October 11, 2021
According to the research report titled, ‘Connected Drug Delivery Devices Market Size By Device Type, By Technology [Bluetooth, Near Field Communication, Wi-Fi], By Application [Anaphylaxis, Respiratory, Cardiovascular, Diabetes, Hormone Replacement], By End-use [Hospital, Clinics, Homecare], COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, global connected drug delivery devices market to grow substantially during 2021-2027.
Surging technological advancements in this field and increasing prevalence of chronic disease are boosting the growth of global connected drug delivery devices market. Additionally, factors such as rising use of telehealth platforms integrated with AR/VR technologies, adoption of AI and machine learning, and surging patient awareness regarding prescribed therapies are propelling the industry remuneration.
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In addition, rising preference for home-based patient care among patients requiring regular therapy and improved efficacy of these devices as compared to manual ones have augmented industry outlook. Besides, strategies undertaken by major players to strengthen their position and tap into emerging markets is also adding momentum to industry progression.
On the contrary, high costs associated with these devices and security concerns related to personal data of patients are likely to hamper the remuneration scope of global connected drug delivery devices market.
The marketplace is bifurcated on the basis of device type, technology, application, and end use. With respect to device type, the connected sensors segment was worth USD 117.5 million in 2020 and is projected to amass notable gains through 2027.
Based on technology, the near field communication segment captured a market share of 28.7% in 2020 and is estimated to follow a similar trend in the upcoming years. In terms of application, the anaphylaxis segment is anticipated to exceed a valuation of USD 224.9 million by the end of the analysis timeline. Elaborating on the end-user scope, clinics segment is slated to exhibit a CAGR of 35.3% over 2021-2027.
Regionally speaking, Latin America market captured around 9.9% of the total revenue share in 2020. Also, Middle East & Africa market is expected generate significant revenues, recording a CAGR of 35.9% during 2021-2027.
Key players operating in global connected drug delivery devices market are West Pharmaceutical Services, Inc., Teva Pharmaceutical Industries Ltd., Reciprocal Labs Corporation, Phillips Medisize Corporation, Nemera France SAS, Merck & Co., Inc., FindAir Sp.Z.o.o, Biocorp, Bayer AG, and Adherium Limited.