(EMAILWIRE.COM, March 03, 2023 )
Introduction
Wearable injectors are medical devices used to deliver drugs and other therapeutic agents through skin or mucosal membranes. The growth of the wearable injectors market is driven by factors such as the rising prevalence of chronic diseases, increasing focus on patient adherence and convenience, and technological advancements in drug delivery devices. However, the high cost of wearable injectors may restrain the growth of the market to a certain extent.
Global Wearable Injectors Market Overview
The global Wearable injectors market is projected to reach USD 11.6 billion by 2026 from USD 7.3 billion in 2021, at a CAGR of 9.9% during the forecast period.
The global wearable injectors market is expected to grow at a significant CAGR during the forecast period. Wearable injectors are advanced medical devices that are used to deliver drugs and vaccines into the body of a patient in an efficient and precise manner. They are designed to provide comfort and convenience to the user and ensure accurate dosage of drugs. Growing prevalence of chronic diseases, technological advancements in drug delivery devices, increasing adoption of self-administration of drugs, and rising demand for home healthcare are the major factors driving the growth of the global wearable injectors market.
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Market Segmentation:
By type, the global market is segmented into on-body injectors and off-body injectors. The on-body injectors segment accounted for the largest share in the forecast year. The large share of this segment can be attributed to the patients ease to deliver a precise amount of drug to the body over a controlled period of time.
Based on technology, the wearable injectors market is segmented into spring-based, motor-driven, rotary pump, expanding battery, and other technologies. The spring-based technology segment accounted for the largest share in the forecast period. The large share of this segment can be attributed to the rising demand for adhesive patches, as these devices are user-friendly and enable patients to accurately deliver the required drug subcutaneously.
Based on therapy, the wearable injectors market is segmented into immuno-oncology, diabetes, cardiovascular diseases, and other therapies (such as Parkinson’s disease, thalassemia, and primary immunodeficiency disorders). The diabetes segment accounted for the largest share in the forecast period. The large share of this segment can be attributed to The high burden of diabetes across the globe, coupled with the growing availability of wearable injectors for the treatment of these diseases, is driving the growth of this market segment.
Based on end user, the market is segmented into hospitals and clinics and home healthcare settings. The hospitals and clinics segment accounted for a larger market share during the forecast period. The large share of this segment can primarily be attributed to the rising preference for the self-administration of medication and the increasing need to curb healthcare costs. In addition, the growing demand for technologically developed drug delivery approaches, which lower the hospitalization rate and require minimal expertise, is expected to boost the growth of the home healthcare settings segment.
Regional Analysis: –
The wearable injector market in North America accounted for the largest market during the forecast period. The large share of North America in this market is to the rising prevalence of chronic and lifestyle-related diseases and the presence of advanced healthcare infrastructure in the region. However, the Europe market is estimated to grow at the highest CAGR during the forecast period owing to factors such as the Increasing prevalence of chronic diseases, Government support for drug development in Germany, Rising focus on biosimilar innovation in the UK, Favorable reimbursement scenario for various treatment options in France.
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Top Key Players: –
Prominent players in the wearable injectors market include Becton, Dickinson and Company(US), Ypsomed(Switzerland), Amgen(US), Subcuject(Denmark), Enable Injections, Inc(US), Medtronic Plc(Ireland), Insulet Corporation(US), United Therapeutics Corp (Us), CeQur SA(Switzerland), Sensile Medical(Switzerland).
Recent Developments:
In April 2021, Medtronic launched the Infusion Set that can be worn up to seven days
In April 2021, Amgen acquired Five Prime Therapeutics. This acquisitionfor USD 38.00 per share in cashwas focused on developing immuno-oncology and targeted cancer therapies.
In September 2020, Insulet Corporation expanded its presence in Sweden, Finland, Norway, and Denmark.
Conclusion:
The global wearable injectors market is expected to grow significantly during the forecast period. This is due to the increasing demand for wearable injectors, owing to their effectiveness and convenience in providing medication for chronic diseases. In addition, the development of new technologies such as self-injection systems and connected devices is propelling the growth of the market. Moreover, government initiatives aimed at the development of advanced healthcare infrastructure, the increasing prevalence of chronic diseases, and rising awareness about the benefits of wearable injectors are some of the major factors driving the growth of the market.