Connected Drug Delivery Devices Market Expected to Reach $2.1 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Connected Drug Delivery Devices Market," The connected drug delivery devices market size was $290.30 million in 2021, and is estimated to reach $2.1 billion by 2030, growing at a CAGR of 24.3% from 2022 to 2030.

Connected drug delivery devices are the wireless connected and smart electronic devices that allow patient-administrated therapy. Delivering drugs through connected devices, such as auto-injectors, smart inhalers, and closed-loop solutions, has been documented as a potential way of improving patient adherence and reducing dosing errors, particularly in the home setting. Also, these devices are used for the treatment of various diseases such as multiple sclerosis, diabetes, liver & renal transplant recipients, hepatitis C, hypertension, asthma, tuberculosis, and clinically isolated syndrome.

Connected drug delivery devices help physicians to monitor the compliance of patients to the therapy prescribed by them as well as to modify or make any advancement in the treatment of the patient treatment as required. Increasing number of initiatives to create awareness regarding complexities caused by over dosage or under dosage of medicines is expected to promote the adoption of connected drug delivery devices. Patients with chronic diseases, such as asthma and diabetes, are facing challenges in managing medications, adherence to prescriptions, visiting healthcare providers, and maintaining a balanced diet. Connected drug delivery devices can be useful for self-management. As these devices can aid in patient adherence to prescribed treatments, which is likely to significantly increase their adoption.

One of the key challenges for widespread adoption in drug delivery applications remains the cost effective integration of simple to use electronic communications systems. This is because delivery devices are, mechanically simple and made at low cost in extremely high volumes. Furthermore, connecting these devices to an existing wireless network usually entails pairing procedures, passwords, apps, and/or subscriptions. These may draw attention away from the system's dependability and usability for the patient.

Immense focus on technological advancements is further helping the market to grow at a significant rate. For instance, manufacturers' instant focus on nanotechnology has helped to deliver error-free drug delivery and increase the penetration level of the drug at the target site. For instance, liposomal technologies are currently used by key drug manufacturers for extended-release drug delivery thereby reducing dosages. These include DepoFoam TM Technology, Non-PEGylated Technology (NPL), and others. These technologies improve patient drug adherence through reduced dosing and lesser side effects. Furthermore, rapid adoption of new and complex technologies for developing irreplicable drugs to sustain competition is a factor expected to support revenue growth of connected drug delivery devices market over the forecast period.

The global connected drug delivery devices market share is segmented based on type, technology, end-user, and region. By type, it is classified into injectable devices, inhalation devices, and others. By technology, it is classified into NFC, Bluetooth, and others. By end-user it is classified into homecare settings and hospitals, and by region the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the connected drug delivery devices industry report include Adherium, BD, Proteus Digital Health, propeller Health, F. Hoffmann-La Roche Ltd, Ypsomed AG, Cohero Health, Inc., West Pharmaceutical Services, Syncro Technology Corp., and AptarGroup Inc.

The report offers a comprehensive analysis of the global connected drug delivery devices market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market. The report provides the global connected drug delivery devices market size for 2021, connected drug delivery devices market analysis for each segment, and the global connected drug delivery devices market forecast from 2022 - 2030.

Impact of COVID-19 on the Global Connected Drug Delivery Devices Industry

• Due to the COVID-19 pandemic, the medical device manufacturers witnessed a slight decline in the sale of connected drug delivery devices. The drop in sales might be reported due to disruption in the global distribution and sales channel.
• During the pandemic, restrictions were imposed on the people which declined the rate of diagnosis and screening of diseases. Also, R&D conducted by the pharmaceutical industry hampered the growth of the market.  
• However, due to the COVID-19 outbreak, the need for user-friendly and safe homecare solutions became crucial. The requirement for online connectivity devices allows a healthcare professional to monitor a patient's medication remotely. As a result of these factors, the negative impact of the COVID-19 pandemic was mitigated, and the market continued to grow steadily.

Key Findings of the Study

• Based on type, the injectable devices sub-segment emerged as a dominating leader in 2021 and the inhalation devices are anticipated to be the fastest growing sub-segment during the forecast period
• Based on technology, the NFC sub-segment emerged as the fastest growing sub-segment and the Bluetooth sub-segment is predicted to be the dominating in the upcoming years
• Based on end-user, the homecare settings sub-segment emerged as the fastest growing and the hospitals sub-segment is predicated as dominating in the market during the forecast period 
• Based on region, the North America market registered the highest market share in 2021 and Asia-Pacific region is anticipated to be the fastest growing in the market during the forecast period