Wearable Injectors Market
Number of pages: 100 | Report Format: PDF | Published date: March 31, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 7.65 billion |
|
Revenue Forecast in 2031 |
US$ 26.94 billion |
|
CAGR |
15% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Technology, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global wearable injectors market was valued at US$ 7.65 billion in 2022 and is expected to register a revenue CAGR of 15% to reach US$ 26.94 billion by 2031.
Wearable Injectors Market Fundamentals
Wearable injectable systems are drug-delivery devices that attach to the body and administer predetermined dosages to the patient at certain periods. Wearable injection devices are the inevitable progression of chronic disease treatment in a world that demands everything to be instantaneous. The notion of patient-centricity and an increased emphasis on human considerations in drug-delivery design has fueled the development of these devices. The growing use of biologics in pharmaceutical research has also aided in developing delivery methods capable of handling high-viscosity solutions. As a result of these conditions, wearable injection systems have evolved, bringing with them an entirely new set of issues in terms of device design and testing.
The market for on-body delivery systems (OBDS) is quickly evolving. It has become obvious that OBDS devices are important to the delivery of several novel pharmaceuticals in development. The OBDS industry is still relatively new, which allows for interesting developments and a high prospective revenue growth rate. Insulet's Onpro for Amgen's Neulasta medication was the first of the new generation of non-insulin OBDSs to be launched in 2015. This is a modified version of the Omnipod insulin pump that injects in one bolus roughly 27 hours after the device is filled from a prefilled syringe and affixed to the patient's body by a healthcare practitioner. Since its introduction, over 1 million patients have used the Onpro OBDS to administer Neulasta. To press the plunger, the drive mechanism employs shape memory alloy ("muscle wire") to reciprocate a lever arm, which turns a ratchet wheel and leadscrew.
In recent years, the development of concentrated monoclonal antibodies has proven beneficial in treating several chronic disorders. However, for these therapies to be successful, precise amounts must be supplied by a healthcare practitioner, frequently intravenously. Wearable injector innovations are now allowing thousands of patients to receive injections from the comfort of their own homes. The volume and viscosity of dosages used in wearable injectors are addressed in modern technologies. One of the most challenging problems for wearable injector developers is drug concentration and injection time. However, with an innovative and efficient platform, solutions such as the BD Libertas wearable injector address these difficulties.
[686767]
Wearable Injectors Market Dynamics
Among healthcare professionals, needle stick injuries (NSIs) constitute the primary occupational threat. According to the World Health Organization, about two million of the 35 million healthcare workers globally are exposed to occupational injuries each year. Needlestick injuries increase the risk of contracting infectious diseases such as HIV, hepatitis B, and hepatitis C. Furthermore, according to data from the Centers for Disease Control and Prevention (CDC) and the European Agency for Safety and Health at Work (EU-OSHA), there are around 3, 85,000 and 1,000,000 needle stick injuries among healthcare professionals in the United States and Europe, respectively. Furthermore, the World Health Organization reports that NSIs cause 16,000, 66,000, and 1,000 cases of HCV, HBV, and HIV among HCWs yearly.
Due to innovative injector technology, the patient is never in contact with a needle. The needle is inserted after connecting the injector and pushing the button. As soon as the drug is released, the patient is informed with tactile, aural, and visual cues, and the needle automatically retracts and locks out, allowing for safe and simple disposal of the device. There would be no needle stick injuries if wearable injectors were used instead of intravenous injectables and parenteral delivery.
The numerous methods leading market players use to offer novel products are expected to help the market expand throughout the projected period. For instance, in February 2021, Phillips-Medisize, a Molex company and a global leader in the design, development, and manufacturing of drug delivery, diagnostic, and MedTech devices, collaborated with Subcuject, a global innovator of proprietary device platforms, to bring to market a groundbreaking wearable bolus injector. With such product developments in the industry, the wearable injectors market is expected to rise significantly throughout the projected period.
Wearable Injectors Market Ecosystem
The global Wearable Injectors Market is analyzed from five perspectives by type, technology, application, end-user, and region.
Wearable Injectors Market by Type
[567856]
Based on type, the global wearable injectors market is segmented into on-body and off-body devices.
The on-body segment is expected to dominate the global market during the forecast period. Since these patches are easy to put on the skin, there has been an upsurge in demand (stomach). They are also water-resistant and easy to use around the house.
Off-body device segment is expected to grow at the fastest revenue CAGR during the forecast period due to their utilization in eliminating risks such as painful device removal, adhesive fitting issues to the skin, and skin sensitivity or irritation. Rising investments in the development of improved off-body injectors are likely to fuel the segment's revenue growth further.
Wearable Injectors Market by Technology
Based on technology, the global wearable injectors market is segmented into the spring-based, motor-driven, rotary pump, expanding battery, and others.
The spring-based segment will likely dominate the market during the forecast period because of its user-friendliness and ability for patients to precisely administer the drug subcutaneously by pushing one or more buttons on the device. According to one research, the spring-based wearable Subcuject injector accurately delivers a 3 mL, one cP viscous dose in 4 minutes. Due to increased consumer demand for these devices, which are more comfortable to use than others, the rotary pump wearable injectors category is expected to develop at the fastest revenue CAGR during the forecast period.
Wearable Injectors Market by Application
Based on application, the global wearable injectors market is segmented into oncology, infectious disease, cardiovascular disease, autoimmune disease, and immunodeficiency.
The oncology segment is expected to attain the maximum revenue CAGR during the forecast period. Wearable injectors are gaining popularity in the healthcare industry as cancer patients realize the critical benefits, such as reducing disease progression and pain. According to Healthcare Global Enterprises Limited (HCG) statistics published in October 2022, it is predicted that there will be around 2 million new cancer cases in India, and the cancer burden will increase dramatically in the country. With the growth in cancer cases, demand for new technologically advanced equipment like wearable injectors is expected to increase.
Wearable Injectors Market by End User
Based on end users, the global wearable injectors market is segmented into hospitals, clinics, home care & others.
Due to increased demand for home care-based healthcare and the need for improved drug delivery devices needing minimum expertise, the home care segment dominates the global wearable injectors market in terms of large revenue share. The growing trend of reducing the burden on hospital systems will likely boost worldwide demand for wearable injectors for home care. Furthermore, the cheap cost of wearable injectors and an increased need to reduce healthcare costs are projected to propel the home care industry. Furthermore, wearable injectors cost between US$ 20 and US$ 30, whereas infusion treatment costs between US$ 200 and US$ 1,000 or more.
Wearable Injectors Market by Region
The global wearable injectors market is segmented based on region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is expected to dominate the market during the forecast period. The increasing prevalence of chronic illnesses and increased technical innovation and product releases drive market revenue expansion in the area. According to the American Cancer Society, around 1.9 million new cancer cases and 609,360 cancer deaths are projected in the United States in 2022. This suggests that the incidence and death rate linked with cancer are very high, which raises demand for surgical operations and medication delivery devices in patients, pushing the market. Breast, lung, prostate, colon and rectal, bladder, and skin cancer are the most frequent malignancies in the United States. Furthermore, diabetes affects more than 29 million individuals in North America, according to American Diabetes Association data published in February 2022, and is predicted to climb to 33 million by 2026. The high frequency of these illnesses is projected to fuel demand for wearable injectors in North America.
During the forecast period, Asia Pacific is expected to have the greatest market revenue share. Asia Pacific is a global center for the world's major biotech producers. Competitors in the field will likely become profitable opportunities in the near future from nations such as South Korea, China, and India. An aging population, increasingly sensitive to various chronic illnesses, is expected to fuel market development in future years.
Competitive Landscape for Wearable Injectors Market
The market is fragmented and competitive globally, with significant important companies. These companies are primarily concerned with growth tactics such as new product releases, collaborations, partnerships, operational expansion, mergers and acquisitions, and patient awareness campaigns. Furthermore, several biopharmaceutical firms have been searching for a better mode of drug delivery for their biologic drug portfolio, for which wearable injectors are a suitable answer. Medtronic plc, for example, introduced the first and only infusion set, the Medtronic Extended infusion set, in April 2021, which may be worn for up to 7 days. Some of the prominent market players in the global wearable injectors market include,
Strategic Development in Wearable Injectors Market
The Asia Pacific is the key growth region in the global wearable injectors market in terms of revenue share.
The expected size of the global wearable injectors market in 2031 will be 26.94 billion.
The revenue CAGR of the global wearable injectors market during the forecast period is expected to be 15%.
The prominent players operating in the global wearable injectors market include Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Unilife Corporation, and others.
The oncology segment led the global wearable injectors market with the largest revenue share.
*Insights on financial performance are subject to the availability of information in the public domain