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 acquisition—for USD 38.00 per share in cash—was 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.
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