Wearable Injectors Market to achieve CAGR of 11.5% between 2023 and 2032, owing to rising demand for round-the-clock monitoring | insightSLICE
The global Wearable Injectors market size was estimated to be US$ 6.3 billion in 2021 and is expected grow at a CAGR of 11.5% between 2023 to 2032.
Wearable Injectors are drug delivery systems that connect to the body and deliver drugs intravenously, intramuscularly, or subcutaneously. Wearable injectors can treat a wide range of diseases, including diabetes, cardiovascular disease, and cancer.
Inconveniences like needle injuries and the limitations of traditional syringes have pushed the public to adopt the latest wearable injectors. Wearable injectors also eliminate the need for any assistance from a healthcare professional while also cutting consumer medical costs.
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Furthermore, because wearable injectors are compact and portable, patients can self-administer drugs while doing other tasks around the house or office. All of the advantages given by wearable injectors are expected to increase demand for them among the general public during the forecast period.
The key players of the Global Wearable Injectors Market are:
Amgen, Inc., Becton, CeQur SA, Dickinson and Company, Johnson & Johnson Services, Inc., Enable Injections, F. Hoffmann-La Roche Ltd., Insulet Corporation, Unilife Corporation, SteadyMed Therapeutics, Inc., West Pharmaceutical Services, Inc., and Ypsomed are the key players in the wearable injectors market.
Growth strategies for major firms include the launch of new products, manufacturing collaborations, operational expansion, outsourcing, acquisitions and mergers, and patient awareness/marketing initiatives.
Driving factors for the growth of Global Wearable Injectors Market
Even though wearable injectors cost significantly more than conventional injection devices they are still less expensive than alternative drug delivery methods. The cost-effectiveness of such wearable injectors, together with the reduced need for professional help, enhances demand, hence supporting the wearable injectors’ market expansion.
Wearable injectors can be primarily used to treat chronic conditions such as cardiovascular disease, Cancers, Type 1 diabetes, rheumatoid arthritis, arterial hypertension syndrome, and autoimmune diseases.
The rising prevalence of all these conditions is driving the market growth for wearable injectors. Furthermore, wearable injectors can include some advanced functionality that is helping in increased usage among patients all over the world, which is raising the market volume.
The rising occurrence of diseases such as aortic aneurysm within a portion of the demographic has aided global market trends. In addition, the use of wearable injectors in the therapy of some forms of cancer is growing.
Increased use of wearable injections in various novel diseases will also drive market expansion and boost sales for companies engaged in the wearable injectors market.
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Technological advances serve as an opportunity for the Wearable Injectors Market
The development of the biopharmaceutical industry has facilitated the creation of new wearable injectors, which is expected to drive the overall wearable injector market.
Furthermore, technological advancements have led to the development of novel and innovative pharmaceuticals, necessitating the usage of specialized drug delivery systems to properly supply the drugs to patients.
As a result of the continually developing biopharmaceutical industry, novel and innovative treatments are being developed, fuelling the global wearable injector market.
Moreover, the prevalence of newer technologies, such as Dual Cartridge Injectors, Automatic Regeneration Injectors, refillable auto-injectors, and subcutaneous drug delivery devices, are increasing their use in mAb-based biotherapy and infusion therapy.
Such unique injector technology and product launches will have a significant impact on the high-volume wearable injectors and ultra-large volume wearable injectors markets, as well as on the wearable drug delivery devices and wearable defibrillator markets.
During the projected period, the development of new products with wider usage profiles will aid in the growth of the wearable injectors market.
Global Wearable Injectors Market Key Segments:
By Type
- On-Body Wearable Injectors
- Off-Body Wearable Injectors
By Technology
- Spring Based
- Motor Based
- Pump Based
- Battery Operated
By Application
- Oncology
- Neurology
- Diabetes
- Cardiology
- Others
By End-Users
- Hospitals and Clinics
- Ambulatory Surgery Centers
- Homecare
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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Global Perfusion Systems Market: https://www.insightslice.com/perfusion-systems-market
Global Minimally Invasive Surgery Market: https://www.insightslice.com/minimally-invasive-surgery-market
The leading market segments of Global Wearable Injectors Market
The spring-based category has the largest market size by technology due to increased demand for user-friendly adhesive patches that allow patients to inject the drug subcutaneously, fast, and precisely by clicking on the device.
Other segments include on-body wearable injectors, which account for more than 55% of the market. On-body injectors are simple to use and mild on the body, which has resulted in widespread adoption, accelerating their growth up to 2020.
On the contrary, the Off-body segment is predicted to develop the fastest during the forecast period because it avoids several inconveniences such as adhesive fastening on the skin, uncomfortable injector withdrawal, and itchy skin.
All the segments will however witness increased sales due to the above-mentioned factors and will result in the subsequent growth of the global wearable injectors market.
Regional performance of Wearable Injectors Market
North America is the largest market by geography-based segmentation, which is accounting for 41.5% of the entire industry share. This is owing to the clear rising prevalence of chronic and lifestyle-related disorders and the modernization of the healthcare system.
However, with a rapidly increasing growth rate, the Asia Pacific is expected to be the fastest-growing wearable injectors market during the forecasting period. This is due to a rise in geriatric patients, particularly in Japan.
The resulting increase in chronic illnesses such as diabetes and cancer in this group will also help the growth of this industry. China and India are also expected to contribute significantly to the growth of the wearable injectors market due to their large demographics and increasing desire for modern healthcare solutions.
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