Connected Drug Delivery Devices

Global Market Analysis and Industry Forecast: 2024-2033


Release Date: November 2024 | Number of Pages: 186 | Number of Charts & Figures: 130 | Number of Tables: 67 

REPORT OVERVIEW 📃

 Connected drug delivery devices integrate wireless connectivity options, like Bluetooth and NFC, with traditional drug delivery systems. Connectivity can be established by attaching reusable connected add-ons, such as sensors, to existing devices (e.g., inhalers and insulin pens) or by using devices with built-in connectivity. Once connected via Bluetooth, these devices collect and transmit usage data to a mobile app, which then uploads the information to the cloud for access by patients, payers, and physicians

Connected drug delivery devices offer significant benefits, including device usage tracking, dose reminders, and audio-visual feedback, enhancing the user experience. They serve as innovative solutions for user training, remote patient monitoring, improved medication adherence, decentralized clinical trials, and management of chronic diseases such as asthma, COPD, and diabetes.

According to Biotech Forecasts, the global Connected Drug Delivery Devices Market was valued at USD 440.71 million in 2023 and is estimated to reach USD 4,908.52 million by 2033, registering a CAGR of 27.06% from 2024 to 2033.🚀


Following Factors Driving the Market Growth 📈:


(1) Surge in Approved Devices 📟: The connected drug delivery market is expanding rapidly with increasing commercial approvals for devices such as Adherium and Propeller Health's smart inhalers, BIOCORP’s Mallya and SoloSmart clip-on devices for insulin pens Injectors, and Enable Injections' enFuse® body-worn system. This growth is driven by rising demand for connected healthcare solutions, and further approvals are expected to fuel continued market expansion. 

(2) Increase in Healthcare IT Infrastructure Investment 💸: For instance, in 2020, venture capital funding in digital health reached $14.8 billion, a 66% increase from 2019, and telemedicine was the top-funded category with $4.3 Billion. 

(3) Rising patient awareness about adherence to prescribed therapies 💊: Currently, up to 30% of prescriptions for treating chronic conditions are never filled, and across major indications, more than 50% of patients stop taking medications within the first year. According to the New England Healthcare Institute, this non-adherence to prescribed medication translates into an annual loss of approximately USD 290 billion in the U.S. alone.

Additional factors driving market growth include the rising prevalence of chronic diseases, increased demand for patient connectivity and engagement, and the expanded use of connected drug delivery devices in decentralized clinical trials and remote patient monitoring. However, high device costs and concerns regarding patient data privacy and security are expected to hinder market growth. 

The report also presents a detailed quantitative analysis of the current market trends and future estimations from 2020 to 2033. The forecasts cover 5 Device Types, 2 Product Types, 3 Technology Types, 3 Applications, and 4 Regions.

The report comes with an associated file covering quantitative data from all numeric forecasts presented in the report.

 KEY MARKET DEVELOPMENTS 🚩

KEY FINDINGS 🔍

The report has the following key findings:


COMPANIES COVERED 🏢


FORECAST SEGMENTATION 📊

By Device Type 💉

By Product Type 🧩

By Technology 🔗

By Application 🩺

By Region 🌎

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