The market for wearable injectors is expected to be valued at over US$ 6.40 billion in 2022 and is anticipated to grow at a CAGR of 12.3% to reach US$ 19.70 billion by 2032.
| Report Attribute | Details |
|---|---|
| Wearable Injectors Market Value (2022) | US$ 6.40 Billion |
| Wearable Injectors Market Anticipated Value (2032) | US$ 19.70 Billion |
| Wearable Injectors Market Growth Rate (2022 to 2032) | 12.3% CAGR |
The main market-driving factors are the incidences of chronic illnesses, the rising senior population, and the growing worry over needle stick injuries. Additionally, it is projected that the drive to save healthcare costs and the increased demand for continuous monitoring will encourage market growth. Additionally, it is anticipated that growing demand for in-home care will hasten market growth.
The need for less-understood technologies in development that aim to temporarily change the subcutaneous space to enable quick injections of large dose therapies may also be reduced if patients can conveniently wear a small, disposable device on their bodies during the subcutaneous injection of a large dose volume. Therefore, it is anticipated that each of these variables will support market expansion during the anticipated time frame.
As a result of these reasons, the market is anticipated to experience expansion over the given time frame. However, during the projected period, the market may be constrained by rising demand for alternative drug delivery methods and unfavourable reimbursement arrangements.
A strong healthcare system and a rise in the prevalence of lifestyle problems are two additional factors influencing market growth. However, it is anticipated that exorbitant wearable injector prices and poor demand in underdeveloped economies will limit the market's growth.
Wearable Injectors Market Trends
One of the main factors fuelling the market expansion is the rising prevalence of chronic illnesses such oncological, neurological, and autoimmune disorders. In addition, the ageing population, which is more vulnerable to certain diseases, and the increased demand for minimally invasive (MI) treatment options among patients are boosting the market's expansion.
Injectors that may be used at home and by the users themselves are also becoming more popular since they offer excellent disease management with low risk of dosage error and needle stick accidents. Other growth-promoting aspects include several product developments, such as the incorporation of Bluetooth, wireless communication, and passive warning systems with injectors.
These innovations allow for comfortable patient monitoring via a smartphone application and offer prompt medication reminders. Other elements, including as protracted research and development efforts and major advancements in healthcare infrastructure, particularly in developing nations, are anticipated to propel the market toward expansion.
Geographically, North America held the biggest market share for wearable injectors during the projection period. Due to the region's advanced healthcare infrastructure and the rising prevalence of chronic and lifestyle-related disorders, North America holds a sizable portion of this market.
However, it is anticipated that the Europe market will expand at the highest CAGR during the forecast period due to factors like the rising prevalence of chronic diseases, government support for drug development in Germany, increasing attention to biosimilar innovation in the UK, and favourable reimbursement conditions for different treatment options in France.
“Technological advancements and innovations in the devices and rising concern over needle stick injuries. will set the tone for wearable injectors market growth.”
Wearable injectors are drug delivery systems developed for single-use wearable technology that is intended to provide patients with substantial amounts of medication over an extended period. The wearable injectors are small and portable and allow the patient to conveniently self-administer the medications while performing daily activities at home or at work.
The discovery of the wearable injector has improved the exact administration of medical fluid under qualified monitoring. It is important for people with chronic conditions like obesity, diabetes, hypertension and others.
The prevalence of chronic diseases, the growing elderly population, and the increased concern over needle stick injuries are the key market-driving drivers. Additionally, it is projected that the drive to reduce healthcare costs and the increased demand for continuous monitoring will encourage market growth.
Additionally, it is anticipated that the growing demand for in-home care settings will speed up the market growth. Furthermore, a rise in the number of lifestyle issues and a strong healthcare system are factors that are propelling the market growth.
Additionally, a variety of projects that market players are working on might help in the market's expansion over the projection year. In addition, the organizations are concentrating on creating wearable injectors given the nature of the requirements.
Geographically, the global wearable injectors market is segmented into seven major regions which include North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa
North America experienced growth opportunities during the projection period due to the increasing use of reusable technology, launch of technologically advanced drug delivery devices, Presence of major key players and the presence of sophisticated healthcare infrastructure.
East and south Asia region is anticipated to expand throughout the projected period. This growth attributed to the factors like growing senior population and region's favourable government initiatives for the use of medical devices such wearable injectors.
Furthermore, Europe will have experienced lucrative growth opportunity in projected period owing to increasing cases of chronic diseases and lifestyle-related conditions.
Some of the key manufacturers operating in the wearable injectors industry are Johnson & Johnson Services, Inc., Unilife Corporation, Amgen Inc., Enable Injections, Becton, Dickinson and Company, Insulet Corporation, Steady Med Therapeutics, Inc., F. Hoffmann-La Roche Ltd., CeQur SA, West Pharmaceutical Services, Inc. and Bühler Motor GmbH.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 5.6% 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2012 to 2021 |
| Forecast Period | 2022 to 2032 |
| Qualitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segment Covered | Type, Mechanism of injection, Usage, Application, End user, Region |
| Region Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel |
| Key Players | Johnson & Johnson Services, Inc.; Unilife Corporation; Amgen Inc.; Enable Injections; Becton; Dickinson and Company; Insulet Corporation; Steady Med Therapeutics, Inc.; F. Hoffmann-La Roche Ltd.; CeQur SA; West Pharmaceutical Services, Inc.; Bühler Motor GmbH |
| Customization | Available Upon Request |
The global wearable injectors market is anticipated to register a CAGR of 12.1% during the forecast period.
The wearable injectors market is projected to be about US$ 19.7 Bn by the end of year 2032.
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Wearable Injectors Market
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