The global connected drug delivery devices market size is projected to reach USD 4,062.7 million by 2026, exhibiting a CAGR of 35.4% during the forecast period. However, the market size was USD 361.1 million in 2018. This information is published in a recent report by Fortune Business Insights, titled, “Connected Drug Delivery Devices Market Size, Share & Industry Analysis, By Type (Injectable Devices and Inhalation Devices & Others) By Technology (Bluetooth, NFC, and Others) By End User (Homecare Settings and Hospitals) and Regional Forecast, 2019-2026.” As per the report, a rising incidence of diabetes, COPD, and asthma are anticipated to boost the connected drug delivery devices market growth in the coming years.
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Rising Emphasis on Preventive Care of Chronic Diseases to Propel Growth
A rising incidence of chronic diseases across the world is creating more opportunities for the connected drug delivery devices market growth. In 2016, the Global Burden of Disease Study mentioned that the prevalence of COPD went up by approximately 14.7 percent between the period of 1990 to 2015. Besides, connected drug delivery devices possess various novel benefits. So, people are rapidly inclining towards them by replacing the manual devices.
Moreover, an increasing focus on preventive care of chronic disorders is likely to contribute to the market growth in the coming years. The Lancet Respiratory Medicine, for instance,had published a study in 2015 that highlighted that in New Zealand, the adoption of smart inhalers grew up to 84.0 percent amongst asthmatic children from 2014 to 2015.
Bluetooth Segment to Dominate: Need to Connect Smartphones with Drug Delivery Devices Will Surge Demand
In terms of technology, the market is grouped into near field communication (NFC), Bluetooth, and others. The Bluetooth segment is expected to lead the market. It is occurring because of the increasing utilization of this technology for connecting drug delivery devices with smartphones. Apart from that, ease-of-use, as well as high compatibility of this technology with other devices, would drive the growth of this segment. NFC devices, on the other hand, provide superior data transmission and extended battery life. These properties would increase the adoption of these devices in the near future.
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