Wearable injectors help patients by delivering medications into the patient’s body through subcutaneous tissues. Another important advantage of wearable injectors is that they dispense viscous and large-volume medications, which was a challenge with vials and syringes. Wearable injectors are also painless and do not require repeated injections. In practice, fewer hospital visits result from this. Patients with terminal illnesses like cancer, cardiovascular disease, diabetes, and rheumatoid arthritis use wearable injectors.
The market for wearable injectors will grow at a CAGR of 12.46%, from $6.17 billion in 2021 to $17.75 billion by 2030.
The increased prevalence of chronic diseases, including diabetes and cardiovascular diseases, would fuel the growth of the global wearable injector market. Furthermore, the target market will grow due to attractive reimbursement circumstances, particularly in developed countries. Producers’ use of technologically improved products to get a competitive advantage is another factor supporting the target market’s growth over the forecast period.
Market Dynamics
Drivers
Wearable injectors are becoming more popular due to increased awareness, disposable income, and sophisticated drug delivery technology implementation. Additionally, the worldwide wearable injectors market is anticipated to grow throughout the forecast period due to the increasing prevalence of chronic diseases. The rising incidence of chronic diseases, technological advancements and design developments, growing concern over the risks associated with needlestick injuries, and limitations of drug delivery through a basic syringe are some factors specifically contributing to the growth of the wearable injectors market.
Restraints
Because most patients are unsure how to utilize wearable injectors, they prefer other medication administration systems, reducing demand for wearable injectors and impeding the market growth.
OpportunityÂ
500 to 1000 new instances of pulmonary arterial hypertension are recorded each year, according to the American Lung Association. Wearable injectors can be used to treat chronic conditions such as rheumatoid arthritis, pulmonary arterial hypertension, cardiovascular disease, cancer, Type 1 diabetes, and autoimmune illnesses, which is what is driving the market. Additionally, wearable injectors have several cutting-edge features that encourage patients worldwide to use them more frequently, which is growing the wearable injectors market.
Market Segmentation
Type Insights
On-body wearable injectors led the entire market with the largest revenue share of 55.16% in 2021 due to the growing demand and the convenience of these skin-contact patches.
Off-body wearable injectors will experience the highest CAGR of 15.8% throughout the projected period due to the fact that these devices remove concerns such as painful device removal, skin-adhesive fitting problems, and sensitivity or irritation. Future market expansion will be fueled by increasing investments in the creation of improved off-body injectors.
Technology insights
In 2021, the spring-based wearable injectors category maintained the highest proportion of 35.91%. The spring-based segment’s largest market share is due to its user-friendliness and ability for patients to precisely administer the medication subcutaneously by pushing one or more buttons on the device.
Application Insights
In 2021, oncology held the greatest market share, with 29.49%. It is due to the rising rate of cancer and patients’ increasing tendency to self administers their medications. Cancer incidence is increasing, and more patients are choosing to self-administer their medications.
End-use Insights
With a market share of 41.8%, the home care category led the entire market in 2021. It is due to increased demand for home healthcare services, the need for advanced medication delivery systems that need little technical knowledge, and a decline in the rate of hospitals stays for patients. The home care market will be driven by the low cost of wearable injectors and the rising demand to reduce healthcare costs.
Regional Insights
The North American market reached USD 2,212.6 million in 2021 growing at a CAGR of 15.21% due to the region’s advanced healthcare infrastructure, increased prevalence of chronic diseases, and lifestyle-related illnesses. Additionally, the market will grow as a result of the local presence of key market participants in the U.S., including Becton, Dickinson and Company, Johnson & Johnson Services, Inc., Unilife Corporation, Steady Med Therapeutics, Inc., Amgen, Inc., and Enable Injections.
Key PlayersÂ
- Unilife Corporation
- Becton, Dickinson, and Company
- Johnson & Johnson Services, Inc.
- F. Hoffmann-La Roche Ltd.
- SteadyMed Therapeutics, Inc.
- Enable Injections
- Amgen, Inc.
- Insulet Corporation
- CeQur SA
- West Pharmaceutical Services, Inc.
- Ypsomed
The market for wearable injectors will grow at a CAGR of 12.46%, from $6.17 billion in 2021 to $17.75 billion by 2030. The incidence of chronic illnesses, the growing senior population, and the increased concern over needle stick injuries are the key factor boosting the market growth. Additionally, the growing demand for in-home care will hasten market growth.
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