Increasing global geriatric population, growing prevalence of diabetes and cardiovascular diseases, and surging need for advanced wearable injectors are some of the major factors driving the global market revenue growth
According to Emergen Research, the global wearable injectors market size was USD 6.75 billion in 2020 and is expected to reach USD 15.66 billion in 2028 and register a revenue CAGR of 11.2% during the forecast period, 2021-2028.
Market Dynamics:
Rapidly growing geriatric population worldwide, rising prevalence of diabetes, cardiovascular diseases, and infectious diseases, surging need for more advanced and efficient drug-administering equipment and solutions, and increasing preference for wearable injectors over traditional injections that are risky and painful are key factors expected to drive market revenue growth over the forecast period. Wearable injectors are drug delivery systems that can adhere to the skin and enable administration of large volumes of drugs subcutaneously over a longer period of time. Over the last couple of decades, pharmaceutical companies have increasingly invested in R&D activities to accelerate the development of wearable injectors that are highly efficient and overcome barriers of volume and viscosity that are associated with prefilled syringes and autoinjectors. Wearable injectors enable dilution of highly concentrated drugs and their administration over extended periods of time rather than seconds. The potential benefits of these systems are numerous but the most important benefit of wearable injectors is the ability to self-administer high-viscosity and high-volume drugs in non-clinical settings. These key factors have further boosted their demand and are expected to fuel revenue growth of the market going ahead.
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Increasing research & development activities for more advanced and reliable self-injection systems, growing use of wearable injectors to avoid over-dose or double injections, and technological advances in the product, such as lightweight features, prefilled glass cartridges, and highly tolerant adhesive nature of wearable injectors are other major factors expected to contribute to revenue growth of the market going ahead. However, certain drawbacks associated with wearable injectors such as painful removal, skin irritation issues, and adhesive fitting issues are some factors expected to limit their adoption and restrain market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
On-body Type Segment to Account for Fastest Revenue CAGR:
Based on type, the on-body segment is expected to register fastest revenue growth rate during the forecast period due growing prevalence of diabetes, cardiovascular diseases, and immuno-oncological disorders worldwide, increasing adoption of advanced and reliable self-injection systems in home healthcare settings, and growing demand for on-body wearable injectors owing to advantages such as greater convenience and higher cost-effectiveness.
Home Care Settings End-use Segment Accounted for Largest Revenue Share in 2020:
Among the end-use segments, the home care settings segment accounted for the largest revenue share in the global wearable injectors market in 2020. Rising burden of chronic diseases such as diabetes, cancer, and cardiovascular diseases, growing trend of home healthcare, increasing demand for wearable injectors in home care settings, and rise in research & development activities for more advanced, reliable, and cost-effective self-injection systems are the key contributors to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America wearable injectors market dominated other regions in terms of largest revenue share in the global market in 2020. Factors such as growing prevalence of chronic diseases including cancer, diabetes, and cardiovascular diseases, rising demand for wearable injectors due to several advantages over traditional injectors, increasing number of new product launches, and presence of state-of-the-art healthcare infrastructure and major industry players in the region are key factors expected to drive revenue growth of North America market.
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Major Companies in the Market Include:
- Medtronic Plc
- Amgen
- Ypsomed
- Insulet Corporation
- West Pharmaceutical Services
- Becton, Dickinson And Company
- Enable Injections
- United Therapeutics Corporation
- Hoffmann-La Roche AG,
- Johnson & Johnson
For the purpose of this report, Emergen Research has segmented the global wearable injectors market based on type, technology, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- On-body
- Off-body
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Motor-driven
- Expanding Battery
- Spring-based
- Rotary Pump
- Others
Application Outlook (Revenue, USD Billion; 2018–2028)
- Cardiovascular Disease
- Immuno-oncology
- Infectious Diseases
- Diabetes
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Home Care Settings
- Others
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Region Outlook (Revenue, USD Million; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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