New York, United States , Nov. 01, 2023 (GLOBE NEWSWIRE) -- The Global Wearable Injectors Market Size is to Grow from USD 5.7 Billion in 2022 to USD 16.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.4% during the forecast period.
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Wearable injectors are medicine delivery systems that attach to the body and give predetermined dosages to patients at the most convenient moment. Wearable injectors, as opposed to insulin pumps, are single-use devices that are comfortably worn on the body while the medicine is subcutaneously given over a pre-programmed period of seconds or hours. They are removed from the body and easily discarded once the dosage has been properly administered. The concept of patient-centricity, as well as a greater emphasis on human elements in medicine administration design, has contributed to the creation of such devices. It is an injection method that does not need the use of a person's hands. It is designed to give very viscous biotechnology drugs subcutaneously on its own. It transports drugs to subcutaneous tissue. It requires people to take control of their therapy. It administers specified doses to the patient at predetermined intervals. It is a significant advancement in the treatment of chronic disorders.
The increasing prevalence of chronic diseases has heightened the importance of wearable injector devices to adequately manage the growing patient pool and enhance patient adherence to medications. Chronic conditions such as diabetes and cardiovascular disease need daily or weekly injections, highlighting the importance of and acceptability of simple and effective injection procedures. Furthermore, instead of admitting the patient to a medical facility for clinical help, wearable injectors are used. To acquire general acceptability, technology platforms must limit additional costs to pharmaceutical companies, healthcare payers, and consumers. Wearable injectors are less popular among end users because they are more expensive than oral medication or medication delivered by an autoinjector.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on the "Global Wearable Injectors Market Size, Share, and COVID-19 Impact Analysis, By Product Type (On-Body and Off-Body), By Therapy (Immuno-oncology, Diabetes, & Cardiovascular Diseases), By Technology (Spring-based, Motor-driven, Rotary Pump, Expanding Battery, & Other), By End Users (Hospitals & Clinics, and Home Healthcare Settings), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032.”
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The on-body segment is dominating the market with the largest market share during the forecast period.
The worldwide wearable injectors market is divided into two sections based on product type, on-body, and off-body. Among these segments, the on-body sector has the highest revenue share during the forecast period. This is due to the growing demand for the skin-friendly product. It is also water resistant. It has various advantages, including decreased healthcare costs, lifecycle management, dosage frequency changes, and chilled medicine automatic warming.
The diabetes segment is influencing the largest market share over the forecast period.
The worldwide wearable injectors market is divided into immuno-oncology, diabetes, and cardiovascular disorders. Diabetes is the market leader among these sectors. The growing availability of wearable injectors for the treatment of the world's high diabetes burden can be attributed to the large share of this category.
The spring-based is dominating the market with the largest market share during the forecast period.
The global wearable injectors market is bifurcated by technology into spring-based, motor-driven, rotary pump, expandable battery, and others. Because of its ease of use and ability to precisely deliver medication subcutaneously by merely pushing one or more buttons on the device, the spring-based segment has the largest revenue share throughout the forecast period. According to the study, the spring-based wearable Subcuject injector precisely delivers a 3 mL, 1 cP viscous dose in 4 minutes.
The hospitals & clinics segment is dominating the largest market share during the forecast period.
The global wearable injectors market is divided into hospitals & clinics and home healthcare settings based on end users. The hospitals and clinics sector leads the market due to the large component of this market is accounted for by the rising desire to cut healthcare expenses as well as the growing need for drug self-administration.
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North America is expected to lead substantial market expansion throughout the projection period, because of the rising prevalence of chronic diseases and lifestyle-related disorders, as well as the availability of improved healthcare infrastructure, North America is expected to lead substantial market expansion throughout the projection period. Furthermore, the presence of prominent market participants in the United States, such as Becton, Dickinson, and Company; Johnson & Johnson Services, Inc, Unilife Corporation, Steady Med Therapeutics, Inc., Amgen, Inc.; and Enable Injections, is expected to boost the market.
Asia Pacific is expected to grow fast throughout the forecast period due to favorable laws for the use of medical equipment such as wearable injectors, an increasing elder population, and rising healthcare expenses in this area, among other factors.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Wearable Injectors Market include Becton, Dickinson, and Company, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Unilife Corporation, Steady Med Therapeutics, Inc., Amgen Inc., Insulet Corporation, Enable Injections, West Pharmaceutical Services, Inc., CeQur SA, and Others.
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Recent Development
In January 2022, Enable Injections, Inc. announced a $215 million Series C investment in their experimental wearable drug delivery system platform, enFuse. Magnetar Capital, as well as new institutional investments from GCM Grosvenor, Squarepoint Capital, Woody Creek Capital Partners, and other investors, have been supporting this investment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Wearable Injectors Market based on the below-mentioned segments:
Global Wearable Injectors Market, By Product Type
- On-Body
- Off-Body
Global Wearable Injectors Market, By Therapy
- Immuno-oncology
- Diabetes
- Cardiovascular Diseases
Global Wearable Injectors Market, By Technology
- Spring-based
- Motor-driven
- Rotary Pump
- Expanding Battery
- Other
Global Wearable Injectors Market, By End User
- Hospitals & Clinics
- Home Healthcare Settings
Wearable Injectors Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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