of connected drug delivery devices that enable patients to self-administer medication.Geographically, North America is expected to dominate the market, followed by Europe and the Asia-Pacific region. However, the Asia-Pacific region is expected to witness the fastest growth due to the increasing healthcare expenditure, growing awareness about connected drug delivery devices, and increasing patient population.

Connected Drug Delivery Devices Market Key Industry Players

Some of the key industry players in the connected drug delivery devices market are:

Philips Healthcare

West Pharmaceutical Services

BD

Stevanato Group

Gerresheimer AG

AptarGroup Inc.

Ypsomed AG

CeQur SA

Amiko Digital Health Limited

Propeller Health

Cohero Health Inc.

Adherium Limited

Qualcomm Technologies Inc.

Cambridge Consultants Ltd.

Medtronic plc.