Connected Drug Delivery Devices Market - by Product Type (Inhalation Devices, and Injectable Devices (Wearable and Handheld Injectable Devices)), Application (Hormone Replacement, Diabetes, Cardiovascular Diseases, Anaphylaxis, and Others), Technology (Near Field Communication, and Bluetooth), End-User (Home Care, Hospitals, and Clinics): Global Industry Perspective, Comprehensive Analysis and Forecast 2020 – 2026

According to the report published by Zion Market Research, global demand for connected drug delivery devices market was valued at approximately USD 219.12 Million in 2019, and is expected to generate revenue of around USD 1,080.46 Million by end of 2026, growing at a CAGR of around 25.6% between 2020 and 2026.

28-Sep-2020 | Number of pages: 110 | Report Code: ZMR-3923 | Report Format : | Status : Published

Abstract

According to the report published by Zion Market Research, global demand for connected drug delivery devices market was valued at approximately USD 219.12 Million in 2019, and is expected to generate revenue of around USD 1,080.46 Million by end of 2026, growing at a CAGR of around 25.6% between 2020 and 2026.

Global Connected Drug Delivery Devices Market: Overview

In spite of uncertainties related to economic and political scenario in the last few years, the global healthcare industry is growing continuously owing to technological advancements related to pharmaceuticals, medical devices, in-vitro diagnostics, and others. The key healthcare markets globally are witnessing an increased demand for critical care services, which, in turn, are driving the global healthcare spending levels to new heights. The demand and popularity of the connected drug delivery devices market across the globe can be attributed to the growing awareness about the various harmful effects of non-adherence to the prescribed medicines by healthcare professionals.

Global Connected Drug Delivery Devices Market: Growth Factors

The major growth driver of the global connected drug delivery devices market in the future is the growing awareness about the various harmful effects of non-adherence to the prescribed medicines by healthcare professionals. Other factors that are anticipated to contribute notably toward the expansion of the connected drug delivery devices market globally over the estimated timeframe include the rising adoption rates of IoT, engagement, and patient connectivity, the growing prevalence of chronic diseases, such as CVD, cancer, depression, etc., and increasing geriatric population base. Furthermore, growing awareness among patients regarding connected drug delivery devices and increasing investments made for innovation in the healthcare sector are projected to positively impact the market for connected drug delivery devices in the years ahead.

Global Connected Drug Delivery Devices Market: Segmentation

The global connected drug delivery devices market is categorized into product type, application, technology, and end-user. By product type, the connected drug delivery devices market includes inhalation devices and injectable devices (wearable and handheld injectable devices). On the basis of application, the market for connected drug delivery devices is classified into hormone replacement, diabetes, cardiovascular diseases, anaphylaxis, and others. Based on technology, the market is segmented into near field communication and bluetooth. The end-user segment of the connected drug delivery devices market includes home care, hospitals, and clinics. Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The Bluetooth segment, in terms of technology, led the market with the highest revenue share in 2019 and is expected to see lucrative growth over the forecast period. As opposed to other technology, a significant number of connected drug delivery devices operate with Bluetooth as it is readily accessible and cheaper technology. This technology can be integrated with smartphones and media devices and is the most commonly used technology. This parameter is estimated to exhibit the sustainable growth during the upcoming years.

Global Connected Drug Delivery Devices Market: Regional Analysis

The North American region is projected to dominate the global connected drug delivery devices market over the estimated time period. This can be attributed to the increasing collaborations between healthcare service providers and customers and improving penetration related to big data analytics and artificial intelligence in developing healthcare technologies. Furthermore, the rising geriatric population base in the U.S. in also is driving the patient monitoring and home healthcare devices demand, which, in turn, is likely to fuel the North American market for connected drug delivery devices globally in the future. Europe is expected to emerge as the second leading market for connected drug delivery devices in the future. Spain, Italy, Germany, and France are likely to witness increased demand for connected drug delivery devices in the years ahead, growing digitalization in the healthcare sector and increasing adoption of connected drug delivery devices among other mobile health-related devices.

Global Connected Drug Delivery Devices Market: Competitive Players

Some most important players of the global connected drug delivery devices market are BioCorp Production, CeQur, Care TRx, Cohero Health, Sagentia, OPKO Health, 3M Company, West Pharmaceutical Services, Propeller Health, and Bayer AG, among others.

Connected Drug Delivery Devices Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions

The rising understanding of the harmful consequences of non-adherence is likely to accelerate the growth of the industry. It is further anticipated that knowledge of the advantages of connected systems over traditional systems would boost product demand, thereby driving the market over the next few years.

According to Zion Market Research, global demand for connected drug delivery devices market is expected to generate revenue of around USD 1,080.46 Million by end of 2026, growing at a CAGR of around 25.6% between 2020 and 2026.

North America dominated the market of connected drug delivery devices in 2019 owing to surging alliances between healthcare service providers and customers. Additionally, growing penetration of big data analytics and artificial intelligence in developing healthcare technologies is expected to accelerate the market’s growth in the near future in North America region.

Some main participants of the connected drug delivery devices market are e BioCorp Production, CeQur, Care TRx, Cohero Health, Sagentia, OPKO Health, 3M Company, West Pharmaceutical Services, Propeller Health, and Bayer AG, among others.


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