Drug delivery can be done via wearable injectors. They are small, portable devices used to dispense medications. Patients are in charge of scaling and managing the technology. For those with chronic illnesses like diabetes, obesity, hypertension, or other ailments, it is essential.
In 2021, the market for wearable injectors was USD 6.17 billion, and by 2030 it will reach USD 17.75 billion, growing at a 12.46% CAGR during the forecast period.
The desire for continuous monitoring and rising healthcare costs are anticipated to support market expansion. Additionally, the increased demand for home-based therapies will hasten market expansion. Strong healthcare infrastructure and an increase in lifestyle disorders are further factors driving market expansion. Low demand in emerging economies and expensive wearable injectors may hamper the market’s growth.
Market Dynamics
Drivers
Elements like the expanding elderly population and the incidence of chronic diseases heavily influence the growth of the wearable Injectors Market. Growing public awareness of needle stick injuries also has a favorable impact on market expansion. Additionally, the need to lower healthcare costs is driving market expansion. Furthermore market is expanding due to the increased demand for continuous monitoring. Additionally, the market has a bright future thanks to the rising need for at-home care. Additionally, a strong healthcare system and the rising incidence of infectious diseases drive market expansion.
Furthermore, a rise in the incidence of lifestyle problems supports market expansion. The COVID-19 had a positive impact on the demand for medical supplies and equipment. Market participants are getting involved in a lot of ventures. As a result, COVID-19 significantly affected the development of the wearable injectors market.
Restraints
The majority of patients choose other drug administration systems since they are more familiar with how to use wearable injectors, which reduces demand for wearable injectors and restrains the market’s expansion.
Opportunity
As many as 907 biologics have reportedly been under development over the past few years, according to Pharmaceutical Research &Manufacturers of America. The number of biological pharmaceuticals in development is continuing to rise tremendously.
Wearable injectors will be the popular choice due to their ease of use and effectiveness in self-administration.
Market Segmentation
By Type
On the basis of type, the wearable injectors market is segmented into On-body injectors and off-body injectors. On-body wearable injections accounted for 57.6% of the total revenue in 2022. This is a result of the rising demand for these simple-to-apply patches for the skin (stomach). They are water-resistant and can be used at home.
Due to growing investments in the research and improvement of off-body injectors, the off-body market will keep expanding. The off-body wearable injections will experience the greatest CAGR of 16.2 during the projected period because these devices might cause skin irritation or sensitivity, are painless to remove, and have adhesion issues with the skin.
By Application
Oncology controlled 30% of the overall market share in 2022. Oncology is becoming more popular all across the world. Although many biologic medications can be utilized in oncology, doing so necessitates frequent administrations and trips to hospitals or specialized clinics. Patient suffering and hefty costs follow from this. Wearable injectors are becoming increasingly popular among oncology patients as a means of self-injecting medication and enhancing their quality of life. A significant growing driver is their ability to securely and automatically distribute anti-tumor medications.
By Technology
In 2022, the spring-based wearable injections segment held the highest share, with 38.5%. It is due to the simplicity of usage and the capability to administer medication subcutaneously by simply pushing one or more buttons.
The rotary pump sector of wearable injectors will expand at a CAGR rate of 14.4% over the forecast period because of its simplicity of use and rising customer demand.
By End-User
The home care category ruled the market in 2022 with a share of almost 42.1% due to the rising need for home healthcare. The demand for wearable injections is anticipate to increase due to enhanced medication delivery systems requiring little training and hospitalization. The home care market will be drive by reasonably price wearable injectors and the rising desire for healthcare cost savings.
Regional Analysis
North America reached USD 2,246.8 million in 2021 and will expand at a CAGR of 16.21% due to the region’s sophisticated healthcare infrastructure, rising rate of chronic diseases, and disorders linked to lifestyle. The market will expand as a result of prominent market participants such as Becton, Dickinson and Company, Johnson & Johnson Services, Inc., Unilife Corporation, Steady Med Therapeutics, Inc., Amgen, Inc., and Enable Injections having a local presence in the United States.
Asia Pacific is experiencing growth in the market for ultra-large volume wearable injectors due to aging population, a rising prevalence of chronic diseases, supportive government initiatives, and research into wearable medical devices.
Key Players
- Becton, Dickinson, and Company
- SteadyMed Therapeutics, Inc.
- Johnson & Johnson Services, Inc.
- Amgen, Inc.
- Insulet Corporation
- Hoffmann-La Roche Ltd.
- Unilife Corporation
- Enable Injections
- CeQur SA
- Ypsomed
- West Pharmaceutical Services, Inc.
In 2021, the market for wearable injectors was USD 6.17 billion, and by 2030 it will reach USD 17.75 billion, growing at a 12.46% CAGR during the forecast period. The market for wearable injectors is growing because chronic diseases, including cancer, diabetes, and cardiovascular problems, are becoming more common. Wearable injectors will be necessary for the market due to growing knowledge of the risks and restrictions associated with needle sticks, growing need & demand for patient compliance with treatment, and growing innovations & technological improvement in the device.