New York, May 17, 2023 (GLOBE NEWSWIRE) -- The wearable injectors market will witness a robust CAGR of 12.4%, valued at USD 6.7 billion in 2022, and expected to appreciate and reach USD 20.9 billion by 2032, confirmed by Market.us.
Wearable injectors are used for drug delivery. These devices are small and portable and can deliver drugs. Patients can manage the technology themselves, and it is self-scalable. This technology is essential for patients with chronic conditions such as diabetes, obesity, hypertension, or other conditions. The wearable injection device can be used to increase the ability of doctors to administer the correct amount of fluid. It is used extensively in hospitals, clinics, and other healthcare facilities.
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Key Takeaway:
- By type, the on-body injectors segment generated a revenue share of 57.6% in 2022.
- By application, the oncology segment has dominated the market, and it is growing at a significant CAGR over the forecast period 2023 to 2032.
- By technology, the spring-based injection segment held the largest market share of 38.5% in 2022.
- By end-user, the home care segment accounted for a shareholding of 42.1% in 2022.
- In 2022, North America dominated the market with the highest revenue share of 34.0%.
- In Europe, Germany is projected to hold a significant portion of the total market share in 2022.
- Asia-Pacific will likely grow at a significant CAGR from 2023-2032.
Increasing healthcare spending and demand for continuous monitoring will likely support market growth. Market growth will be further accelerated by rising demand for home-based treatments. Strong healthcare infrastructure and increased lifestyle disorders are also driving market expansion.
Factors Affecting the Growth of the Wearable Injectors Market
There are several factors that can affect the growth of the wearable injectors industry. Some of these factors include:
- Rising prevalence of chronic diseases: Increase in chronic diseases such as diabetes, cardiovascular disease, and cancer and an increase in biologics like monoclonal antibodies to treat these diseases are expected to positively drive the market growth.
- Increase in R&D activities: Market growth is expected to be boosted by an increase in R&D activities on wearable injectors like Bluetooth connectivity with smartphones and digital displays.
- Rising demand for home-based treatments: The market's growth is due to a rise in demand for and an increase in senior patients as it requires less hospitalization and minimal expertise.
- Well-established healthcare systems: Market expansion is expected to be driven by a well-established healthcare system and an increase in the number of diseases that are attributed to sedentary lifestyles.
- Technological advancements: Advancements in technology have led to the development of novel drugs. These drugs require special drug delivery devices to be administered efficiently to the patients. The rapidly expanding biopharmaceutical industry is driving the development of innovative drugs, which in turn encourages the growth of the global wearable injectors market.
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Top Trends in Wearable Injectors Market
Sonceboz's wearable injector, Dual Cartridge Injectors, and Auto Reconstitution Injectors, Amgen wearable injection devices, reusable autoinjectors, and subcutaneous drug delivery devices are all being used in mAb-based biotherapy, infusion therapy, and at-home drug delivery. There are many innovative injectors, such as Sorrel Medical’s wearable drug delivery platform, QuickDose wearable injector device from CCBio, E3D’s on-body injector, and SmartDose injector containing Freedom60 syringe fusion. This is driving up demand for wearable injectors. These new products will majorly impact the market for large volumes of wearable injectors.
Market Growth
Patients may be able to wear small, disposable devices on their bodies to reduce the need for more complex technologies that temporarily alter the subcutaneous space in order to allow quick injections of large-dose therapies. Each of these variables is expected to support market expansion during the forecast period.
The COVID-19 pandemic boosted demand for medical equipment, supplies, and wearable injectors. Market participants are also involved in several projects that could help the market to grow significantly over the forecast period. The global market for wearable injectors has seen positive effects from COVID-19. The pandemic prompted the whole healthcare system to adopt home-based treatments to stop the spread of the disease. The companies are also focusing on producing and developing wearable injectors, considering the nature of the requirements.
Regional Analysis
North America dominated the global market for wearable injectors in 2022 with a revenue share of 34.0%. Due to the high quality of healthcare services in North America, the increasing prevalence of chronic diseases, and lifestyle-related illnesses, wearable injectors have been on the rise. Due to the presence of market leaders such as Johnson & Johnson Services, Inc. and Becton, Dickinson, and Company, there has been an increase in demand for injectors. Market growth of this region is further expected to be boosted by rising disposable incomes and reimbursements for therapeutic drug delivery.
During the forecast period, Asia Pacific will experience a higher CAGR than other regions. This is due to favorable government policies regarding medical devices such as wearable injectors and an increase in geriatric populations.
Germany will continue to hold a large global market share in the next few years. This is due to the fast-paced lifestyle, which has made cardiovascular diseases a leading cause of death worldwide.
Competitive Landscape
Emerging key players are currently working on their strategies to expand their market presence and increase their market share. They are also involved in product launches, partnerships, collaborations, and mergers & acquisitions. They are a key part of the market's competitive landscape and contribute to market growth. Many biopharmaceutical companies seek better ways to deliver biological medicines. Wearable injectors could be the solution.
- Becton, Dickinson, and Company
- Ypsomed
- Amgen
- Insulet Corporation
- Tandem Diabetes Care, Inc.
- Johnson & Johnson Private Limited
- Hoffmann-La Roche AG
- Unilife Corporation
- West Pharmaceuticals Services, Inc.
- Medtronic
- SteadyMed Ltd.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 6.7 Billion |
| Market Size in 2032 | US$ 20.9 Billion |
| CAGR (2023 to 2032) | 12.4% |
| North America Revenue Share | 34.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The rising prevalence of chronic diseases and the lower cost of wearable injectors are the key factors positively driving the market growth. Wearable injectors have been more prominent in managing the growing number of chronic diseases. They increase patient compliance and aid with patient management. Injectables are required for chronic diseases such as diabetes and heart disease. They must be administered daily or every other week. This highlights the importance of using efficient and simple injection technology. Wearable injectors cost less than other drug delivery methods. This will drive demand for these injectors. Wearable injectors have been developed due to the expansion of the biopharmaceutical sector. This has accelerated the industry's growth.
Wearable injectors will not cause needlestick injuries like intravenous and parenteral injections. The patient is protected from needles due to advanced injector technology. The needle is attached to the injector by pressing the button. The patient will be alerted visually, audibly, and tactilely when the medicine is released. The needle retracts and locks automatically, which reduces the risk of needle stick injuries. This also increases market growth.
Market Restraints
The higher cost of wearable injectors is likely to hamper the market growth. Wearable injectors can be used as an alternative to admitting the patient to a hospital for medical support. Technology platforms must be affordable to patients, payers, and pharmaceutical companies to achieve widespread adoption. Their adoption rate is lower among patients because they are more expensive than oral medication and autoinjectors.
Most developing countries don’t offer reimbursement for wearable insulin pumps. In India, insurance does not cover wearable insulin pumps, as there are no guidelines regarding their use. Type 1 diabetic patients in China will have to pay for insulin pumps, supplies, and any other costs out of pocket. Patients with Type 1 diabetes in China are not eligible to receive reimbursement. This will have a negative impact on the market's future growth.
Market Opportunities
According to PhRMA (Pharmaceutical Research and Manufacturers of America), there were as many as 907 new biologics in development during the past few years. With more than 2,700 new biologic drugs currently in development, these drugs are increasing exponentially. This surpasses the 907 that was developed over the previous years. The pharmaceutical market is expected to continue to be dominated by mAb-based biotherapies, which account for half of the top 100 drugs. Wearable injectors will be the most popular option due to their ease of use and efficacy.
American Lung Organisation reports that there are approximately 500-1200 new cases each year of pulmonary arterial hypertension. Wearable injectors are able to treat chronic diseases such as rheumatoid arthritis, cancer, and pulmonary arterial hypertension. Advanced features allow for greater usage by patients all over the globe. This is driving the growth in wearable injectors for the delivery of such drugs.
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Report Segmentation of the Wearable Injectors Market
Type Insight
The highest revenue from on-body injectors accounted for 57.6% in 2022 and hence dominated the market. These patches are simple to apply and have a high demand. They are also water-resistant and can be used at home. These injectors can be worn on the body and offer the following advantages such as lower healthcare costs (decreased hospitalizations), management of the entire life cycle (intravenous to intracutaneous)., changes in dosage frequency, flexible dosing, and automated heating systems can automatically warm the refrigerated drugs.
The increasing investment in off-body injectors will likely continue to drive the growth of the off-body segment. These devices are easy to remove and do not cause any skin irritation.
Application Insight
Oncology held 30% of the total market share in 2022 and dominated the global market. Oncology is growing in popularity worldwide. It is costly to manage. There are many biologic drugs that can help with Oncology. However, these medications require frequent administration and visits to specialized hospitals or clinics. This leads to high costs and discomfort for patients. Patients with oncology are turning to wearable injectors to improve their lives and ability self-inject drugs. This is a significant growth driver because they can deliver anti-tumor drugs safely and automatically.
The market for autoimmune diseases will grow at 16.5% CAGR over the forecast period. Due to the growing demand for drug delivery, the market for wearable injectors is expanding. The market for diabetes injectors has grown to include a large portion of the global market.
Technology Insight
The spring-based segment dominated the market with a revenue share of 38.5% in 2022. Market dominance can be attributed in part to ease of use and the ability to administer medication subcutaneously by pressing one or two buttons. According to a study, the Subcuject injector is a spring-based subcutaneous injection device that can deliver a precise 3mL, 1CP viscous dose within just 4 minutes.
The rotary pump segment of wearable injectors is expected to grow at 14.4% CAGR over the forecast period due to its ease of use and increased customer demand.
End-User Insight
With the largest revenue share in 2022, the home care segment dominated the global market for wearable injectors. The growing demand for home-based healthcare is driving this market. Global demand for wearable injectors will be driven by the need for sophisticated drug delivery devices that do not require hospitalization and require little expertise. Affordable wearable injectors will drive the home care market, as well as growing healthcare savings.
The high cost of hospital treatment is driving the home care market's growth. The hospital segment accounted for the fastest CAGR of 15.7% during the forecast period. This is mainly due to the increasing prevalence of chronic diseases.
For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/wearable-injectors-market/request-sample/
Market Segmentation
By Type
- On-Body Injectors
- Off-Body Injectors
By Application
- Oncology
- Diabetes
- Autoimmune Disease
- Cardiovascular Disease
- Other Applications
By Technology
- Spring-based
- Motor-driven
- Rotary Pump
- Expanding Battery
- Other Technologies
By End-User
- Hospitals & Clinics
- Home Care
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Wearable Injectors Market
- In June 2022, The US FDA approved AbbVie's SKYRIZI (risankizumab rzaa) as an interleukin-23 (IL-23) inhibitor for adults with Crohn's disease (CD) moderately or severe. It can be self-administered by subcutaneous injection (SC) or an On-Body Injector (OBI).
- In February 2022, Enable Injections raised USD 215 million to finance work on the subcutaneous drug delivery system Enthuse. It consists of a wearable delivery disk and a system to transfer the drug from its original vessel.
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- Diabetes Treatment Devices Market size is expected to be USD 17,599 Mn by 2032 growing at a CAGR of 6.3% from 2022 to 2032.
- Precision Oncology Market was worth $81.37 Bn in 2022 and is expected to reach $202.5 Bn by 2032 with a CAGR of 9.8% between 2023 and 2032.
- Oncology Market was worth USD 208 billion in 2022, and it is projected to expand at a CAGR of more than 12%
- Automotive Injector Nozzle Market was valued at USD 7.5 Bn in 2022 and is projected to reach USD 18.59 Bn by 2032, at a CAGR of 8.6%.
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