According to Precedence Research, the wearable injectors market size is predicted to surpass US$ 13.9 billion by 2030 from at US$ 4.6 billion in 2020, expanding growth at a CAGR of 11.8% from 2021 to 2030.
Ottawa, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global wearable injectors market size was reached at US$ 5.1 billion in 2021. The rapidly growing popularity of the wearable injectors among the patients owing to its benefits such as reduction in cost, self-administration of drugs, rising adoption of homecare facilities, and growing awareness regarding the wearable injectors across the globe is boosting the growth of the global wearable injectors market. Moreover, the increasing prevalence of chronic diseases and growing geriatric population are the significant drivers of the market. The old age population is more prone to chronic diseases like diabetes and CVDs.
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The global cancer cases are estimated to grow by 47% from 2020 to 2040. It is expected that 28.4 million cases will be recorded in 2040, globally, according to the International Agency for Research on Cancer. According to the World Health Organization, the proportion of the
global population above 60 years is expected to double from 12% to 22%, between 2015 and 2050. By 2030, around 16.67% of the global population will be aged 60 years or above. Hence, this is a major factor that is expected to be the crucial driver of the wearable injector market during the forecast period. Furthermore, the technological advancements in the biologics is encouraging the development of the drugs for the treatment of incurable diseases that needs special type of drug delivery devices.Report Coverage
| Report Highlights | Details | |
| Market Size | USD 13.9 Billion by 2030 | |
| Growth Rate from 2021 to 2030 | 11.8 | % |
| Fastest Growing Region | Asia Pacific | |
| Largest Revenue Holder | North America | |
| Base Year | 2021 | |
| Forecast Period | 2021 to 2030 | |
| Companies Covered | Amgen, Dickinson and Company, Becton, Dexcom, Inc., Enable Injections, Insulet Corporation, F. Hoffmann-La Roche Ltd, Sensile Medical, Tandem Diabetes Care, Inc., Ypsomed, Johnson and Johnson Private Ltd | |
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Report Highlights
- Based on the type, the on-body segment dominated the market, accounting for over 55% of the market share in 2020. The on-body wearable injectors are much more efficient in administering the accurate amount of drugs in the body. The comfort and ease of use associated with the on-body injectors has fostered its adoption among the patients globally.
- Based on the application, the autoimmune diseases segment is estimated to be the most opportunistic segment during the forecast period. The rising prevalence of diabetes among the population and growing geriatric population is expected to drive the growth of this segment. According to the International Diabetes Federation, around 700 million people will be living with diabetes, by 2045.
- Based on the end user, the homecare segment dominated the market, garnering a market share of over 40% in 2020. The increasing demand for the self-injecting devices that reduces the healthcare costs and eliminates any medical assistance is the major factor that fostered the segment growth in the past few years.
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Regional Snapshot
North America dominated the global wearable injector market in 2020.The increased number of patients suffering from chronic diseases in the US has fostered the market growth in the region. According to a study, around 60% of the US population is suffering from at least one chronic diseases. Furthermore, the higher adoption rate of technologically advanced and innovative drugs among the North American population is spurring the demand for the wearable injectors. The rapidly growing biopharmaceutical industry is another significant driver of the market. The increased disposable income, increased awareness regarding the wearable injectors, and increased consumer expenditure on healthcare is expected to further drive the market growth.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising prevalence of chronic diseases and growing geriatric population in Asia Pacific is expected to be the major driver of the market. According to the World Health Organization, 80% of the global geriatric population will be living in the middle and low-income countries by 2050.The presence of several top biopharmaceutical companies in the nations like India, China, and South Korea is propelling the market growth. The presence of huge population and rising prevalence of chronic diseases among the population is a major factor that is expected to drive the growth of the drug delivery devices market in the region. Furthermore, the rising popularity of the personalized medicines among the population to treat incurable disorder may have a positive impact on the market.
Market Dynamics
Drivers
The rising popularity and adoption of home healthcare is driving the market growth
The recent outbreak of the COVID-19 has resulted in a drastic change in the consumer behavior. Moreover, the rising awareness regarding the hospital acquired infections is shifting the healthcare delivery towards home healthcare across the globe. Therefore, the growing demand for the home healthcare is expected to fuel the adoption of the wearable injectors.
Restraints
High cost of the wearable injectors
The cost associated with the acquisition of the wearable injectors is high. Hence, the patients in the low and middle income countries struggle to acquire proper treatment that may increase their health risks. This is a major factor that restricts the market growth.
Opportunities
Increasing demand for the biologic
The development of various drugs in the biologics industry for the treatment of diseases such as cancer, CVD, and diabetes is expected to provide lucrative growth opportunities for the market players operating in the wearable injectors market. Further, the regulatory authorities like FDA and EMA are actively participating in monitoring the clinical trials, development, and approval of various new medicines, which will drive the market in the foreseeable future.
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Challenges
Lack of awareness in the underdeveloped and developing regions
The low income of the consumers and less awareness regarding the wearable injectors among the population of the developing and underdeveloped nations is major challenge for the market players. Penetrating into the developing and underdeveloped markets is a challenging task for the players.
Segments Covered in the Report
By Type
- On-Body
- Off-Body
- Hand Held
By Application
- Oncology
- Cardiovascular Diseases
- Infectious Diseases
- Autoimmune Diseases
- Others
By End User
- Hospitals
- Clinics
- Homecare
- Others
By Geography
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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