Wearable Injectors Research Report: By Type (On-Body, Off-Body, Hand Held), by Usage (Disposable, Semi-Reusable), by Mechanism of Injection (Spring Based, Others), by Therapeutic Area (Oncology, Diabetes, Others), by End-User– Forecast Till 2023
Wearable Injectors Market Highlights
The global wearable injectors market size is expected to grow significantly over the forecast period, at a CAGR of 15.2% during the review period (from 2018 to 2023). The growth of the market is projected to be driven by various factors, such as increasing demand for efficient drug administration methods, the prevalence of chronic diseases such as diabetes, technical developments and design advancement of wearable injectors. During the forecast era, the rising concern about needle stick accidents is projected to fuel the demand for wearable injectors. Moreover, consumer growth is also projected to boost increasing demand for round-the-clock surveillance and the need to reduce healthcare costs.
In addition, favorable government investments in healthcare and the growing need for minimally invasive technologies are fueling consumer growth. The number of visits to hospitals or other healthcare settings is projected to be limited, thereby lowering healthcare costs. On the other hand, tight regulatory regulations for medication approval and a rising affinity for conventional drug delivery methods may impede the growth of the market during the evaluation period. One of the other main challenges that emerging and industrialised nations face is the increase in healthcare costs. These regions are failing to improve reliable and cost-effective treatment. Patients can self-administer the wearable injector subcutaneously at home with the aid of wearable injectors.
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Wearable Injectors Market Segmental Analysis
The worldwide market for wearable injectors has been divided into form, use, mechanism of action, therapeutic zone, and end-user.
The market was segmented into on-body wearable injectors, off-body wearable injectors, and hand-held wearable injectors, on the basis of form.
The market was segmented into disposable and semi-reusable, through usage.
The market has been segmented into the spring-based, rotary pump, battery expansion, engine-driven, pressurised gas and collapsible reservoirs by the mechanism of operation.
The market has been divided into infectious diseases, oncology, cardiovascular diseases, autoimmune diseases, diabetes and others by the therapeutic sector. Due to the rising incidence of cancer, combined with an increasing move towards self-administration of treatment by patients, the oncology segment is expected to dominate the industry.
The industry has been segmented by end-users into hospitals, clinics, home care, outpatient surgery centres, etc. Owing to the growing preference for self-administration of medication and the increasing need to curtail healthcare costs, the home care segment is projected to dominate. On the other hand, due to the increased number of patients needing hospitalisation, the hospital segment is projected to see profitable growth during the forecast period.
Wearable Injectors Market Regional Overview
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Geographically, the Americas is anticipated to dominate the global wearable injectors market owing to a well-developed healthcare sector, Increased incidence of autoimmune and chronic disorders and increased spending on healthcare. Furthermore, government investment in this area leads to business growth.
In the global market for wearable injectors, Europe is expected to hold the second-largest position. Market growth in this region is attributable to the increasing prevalence of chronic diseases, the availability of research funds, and increased expenditure on healthcare.
Due to the existence of a massive patient population, the rapidly changing markets, the incidence of chronic diseases such as cardiovascular diseases, diabetes, and the government support for the healthcare sector, Asia-Pacific is projected to be the fastest-growing region on the market.
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The Middle East & Africa region, on the other hand, has the lowest market share. The Middle East region is anticipated to retain a majority of the region’s market because of well-developed healthcare industry and increasing government programmes for the healthcare sector.
Wearable Injectors Market Competitive Dynamics
Valeritas, Inc., Eli Lilly and Company, YPSOMED, Amgen Inc., Dickinson and Company (BD), CeQur SA, Becton, SteadyMed Therapeutics, Inc., West Pharmaceutical Services, Inc., BioSpace, Enable Injections, and Sensile Medical AG are some of the eminent players in the global wearable injectors market.
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