Market Research Report
Wearable Injectors Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||921275|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Wearable Injectors Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: January 1, 2020||Content info: 112 Pages||
Global Wearable Injectors market is expected to witness a CAGR of 10.4% over the forecast period. Certain factors that are driving the market growth include the growing prevalence of chronic diseases, technological advancements and design development, increasing concern over the hazards related to needlestick injuries and limitations of drug delivery through a simple syringe.
With wearable injectors costing on average between USD 20 and USD 35 per unit, they can reduce the total healthcare costs, compared to the home administration of IV infusion drugs, by allowing patients to self-inject a therapy without the need of any kind of medical supervision or additional equipment. Enabling a patient to self-administer during the course of their normal daily lives, such as at home or work also creates a significant potential to improve rates of therapy compliance. The ability for a patient to conveniently wear a compact, disposable device on the body during the subcutaneous injection of large dose volumes may also minimize the need for less-understood technologies in development that seek to temporarily change the subcutaneous space to enable rapid injections of large dose therapies. All these factors are expected to contribute to market growth over the forecast period.
Wearable injectors are delivery systems that adhere to the body to administer larger volumes (more than 2 mL) of drug subcutaneously over an extended period. The performance of the device is not to be impacted by the patient's posture or movement.
Oncology is Expected to Hold Significant Market Share in the Therapy Segment
Wearable injectors are observing a huge increase in its adoption across the healthcare industry as cancer patients have realized the essential benefits such as a reduction in disease progression and pain. The On-body Injector is usually placed on the stomach or the back of the arm. It is applied by a nurse, usually on the last day of each chemotherapy cycle. Hence, the rise in the prevalence of cancer and cardiac ailments is one of the primary drivers for the market. The cancer rates could increase by 50%, i.e. to 15 million new cases by the year 2020, as per the World Cancer Report (published in April 2018). It also states that healthy lifestyles and various public health initiatives by governments and health practitioners could originate this trend, and prevent as many as one-third of cancer cases, worldwide.
North America Dominates the Market and Expected to do Same in the Forecast Period
According to the National Cancer Institute (NCI), in 2016, 1.6 million people were suffering from cancer, and around 0.5 million people died from cancer. This figure indicates that the prevalence of cancer is rapidly increasing in the United States. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colon and rectum cancer, bladder cancer, and skin cancer. Also. According to the American Diabetes Association, diabetes has a greater health impact on Americans than heart disease, substance use disorder or COPD, with 30.3 million Americans diagnosed with the illness and many more who are at risk for developing it. The prevalence of these diseases is expected to drive the growth in demand for wearable injectors all across the region.
The global wearable injectors market is moderately competitive and consists of a number of major players. Companies like Amgen, Becton, Dickinson and Company, Dexcom, Inc., Enable Injections, Insulet Corporation, Sensile Medical, Tandem Diabetes Care, Inc., Ypsomed, among others, hold the substantial market share in the Wearable Injectors market.