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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.
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Key Segments of the Connected Drug Delivery Devices Market
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:
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:
Value (USD million)
By End User