The global wearable injectors market size was estimated to be US$ 6.3 billion in 2021 and is expected to grow at a CAGR of 11.5% between 2023 to 2032.
Wearable injectors (WIs) are drug delivery systems that attach to the body and administer medication intravenously, intramuscularly, or subcutaneously. Wearable injectors have the potential to treat a wide range of ailments, including diabetes, cardiovascular disease, cancer, and others. In 1985, Novo Nordisk developed the first injection pen for injecting insulin into the body.
Inconveniences such as injuries caused by needles and the restrictions of conventional syringes have urged the populace to adopt the latest wearable injectors. Wearable injectors reduce the need for any help from a healthcare worker while also lowering the consumer's healthcare spending.
Furthermore, the wearable injectors are small and portable, allowing the patient to self-administer the medications while doing other things around the house or office. All of the benefits provided by wearable injectors are projected to boost demand for them among the populace during the forecast period.
Wearable Injectors are slightly more expensive than standard injection devices, although they are still less expensive when compared to alternative drug delivery methods. An automated insulin pump, for example, costs around USD 4000, whereas a wearable insulin injection costs between USD 20 and USD 35. Such cost-effectiveness of wearable injectors along with a reduced requirement for professional assistance increases the demand, which supports the wearable injectors market growth.
Chronic disorders such as pulmonary arterial hypertension, cardiovascular disease, cancer, Type 1 diabetes, rheumatoid arthritis, and autoimmune diseases can all be managed with wearable injectors. The increased prevalence of this disease is propelling the wearable injectors market forward. Furthermore, wearable injectors have some sophisticated characteristics resulting in a rise in usage among patients around the world, which is also increasing the market size.
The increasing prevalence of ailments such as the aortic aneurysm among some of the population has benefited worldwide market trends. Along with this, the usage of wearable injectors in the treatment of certain types of cancers is also increasing. Increased adoption of wearable injections in other diseases will also enable market growth and help better sales for involved companies.
The expansion of the biopharmaceutical industry has enabled the development of additional wearable injectors, which is projected to drive the total wearable injector market growth. Furthermore, technical advances have resulted in the production of new and creative pharmaceuticals, which necessitate the use of specialized drug delivery devices to effectively administer the medicines in the patients' bodies. As a result, the constantly expanding biopharmaceutical industry is spurring the creation of novel and innovative medications, which in turn fuels the global wearable injector market.
In mAb-based biotherapy and infusion therapy, newer devices such as the Dual Cartridge Injectors, Automatic Regeneration Injectors, refillable auto-injector, and subcutaneous drug delivery devices are being employed at an increasing pace. Such introduction of novel injector devices and products will have a substantial impact on the high-volume wearable injectors and ultra-large volume wearable injectors market along with the wearable drug delivery devices market, and wearable defibrillator market. This advent of new devices with expanded usage profiles with help in the growth of the wearable injectors market during the forecast period.
Due to the rising demand for user-friendly adhesive patches that allow patients to inject the drug subcutaneously, rapidly, and precisely by clicking on the device, the spring-based category has the greatest market size by technology. Other segmentations include the on-body wearable injectors category which accounts for more than 55% of the market share.
The on-body wearable injectors are simple to use and gentle on the body which has resulted in widespread adoption of on-body injectors, boosting their growth up to 2020. On the contrary, the Off-body segment is expected to be the fastest-growing section during the forecast period since it eliminates some hassles such as adhesive fastening on the skin, unpleasant 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.
Due to the obvious rising prevalence of chronic and lifestyle-related illnesses and the modernization of the healthcare system, North America is the biggest market by region, accounting for 41.5% of the overall industry share. However, Asia Pacific is predicted to be the fastest-growing wearable injectors market during the forecast period, with a CAGR of 12.4%. This can be attributed to an increase in geriatric patients, especially in Japan.
The consequent rise in chronic diseases such as diabetes and cancer in this demographic will also contribute to the expansion of this industry. Due to their huge populations and increasing demand for advanced healthcare alternatives, China and India are also likely to contribute considerably to the growth of the wearable injectors market.
The key competitors in the 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. Major corporations are focusing on growth strategies such as new product launches, partnerships and alliances, operational development, acquisitions and mergers, and patient education campaigns.
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The global wearable injectors market is estimated to exhibit a CAGR of 11.5% between 2023 to 2032.
Due to the obvious rising prevalence of chronic and lifestyle-related illnesses and the modernization of the healthcare system, North America is the biggest market by region, accounting for 41.5% of the overall industry share.
Increased prevalence of chronic disorders such as pulmonary arterial hypertension, cardiovascular disease, cancer, Type 1 diabetes, rheumatoid arthritis, and autoimmune diseases along with other neurological diseases is increasing the growth of the Global Wearable Injectors Market.
The wearable injectors market size was estimated to be US$ 6.3 billion in 2021.
Major players in 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.
Due to the rising demand for user-friendly adhesive patches that allow patients to inject the drug subcutaneously, rapidly, and precisely by clicking on the device, the spring-based category has the greatest market size by technology.
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