Connected Drug Delivery Devices Market to hit USD 3.5 Billion by 2032, says Global Market Insights Inc.
Connected Drug Delivery Devices industry is expected to register 28% CAGR between 2023 and 2032 owing to rising patient awareness about adherence to prescribed therapies.
Selbyville, Delaware, April 05, 2023 (GLOBE NEWSWIRE) —
Connected drug delivery devices
Continuous advancements in connected device sensors to increase NFC technology industry share
Connected drug delivery devices industry from the near-field communication segment is likely to hit USD 1 billion by 2032. The segment expansion is attributed to the surging product use for drug delivery. Ongoing advancements in technologies, such as wearable NFC sensors including RFID sensors, micro-battery delivery systems, and supercapacitors, among others, are also foreseen to propel segment adoption through the forecast period.
Mounting prevalence of diabetes to increase the use of connected drug delivery devices
Connected drug delivery devices market from the diabetes segment is poised to grow at over 29.5% CAGR by 2032. According to WHO speculations, more than 422 million people are suffering from diabetes while approximately 1.6 million deaths are attributed to diabetes each year. Genetic disproportionality, unhealthy lifestyles, unhygienic eating practices, and other factors are causing high prevalence rates.
Growing outpatient visits to augment clinics segment revenues
The clinics segment is estimated to depict more than 28% CAGR by 2032. The segment progress is attributable to the strong prevalence of chronic diseases, including cardiovascular disorders, diabetes, asthma, cancer, and others, pushing the demand for connected drug delivery devices in clinics. Furthermore, shifting preferences of patients for clinics owing to ease of access is set to foster the segment outlook.
Positive efforts by industry players to introduce new products to aid Europe industry
Europe connected drug delivery devices market is slated grow over USD 916 million by 2032. The region is witnessing significant progress due to the soaring popularity of therapies and the development of novel drug devices for specific diseases and disabilities. In addition, major companies are introducing new products to support the promotion of self-administered medication.
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Launch of new cost-effective products to remain a key growth strategy
Some of the key players profiled in the market report include Adherium, Merck, Phillips Medisize, Bayer AG, Nemera, Findair Sp. z o. o., BioCorp Production, Teva Pharmaceuticals, Propeller Health, West Pharmaceutical Services, and others.
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About Global Market Insights
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.
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