PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403437
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1403437
According to Stratistics MRC, the Global Wearable Injectors Market is accounted for $9.01 billion in 2023 and is expected to reach $19.80 billion by 2030 growing at a CAGR of 11.9% during the forecast period. Wearable injectors are compact medical devices worn on the body, facilitating controlled and consistent drug delivery. These devices administer medication subcutaneously, offering convenience and precise dosing for patients with chronic conditions. They come in various forms, often incorporating electronic or mechanical systems, allowing for personalized treatment plans and enabling continuous or intermittent delivery of medications over extended periods.
According to the International Diabetes Federation, over 780 million people are expected to be living with diabetes, by 2045.
With an increasing prevalence of conditions like diabetes, cardiovascular diseases and autoimmune disorders, there's a growing demand for convenient and precise drug delivery methods. Wearable injectors offer a solution by providing patients with a means to self-administer medications, ensuring consistent dosing and improving treatment adherence. Their ability to accommodate long-term therapy for chronic conditions aligns with the need for enhanced patient convenience and efficient management of these ongoing health challenges, propelling their market growth.
The cost factor linked to wearable injectors poses a notable restraint in the market. These devices often entail high expenses due to their sophisticated technology, manufacturing intricacies, and specialized materials. This elevated cost can limit accessibility for some patients, impacting widespread adoption. Additionally, reimbursement challenges and healthcare budget constraints further impede their widespread use.
As healthcare systems advance, there's increased emphasis on patient-centric care and innovative drug delivery methods. Wearable injectors align with this trend by offering a user-friendly, self-administered approach for managing chronic conditions prevalent in modern lifestyles. This convergence creates an opportunity for wearable injectors to address the needs of individuals with chronic illnesses, providing efficient and convenient drug delivery solutions, thereby fostering their adoption and market growth.
While patients and healthcare providers explore diverse options like oral medications or traditional injections, the inclination away from wearable injectors challenges market growth. Factors such as patient preferences, cost considerations, and the development of competing technologies divert attention from wearable injector adoption. This trend might hinder the widespread acceptance of wearable injectors, impacting their market penetration and slowing the anticipated market expansion despite their advantages in precise and convenient drug delivery.
The COVID-19 pandemic significantly influenced the wearable injectors market. Delayed elective procedures, reduced patient consultations and financial constraints led to a temporary slowdown in wearable injector adoption. However, the pandemic highlighted the need for remote healthcare solutions, potentially fostering long-term interest and innovation in wearable injectors as patients seek convenient, at-home treatment options amid healthcare disruptions.
The diabetes segment is poised to lead the wearable injectors market. With the escalating prevalence of diabetes worldwide, there's a growing demand for efficient and convenient drug delivery systems. Wearable injectors offer diabetic patients a way to manage insulin delivery conveniently, ensuring precise dosing and enhancing treatment adherence. Moreover, technological advancements and the development of user-friendly, integrated systems tailored for diabetes management further contribute to the dominance of this segment in the market.
The off-body injectors segment is set for substantial growth due to the device's portability and flexibility, allowing users to carry and administer medications conveniently without the constraints of being attached to the body. The trend towards more discreet and user-friendly drug delivery methods, especially for treatments requiring intermittent dosing or long-term therapies, drives the demand for off-body injectors. Additionally, their compatibility with various medications and their ability to accommodate diverse patient preferences contribute to their expansion within the wearable injectors market.
North America is expected to dominate the wearable injectors market due to a combination of advanced healthcare infrastructure, a high prevalence of chronic diseases and a tech-savvy population. The region's robust regulatory environment supports the adoption of innovative medical technologies. Rising healthcare expenditures and a strong presence of key market players further contribute to North America's leadership.
Asia Pacific is positioned for significant growth in the wearable injectors market due to the region's expanding population, rising prevalence of chronic diseases and increasing healthcare awareness. Favorable government initiatives, improving healthcare infrastructure and the growing adoption of innovative technologies in countries like China, India, and Japan contribute to market expansion. Additionally, rising disposable incomes and a shift towards more patient-centric healthcare models in the region further propel the growth of wearable injectors in Asia Pacific.
Some of the key players in wearable injectors market include Amgen Inc., Becton, Dickinson and Company, CeQur SA, Debiotech SA, E3D Elcam Drug Delivery Devices, Enable Injection Devices Ltd., Insulet Corporation, Medtronic plc, Nemera Development SA, ScPharmaceuticals Inc., Sensile Medical AG, SFC Fluidics, SteadyMed Therapeutics, Inc., Tandem Diabetes Care, Inc., Unilife Corporation, West Pharmaceutical Services, Inc. and Ypsomed Holding AG.
In May 2023, Enable Injections, Inc. collaborated with Viridian Therapeutics, Inc., a U.S.-based biotechnology company.
In January 2023, Tandem Diabetes Care, Inc. announced the acquisition of AMF Medical SA, manufacturer of Sigi Patch Pump.
In June 2022, AbbVie received US FDA approval for SKYRIZI (risankizumab-rzaa) as the first and only specific interleukin-23 (IL-23) inhibitor for the treatment of adults with moderately to severely active Crohn's disease (CD). It can be self-administered by Subcutaneous Injection (SC) with an On-Body Injector (OBI).
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.