Connected Drug Delivery Devices Market to Witness Exponential Growth by 2030: Grand View Research Inc.

 Connected Drug Delivery Devices Market Growth & Trends

The global connected drug delivery devices market size is expected to reach USD 25.63 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 23.45% from 2023 to 2030. Key factors driving the market growth include the need to increase patient medication adherence, R&D initiatives, and the acceleration of remote digital monitoring. In September 2022, Ypsomed for instance, partnered with Sidekick Health to expand Ypsomed's device and SmartServices offering by incorporating a self-injection module into Sidekick's known digital therapeutics solution. Through this, patients with chronic diseases are likely to receive a personalized patient experience due to the integration of Ypsomed's devices with Sidekick's digital health behavioral economics and gamification expertise, and pharmaceutical customers will benefit from a comprehensive service, and leading digital therapy management system.

One of the technological advancements is connected drug delivery, which has a sensor that enables communication and data transfer to servers and apps over cellular, Bluetooth, and Near Field Communication (NFC) networks. One of the main benefits of these connected drug delivery systems is that it gives patients reminders and adherence trackers, reducing the effort needed to comply with the prescribed medication schedule. This further reduces the cost of prescription waste, especially that from the increasingly popular biological injectable drugs that insurance would be required to pay for. Additionally, doctors can monitor how well their patients are adhering to their recommended therapies owing to connected drug delivery systems and change the patient's care as appropriate. For instance, connected drug delivery devices can be beneficial to manage self-medication in persons with chronic diseases like diabetes and asthma. In the upcoming years, these factors are anticipated to accelerate market growth.

Worldwide rising rates of chronic illnesses like COPD, diabetes, and asthma are anticipated to propel the business of connected drug delivery devices. For instance, according to research on estimates of diabetes prevalence for 2021 that was published in January 2022 by the National Library of Medicine and National Center for Biotechnology Information, the disease prevalence among people aged 20 to 79 in 2021 was estimated to be 10.5% and could increase to 12.2% by 2045. Diabetes is thought to affect both men and women equally, however, it is most common in people aged 75 to 79. Additionally, as connected drug delivery devices with greater advantages have become more popular, manual drug administration devices have been increasingly replaced. These factors are anticipated to fuel connected drug market growth.

The global COVID-19 pandemic has had a negative impact and raised the need for healthcare services. This has accelerated the trend of redesigning the healthcare system for improved assistance and quick growth of technology. While most global markets went down in 2020, this market showed unprecedented growth despite difficult conditions and a lockdown in most countries. Due to the lockdown restrictions, there was an unexpected rise in demand for drug delivery systems for use in-home care, which resulted in an increase in demand for connected drug delivery devices. 

The report “Connected Drug Delivery Devices Market Size, Share & Trends Analysis Report, By Product (Connected Sensors, Integrated Connected Devices), By Route of Administration (Parenteral, Inhalational), By Application (Asthma, COPD, Diabetes Management), By Region, And Segment Forecasts, 2022-2030” is available now to Grand View Research customers and can also be directly purchased from 

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Connected Drug Delivery Devices Market Report Highlights

• The global market was valued at USD 4.84 billion in 2022 and is expected to grow at a CAGR of 23.45% during the forecast period
• The standalone components and software segment is expected to grow for the highest revenue share during the forecast period, owing to the increasing demand for connected sensors to transform traditional drug delivery devicesinto connected drug delivery devices without interfering with their normal functioning and can be reused even if the device is disposable
• The parenteral segment is expected to drive market growth during the forecast period, owing to the numerous advantages offered by smart & connected parenteral devices over conventional ones
• Diabetes Management dominated the market with a share of over 36.23% in 2022. This is owing to factors such as the rising prevalence of diabetes, technological advancements, and R&D in insulin delivery devices
• North America is expected to dominate the market over the forecast period. This is due to the region’s high per capita healthcare spending, rapid adoption of technology presence of key players, and growing adoption of remote monitoring for medication adherence 

Access Press Release@ https://www.grandviewresearch.com/press-release/global-connected-drug-delivery-devices-market

Connected Drug Delivery Devices Market Segmentation

Grand View Research has segmented the global connected drug delivery devices market based on product, application, route of administration, and region: 

Product Type Outlook (Revenue, USD Million, 2018 - 2030)

• Standalone Components & Software
• Integrated Devices

Route of Administration Outlook (Revenue, USD Million, 2018 - 2030)

• Parenteral
• Inhalational

Application Outlook (Revenue, USD Million, 2018 - 2030)

• Asthma
• COPD
• Diabetes Management
• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa  
  • South Africa
  • South Arabia

List of Key Players in the Connected Drug Delivery Devices Market

• Teva Respiratory, LLC
• Novo Nordisk A/S
• Phillips-Medisize, LLC
• Medtronic
• Adherium Limited
• Tandem Diabetes Care, Inc.
• Biocorp
• Propeller health
• Ypsomed AG
• Aptar Pharma

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.