Connected Drug Delivery Devices Market Type Estimates, Revenue Drivers and Restraint Analysis

Connected Drug Delivery Devices Industry Overview

The global connected drug delivery devices market size is expected to reach USD 4.07 billion by 2028 registering a CAGR of 46.7%, according to a new report by Grand View Research, Inc. Factors contributing to the growth of this market include a rise in awareness about the adverse effects of non-adherence to medication and increased adoption of IoT, patient connectivity, and engagement. The Covid-19 pandemic has further accentuated the need for “contactless” services, thereby increasing the demand for connected drug delivery devices as well as providing lucrative growth opportunities in the coming years.

Connected drug delivery devices help physicians to monitor the compliance of patients to the therapy prescribed by them as well as to modify the treatment of the patient treatment as required. A growing number of initiatives to create awareness regarding the complexities caused by overdosage or underdosage of medicines is expected to promote the adoption of connected drug delivery devices.

Connected Drug Delivery Devices Market Segmentation

Grand View Research has segmented the global connected drug delivery devices market on the basis of product, end user, technology, and region:

Based on the Product Insights, the market is segmented into Connected Sensors and Integrated Connected Devices

• The connected sensors segment dominated the market and accounted for the highest revenue share of over 68% in 2020.
• The integrated connected devices segment is expected to register the fastest CAGR over the forecast period.

Based on the End-user Insights, the market is segmented into Healthcare Providers and Homecare

• The healthcare providers segment accounted for the largest revenue share of more than 50.0% in 2020 owing to the increased cases of COPD, Cardiovascular Diseases (CVDs), diabetes, and other chronic diseases, which require proper maintenance of health records of the patient.
• On the other hand, the homecare segment is estimated to register the fastest CAGR from 2021 to 2028 owing to the increasing product acceptance in homecare settings.

Based on Technology Insights, the market is segmented into Bluetooth, NFC, and Other Technologies

• The Bluetooth technology segment accounted for the largest revenue share of 65.3% in 2020 owing to the high usage of the Bluetooth technology in drug delivery devices.
• The NFC segment is expected to account for a considerable market share by 2028 as the NFC technology assists in communicating through the internet as well as mobile apps.
• The others segment is expected to demonstrate the fastest CAGR of 57% from 2021 to 2028 as these are cellular technologies prove to be beneficial in transferring data in the connected drug delivery devices.

Connected Drug Delivery Devices Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

This was the company’s biggest acquisition in 2020 and strengthened its business operations in the U.K. Also, VetPartners Pty. Ltd. acquired National Veterinary Care Ltd. in April 2020, for USD 251.5 million. The two companies would combine their resources to improve veterinary health services across Australia and New Zealand. The initiatives like these are further contributing to the market growth over the forecast period.

Some prominent players in the global Connected Drug Delivery Devices market include:

• Mars Inc.
• Greencross Ltd.
• National Veterinary Care Ltd.
• Pets at Home Group PLC
• CVS Group PLC
• Ethos Veterinary Health
• Addison Biological Laboratory
• Armor Animal Health
• PetIQ, LLC

Order a free sample PDF of the Connected Drug Delivery Devices Market Intelligence Study, published by Grand View Research.