Selbyville, Delaware, Aug. 23, 2021 (GLOBE NEWSWIRE) --
According to latest report “Connected Drug Delivery Devices Market by Technology (Augmented Reality, Virtual Reality), Component (Hardware, Software, Services), Application (Surgery, Training & Education, Behavioral Therapy, Medical Imaging), End-use (Hospitals, Clinics, Academic Institute), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of connected drug delivery devices will cross $2.5 billion by 2027.
The increasing importance of real-time data across the healthcare sector, and the use of technologies such as machine learning (ML) and AI are gaining prominence. Conventional devices are subjected to human errors as well as limited device application. Smart, digitally connected devices rely on big data, AI, and ML which not only interpret results but also derive appropriate conclusions and predict future outcomes. Innovative technologies like implantable drug delivery systems require intelligent control systems, sustained release, and strong analytical tools such as AI and ML. Furthermore, advancements in AI will shape the future of connected drug delivery devices.
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The integrated devices segment in the connected drug delivery devices market exceeded USD 196.8 million in 2020. Integrated injectable devices are one such technology that is transforming the drug delivery system. Integrated injectable devices are further categorized into handheld and wearable. The technology helps the patients to manage their medication even in remote areas and enable experts to track the dosage in real-time. The most important benefit of integrated devices is it reduces trips to hospitals.
The bluetooth segment captured 48% of the connected drug delivery devices market share in 2020 owing to the rise in the use of connected drug delivery devices for the delivery of medication. The rising technological advancement will foster the segment growth. For instance, Philips aria smart autoinjector is bluetooth enabled which ensures timely drug administration.
The connected drug delivery devices market for cardiovascular segment held 11.3% of revenue share in 2020 led by the rising prevalence of cardiovascular disorders among the population. It is one of the leading causes of death globally, statistics suggest that more than 17.9 million people die every year suffering from the same. Proper medication is necessary for the prevention of serious complications related to cardiovascular disorders.
The hospital segment will witness 34.9% growth rate through 2027 impelled by the high adoption of advanced medical devices. The rising prevalence of chronic diseases escalated the need for the automated connected medical device. These devices relieve the burden from the hospital and resolved the issue of manual administration of drugs to the patient. Therefore, the rising demand for connected drug delivery devices by the hospitals will stimulate the industry expansion.
Asia Pacific connected drug delivery devices market size is estimated to reach USD 387.9 million by 2027. The APAC is the second-largest pharmaceutical market in the world after North America. The growing pharmaceutical industry will open the channel for new and advanced products. In addition, widespread acceptance of new technologies and rising government initiatives to support the growth of the pharma sector. Additionally, the rising prevalence of lifestyle disorders such as obesity, diabetes, and hypertension generate a need for technologically advanced solutions for the treatment of diseases, thereby enhancing the market value.
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Few notable companies operating in the market include Adherium, Bayer, Merck, Phillips Medisize, Nemera, BioCorp, Findair, Propeller Health, West Pharmaceutical Services, and Teva Pharmaceuticals. The players are concentrating on various strategies such as acquisitions, mergers, new service, product launches among others.
Table of Contents (ToC) of the report:
Chapter 3 Connected Drug Delivery Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By device type
3.4.2 By technology
3.4.3 By application
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/connected-drug-delivery-devices-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
