New York, The Global Wearable Injectors Market was valued at USD 5.3 billion in 2021 and it is anticipated to grow up to USD 21.7 billion by 2031, at a CAGR of 13.3% during the forecast period.
Drug delivery systems known as wearable injectors attach to the body and automatically administer patients’ prescribed doses at the right moment. Wearable injectors, in contrast to insulin pumps, is a one-time use devices that are comfortably worn on the body while the medication is subcutaneously injected over a pre-programmed period of seconds or hours.
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Market Trends and Drivers
A growing emphasis on the use of biologics and monoclonal antibodies (mAbs) to treat diseases such as rheumatoid arthritis, cardiovascular disease, and cancer will provide significant growth opportunities for wearable injectors, as these drugs must be administered parenterally (intravenous, subcutaneous, or intramuscular delivery). According to PhRMA (Pharmaceutical Research and Manufacturers of America), 907 biologics were in development in 2013; the number of biologic drugs in development is continuing to grow exponentially, with over 2,700 remedies in development as of mid-2017, more than tripling the 907 in development in 2013. mAb-based biotherapies account for half of the top 100 drugs and are expected to continue to dominate the pharmaceutical market.
Global Wearable Injectors Market Segmental Overview
The report analyses the Global wearable injectors market based on type, technology, application, end-use, and region.
Global Wearable Injectors Market by Type
Based on type, it is segmented into the on-body and off-body. The on-body segment is likely to account for the significant market share during the forecast period. The key factors attributing the growth of the market is higher adoption rate of on-body wearable injectors coupled with the cost effectiveness. Moreover, with the help of on-body injectors patients ease to deliver a precise amount of drug to the body over a controlled period of time. and sensitivity to temperature variations with better patient access. Hence, the aforementioned factors will fuel segmental growth over the forecast period.
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Global Wearable Injectors Market by Technology
Based on technology, it is segmented into spring-based, motor driven, rotary pump, expanding battery. The spring-based segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the increasing geriatric population and rising demand for adhesive patches, as these devices are user-friendly and enable patients to accurately deliver the required drug subcutaneously. Additionally, availability of advanced spring based technology and growing awareness regarding advanced technology among individuals in developing and developed economies will propel the segmental as well as market growth.
Global Wearable Injectors Market by Application
Based on application, it is segmented into diabetes, oncology, cardiovascular disease and others. The diabetes segment is likely to dominate the wearable injectors market during the forecast period. This is owing to the increasing incidence of diabetes across the globe along with the rising availability of wearable injectors for the treatment of these diseases due to their competitive advantage over insulin pumps. Stevanato Group offers a wearable device, SG EZ-be Pod, for diabetes patients. For instance, in 2020, the company had planned investments of USD 482.02 million, of which a significant amount is allocated to R&D programs for the manufacturing of drug delivery systems, including SG EZ-be Pod, its wearable device for the treatment of diabetes.
Global Wearable Injectors Market by End-use
Based on end-use, it is segmented into clinics, hospitals, ambulatory surgery centers, home care settings and others. The hospital segment is likely to dominate the wearable injectors market during the forecast period. The growing adoption of wearable injectors in hospitals coupled with increasing government and private funding in the healthcare sector, increasing number of hospitals as well as the greater availability of skilled healthcare professionals and technologically advanced facilities are boosting the growth of the market.
Geographical Analysis of Global Wearable Injectors Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is primarily attributed to the favorable reimbursement policies rising prevalence of chronic and lifestyle-related diseases. Moreover, other factors such as presence of advanced healthcare infrastructure in the region, strong focus on research activities to improve imaging techniques as well as the presence of major market players will augment the regional wearable injectors market growth.
Major Players in the Global Wearable Injectors Market
The key players in the market are Ypsomed (Switzerland), Amgen (US), Subcuject (Denmark), Enable Injections (US), Medtronic plc (Ireland), Insulet Corporation (US), United Therapeutics Corp. (US), CeQur SA (Switzerland), Sensile Medical (Switzerland), ATS Automation (Canada), West Pharmaceutical Services, Inc. (US), Tandem Diabetes Care (US), Sonceboz (Switzerland), Noble (US), Elcam Drug Delivery Devices (Israel), Bespak Europe Ltd. (UK), Stevanato Group (Italy), Sorrel Medical (Israel), Weibel CDS AG (Switzerland) and Neuma (US) among others.
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