How big is Wearable Injectors Market ?
The wearable injectors market can expect to reach USD 21.98 billion at 15.2% CAGR from 2022-2030, believes Market Research Future (MRFR).. With an increasing prevalence of several chronic diseases and a rising concern for injuries caused by needles are promoting the demand for 24-hour monitoring devices. This rise in the demand is anticipated to propel growth in the adoption of wearable injectors to a great extent. Further, rapid technological advancements in the wearable injectors and mounting prevalence of geriatric population across the globe are likely to fuel sizeable growth in the global wearable injectors market in the forecast period.
The rising frequency of chronic diseases, technology breakthroughs, design development, increased concern about the dangers of needlestick injuries, and the restrictions on drug delivery with a simple syringe are all factors driving market expansion.
Wearable Injectors are advanced drug delivery instruments that are used for convenient administration of viscous drugs. These instruments are also widely regarded as bolus injectors or patch pumps. They are used to administer insulin and other drugs that need large dose volumes with an extended delivery period.
On the other hand, a high preference towards conventional drug delivery and administration methods and a lack of skilled personnel to instruct patients about these devices are anticipated to hinder market growth to a certain extent. However, favorable healthcare investments by the government and a rising demand or minimally invasive drug delivery methods are expected to contribute heavily to the growth observed in the Wearable Injectors Market through the assessment period.
Competitive Analysis:
Leading players in the global wearable injectors market Players include West Pharmaceutical Services Inc., Eli Lilly and Company, Amgen Inc., CeQur SA, Biospace, Sensile Medical AG, Enable Injections, SteadyMed Therapeutics Inc., Becton, Dickinson and Company, YPSOMED, and Valeritas Inc.
Market Segmentation
The global wearable injectors market has been segmented on the basis of type, usage, mechanism of action, therapeutic area, and end user.
On the basis of type, the global wearable injectors market has been segmented into on-body wearable injectors, off-body wearable injectors, and hand-held wearable injectors.
The markethas been segmented by usage into disposable and semi-reusable wearable injectors.
By mechanism of action, has been segmented into spring based, motor driven, rotary pump, expanding battery, pressurized gas, and collapsible reservoir.
By therapeutic area, the market has been segmented into oncology, infectious diseases, cardiovascular diseases, autoimmune diseases, diabetes, and others.
By end-user, the market has been segmented into hospitals, clinics, homecare, ambulatory surgery centers, others.
Regional Analysis
The global wearable injectors market has been segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas and Europe are likely to be the major contributors to the global market over the forecast period, primarily due to the growing prevalence of diabetes in these regions. Lifestyle factors in these regions have resulted in a growing prevalence of diabetes and other chronic diseases, as most of the population in these regions follows a sedentary lifestyle, which is highly conducive to the development of diabetes. The increasing consumption of fast food is also a major factor in the growing prevalence of diabetes in these two regions, and is likely to remain a major factor in the growth of the market over the forecast period. About a third of Europe’s population (above 15 years of age) suffers from a chronic disease, while nearly 20% of the population in the U.S. suffers from some autoimmune disease, which is also a key demand channel for the market (as of Q1 2017).
Asia Pacific is likely to exhibit the fastest growth over the forecast period in the global market. The key drivers for the in Asia Pacific include the rising prevalence of diabetes and the growing awareness about advanced healthcare technologies, coupled with government and private-sector efforts to modernize the healthcare sector and bring in advanced technologies to fulfill the demands of the increasing urban and rural populace. Wearable injectors are still a novelty in most Asia Pacific countries, but are likely to increase in demand over the forecast period as customers get more used to the idea of wearable injectors and healthcare sector manufacturers make more efforts to bring in cheaper and more effective models.
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