Connected Drug Delivery Devices Market to Reach USD 4,062.7 Million by 2026; Increasing Adoption of Electronic Technology to Boost Growth

The global connected drug delivery devices market size is projected to reach USD 4,062.7 million by 2026. The market is expected to gain impetus from the rising usage of advanced electronic technology in healthcare devices. This information is published by Fortune Business Insights, in a recent report, titled, “Connected Drug Delivery Devices Market Size, Share & Industry Analysis, By Type (Injectable Devices and Inhalation Devices & Others) By Technology (Bluetooth, NFC, and Others) By End User (Homecare Settings and Hospitals) and Regional Forecast, 2019-2026.” As per the report, the market value was worth USD 361.1 million in 2018. However, it will exhibit a CAGR of 35.4% during the forecast period between 2019 to 2026.

Increasing Research and Development Activities to Drive Growth

Bluetooth and near field communications (NFC) help the patient to connect the drug delivery devices with smartphones. It further supports dosing remainder and dose monitoring mechanisms. Apart from that, these connected drug delivery devices prevents the user from making errors in dosing procedures by offering patient education tools. It in turn, results in the reduction in treatment cost and hospitalization.

Propeller Health, a digital therapeutics company headquartered in Wisconsin, had conducted a study in 2016. According to the study, patients who persistently utilized sensor connected inhalers throughout the study period exhibited approximately 60.0 percent reduction in their hospital visits. Moreover, ongoing research and development activities would help in providing more novel facilities to the patients. All these factors would augment the connected drug delivery devices market growth during the forthcoming years.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/connected-drug-delivery-devices-market-100380

Key Segments of the Connected Drug Delivery Devices Market

• Type: The market is grouped into injectable devices and inhalation devices and others. Out of these, the injectable devices segment is likely to acquire the highest connected drug delivery devices market share. It would occur owing to their possession of multiple benefits as compared to the traditional injectable devices. Besides, a rise in the incidence of chronic diseases, namely, diabetes, neural disorders, and cancers are contributing to the growth of this segment. Also, various drug manufacturers are entering the market to develop innovative injectable devices which would also propel growth.


• Technology: The market is categorized into NFC, Bluetooth, and others. The Bluetooth segment is expected to gain the maximum connected drug delivery devices market revenue. The growth is attributable to the increasing adoption of technologies to connect these devices to smartphones. Furthermore, ease-of-use and high compatibility of Bluetooth would drive this segment. The NFC devices, on the other hand, is capable of superior data transmission and has extended battery life. So, this segment would also grow in the coming years.


• End-user: The market is segregated into hospitals and homecare settings. Amongst these, the homecare settings segment is anticipated to dominate the market throughout the forthcoming period. It would occur on account of the increasing prevalence of asthma and COPD. Coupled with this, the extensive adoption of such devices owing to smooth patient experience is likely to accelerate this segment.


• Region: The market is divided into North America, Europe, Asia Pacific, and Rest of the World. North America had generated USD 253.0 million market revenue in the year 2018 and it is likely to retain its leading position throughout the forecast period. It would occur owing to the presence of key market players, well-established healthcare infrastructure, an increasing number of strategic collaborations amongst companies, and rising healthcare expenditure. Europe will also grow at a rapid rate on account of a rise in the demand for digital medical devices.

Key Player Focus on Mergers & Acquisitions to Create Strong Brand Presence

The market consists of several reputed organizations that are conducting various research and development activities and acquiring other companies to gain a competitive edge. Also, they are launching new products to keep up with the connected drug delivery devices market trends.

Fortune Business Insights profiles some of the renowned companies present in the connected drug delivery devices market. They are as follows:

• Cohero Health, Inc.


• Proteus Digital Health


• Adherium


• Ypsomed Holding


• Propeller Health (A ResMed Company)


• F. Hoffmann-La Roche Ltd.


• West Pharmaceutical Services


• BD


• Other key market players

Phillips-Medisize Wins a Contract to Manufacture Wearable Electronic Combination Product

October 2019: Phillips-Medisize, a provider of medical devices and diagnostic products, based in Hudson, successfully bagged a contract from a prominent biotechnology company to produce an electronic-enabled combination product that is wearable. It is a post-phase III development-stage combination device and drug that blends disposable, two-day, single-use technology for drug delivery.

The global connected drug delivery devices market can be segmented in the following manner: