New York, USA, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global connected drug delivery devices market is likely to register a revenue of $1,119.3 million by 2027, at a CAGR of 24.6% during the forecast period from 2020 to 2027. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, the increase in number of cases of chronic disorders such as chronic obstructive pulmonary disease (COPD), asthma, and diabetes across the globe is the major factor anticipated to accelerate the growth of the global market over the forecast period. In addition, upgradations and technological developments in connected drug delivery devices are other factors expected to drive the market growth by 2027. Moreover, the significantly growing adoption of cutting-edge technologies in the connected drug delivery devices are expected to generate lucrative growth opportunities for the global industry over the forecast period. However, the lower product penetration and the high costs of connected drug delivery technologies are the factors that may restrict the market growth in the coming years.
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COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has had a dramatic impact on the connected drug delivery devices market growth. The processes of businesses such as inventory management, production, and distribution of goods & services have stopped due to lockdown in many countries across the globe. However, various key companies around the world are taking strategic steps to serve their products & services to the society, during the coronavirus pandemic. For example, Aptar Pharma, a pioneer in drug delivery systems, entered into a partnership with Lupin in January 2020, to launch ‘ADHERO’ for asthma and COPD affected patients. This has created a positive impact on the global connected drug delivery devices market during the pandemic period.
Segments of the Market
The report has divided the market into different segments based on type, technology, end user, and region.
Injectable Sub-segment to Witness Significant Growth
By type, the injectable sub-segment valued for $113.1 million in 2019 and is expected to observe lucrative growth over the forecast period. This is mainly because injectable drug delivery is the most efficient route of administration owing to the effectiveness of drug delivery to the target. Besides, the increasingly growing usage of electronic technology in the healthcare equipment is another factor predicted to accelerate the sub-segment’s growth by 2027.
Bluetooth Sub-segment to Dominate in the Market
By technology, the Bluetooth sub-segment is predicted to account for $733.0 million by 2027 and dominate in the global industry over the forecast period. The dominance of the sub-segment can be attributed to the growing preference of Bluetooth-based drug delivery device in the medicine delivery majorly due to its widespread availability and low-cost connectivity access to smartphones.
Hospital Sub-segment to Hold the Largest Market Share
By end user, the hospital sub-segment accounted for $141.6 million in 2019 and is predicted to hold the majority of market share during the forecast period. This is majorly due to the growing adoption of connected drug delivery devices in hospitals and the increasing digitalization in hospitals with the implementation of electronic & connectivity technologies. In addition, the integrated diagnostic technology for enhanced disease detection is projected to drive the growth of the sub-segment by 2027.
Asia Pacific Region to Witness Lucrative Growth
By region, the Asia Pacific market for connected drug delivery devices accounted for $28.8 million in 2019 and is predicted to witness lucrative growth during the forecast period. This growth can be attributed to the growing prevalence of chronic disorders, the availability of cutting-edge connected drug delivery products, and technological advancements in drug delivery devices in the region. In addition, companies are emphasizing more on strategic collaborations to develop integrated products and to grow in the global market.
Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global connected drug delivery devices industry are:
- Adherium
- Proteus Digital Health
- BD
- Propeller Health
- Ypsomed AG
- F. Hoffmann-La Roche Ltd,
- Cohero Health, Inc.
- Syncro Technology Corp.
- West Pharmaceutical Services
- AptarGroup Inc.
These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in February 2019, Covestro LLC, a Germany based producer of a variety of polycarbonate and polyurethane based raw materials, announced the launch of a new connected drug delivery concept to provide patients with medical reliability, comfort, and accuracy. This concept uses ‘Makrolon’ polycarbonate and Direct Coating/Direct Skinning technology.
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