PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1422777
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1422777
Global wearable injectors market is projected to witness a CAGR of 11.6% during the forecast period 2024-2031, growing from USD 8.23 billion in 2023 to USD 19.8 billion in 2031. Numerous elements drive the expansion of the global wearable injectors market, including advancements in drug delivery systems, the escalating incidence of chronic illnesses needing ongoing medication heightened patient inclination toward self-administration, and the convenience of wearable injectors for prolonged drug delivery. Moreover, the increasing focus on home healthcare and the desire for less invasive drug delivery methods further propel the growth of the global wearable injectors market.
The substantial growth of the global wearable injectors market stems from a convergence of critical factors. Technological advancements in healthcare tools stand as a pivotal driver. Developments in wearable injector designs, including downsizing, connectivity enhancements, and improved user-friendliness, have transformed how drugs are administered, elevating patient satisfaction and adherence to treatments. Additionally, the rising occurrence of chronic illnesses requiring regular injections propels the expansion of the global wearable injectors market. Diseases like diabetes, autoimmune conditions, and cardiovascular disorders mandate consistent medication, spurring the demand for wearable injectors. These devices present a convenient, easily manageable approach to deliver prescribed therapies, empowering patients to take charge of their health more efficiently.
Moreover, the inclination towards self-administering medications amplifies the momentum of the global wearable injectors market. Wearable injectors empower patients to autonomously handle their treatments, fostering independence and reducing the need for healthcare facilities for routine injections. This trend aligns with the overarching movement towards patient-centered healthcare, emphasizing tailored, accessible, and effective medical solutions. Furthermore, the precision in dosing offered by wearable injectors and their ability to curtail hospital visits significantly contribute to market expansion. These devices ensure accurate delivery of dosages, improving treatment effectiveness, while easing the strain on healthcare systems and diminishing patient inconvenience associated with frequent clinic visits, which, in turn, is propelling the rapid growth of the global wearable injectors market.
The surge in demand for self-administered medications is a key catalyst propelling the global wearable injectors market expansion. This heightened need arises from several factors, notably the changing healthcare landscape where patients increasingly desire autonomy and convenience in managing their therapies. Empowering individuals through self-administration allows for greater control and flexibility in managing one's health. Furthermore, with the escalating prevalence of chronic diseases globally, there's a heightened necessity for continuous medication, driving the requirement for patient-centric drug delivery systems that are easy to use. Wearable injectors seamlessly integrate into this paradigm, providing a user-friendly interface for patients to self-administer medications. These devices boost patient adherence and cater to the growing preference for home-based healthcare solutions. The amalgamation of patient convenience, treatment control, and the simplicity of wearable injectors significantly fuels their adoption, fostering substantial growth in the global market.
Cutting-edge technologies, such as IQ (Intelligent Quality), are pivotal in driving the growth of the global wearable injectors market. By integrating intelligent features, IQ technology transforms drug delivery systems, guaranteeing precise dosing, heightened safety, and an improved user experience. These advancements not only enhance patient confidence but also promote adherence to treatments. IQ technology offers real-time monitoring, connectivity, and personalized dosing, which substantially advances wearable injector capabilities. Its integration effectively meets essential healthcare demands, fueling market expansion through the delivery of efficient, dependable, and patient-focused solutions.
The Tandem Mobi insulin delivery system, for example, was approved by the US Food and Drug Administration (FDA) in July 2023. Tandem Diabetes Care is a US-based diabetes technology firm. The device has been branded the "world's smallest insulin pump" by the manufacturer, and its full release is anticipated in the later parts of 2024. People with type 1 diabetes can employ Tandem Mobi's control-IQ technology, a hybrid-closed loop algorithm, starting at age six.
Governments globally are proactively launching programs and policies to improve the viability of injectors, stimulating the growth of the global wearable injectors market. These strategies span various actions, from funding research and development to facilitating innovative-friendly regulatory frameworks and implementing programs that enhance the accessibility and affordability of wearable injector technology. These collective endeavors create a favorable environment for incorporating these devices within healthcare systems. By strengthening feasibility and promoting widespread adoption, governmental initiatives play a substantial role in driving the rapid expansion of the global wearable injectors market.
For example, in July 2023, Bruce Fitch, the Health Minister, announced the expansion of insulin health programme to lower the cost of insulin pumps for Brunswick residents. Patients with type 1 diabetes who were above 25 years old could now use the gadget. The prevalence of diabetes is rising by 23% in New Brunswick. The announcement, which eliminates the age limit for insulin pumps, is a crucial component of a larger strategy for which the government has provided a sizeable amount of funds.
Growing Popularity of Insulin Patch
There's a notable rise in the global demand for insulin patches within the wearable injectors market. These patches offer a non-invasive, inconspicuous, and user-friendly approach to insulin delivery, catering to patients seeking alternatives to traditional injections. Their user convenience, combined with technological advancements, ensuring precise dosing and prolonged usage, strongly resonates with individuals managing diabetes. As diabetes rates escalate worldwide and there's an increased focus on improving patient experiences and adherence to treatments, insulin patches have emerged as a highly sought-after choice. Their appeal primarily lies in delivering continuous insulin without hassle, thereby fueling their increasing prominence in the global wearable injectors market.
For instance, in October 2023, Enable Injections, Inc. announced that the EMPAVELI Injector (enFuse) was approved by the U.S. Food and Drug Administration (FDA) for the subcutaneous delivery of EMPAVELI (pegcetacoplan), which is sold to adults with paroxysmal nocturnal hemoglobinuria (PNH) by Apellis Pharmaceuticals, Inc. in the United States. The EMPAVELI Injector is a wearable, small injector that is intended to simplify self-administration, while causing the least amount of disturbance to patients' everyday routines.
Wearable Injectors for Diabetes
Wearable injectors play a substantial role in the field of diabetes care, profoundly impacting the global market for such devices. These tools provide a convenient and user-friendly way to administer insulin, improving treatment adherence and patient comfort in diabetes management. Given the increasing global incidence of diabetes and the growing focus on personalized patient care, wearable injectors have become a favored insulin delivery method. Their precision in dosing, ease of use, and suitability for continuous therapies perfectly meets the needs of diabetes management, leading to their widespread adoption and driving the expansion.
For example, in November 2023, ViCentra launched a closed-loop diabetes solution in Europe by integrating an insulin pump with Dexcom and Diabeloop technology. The insulin pump is from ViCentra, the CGM is a Dexcom G6 sensor, and Diabeloop created the algorithm. In hybrid closed-loop systems, the output of an insulin pump is adjusted as needed during the day by use of an algorithm that first analyses real-time blood sugar readings from a continuous glucose monitor.
Future Market Scenario (2024-2031F)
The outlook for the global wearable injectors market is promising, driven by several pivotal factors. To begin, ongoing technological advancements continually enhance these devices, rendering them more user-friendly, precise, and adaptable to diverse therapeutic requirements. Secondly, the escalating incidence of chronic illnesses necessitating continuous treatment, coupled with the shift towards personalized healthcare, escalates the demand for wearable injectors. Furthermore, as healthcare systems worldwide prioritize cost-effectiveness and patient-centered care, these devices seamlessly cater to these objectives by offering convenience, bolstering treatment adherence and enabling remote monitoring. Moreover, the expansion of wearable injectors beyond conventional medications to encompass biologics and larger therapeutic molecules creates new opportunities for their utilization. Additionally, supportive governmental initiatives and increased investments in research and development (R&D) significantly contribute to the growth of the global wearable injectors market. This convergence of factors propels wearable injectors towards a promising future, set to revolutionize drug delivery and enhance global patient outcomes.
Key Players Landscape and Outlook
Major participants in the global wearable injectors market are actively engaging in mergers and acquisitions. These strategic endeavors focus on consolidating market presence, improving technological prowess and diversifying product arrays. Mergers allow firms to leverage synergies, merging skills and resources to pioneer and introduce cutting-edge solutions. Acquisitions provide entry into new markets, technologies, or intellectual property, fostering competitive edges. Such actions streamline operations, optimize distribution networks, and expedite market entry. Overall, these strategic initiatives among leading corporations signify a collective drive to fortify market standings, spur innovation, and address the evolving needs of consumers in the wearable injectors sector.
For example, in May 2023, the world-renowned healthcare technology giant Medtronic plc announced that it has signed a series of final agreements to buy EOFlow Co. Ltd., the company that makes the EOPatch, an insulin delivery device that is totally disposable, wearable, and tubeless. The integration of EOFlow with Medtronic's Meal Detection Technology algorithm and next-generation continuous glucose monitor (CGM) is anticipated to increase the company's capacity to cater to the requirements of a greater number of diabetes patients, irrespective of their insulin delivery preferences or treatment status.
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Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work