Wearable Injectors Market Expected to Reach $19.51 Billion by 2030

According to a new report published by Allied Market Research, titled, “Global Wearable Injectors Market by Type, Usage, Technology, Mechanism of Injection, Therapeutic area and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," Global Wearable injectors Market was valued at $5.02 billion in 2020, and is estimated to reach $19.51 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.

Wearable injectors (WIs) are delivery systems that adhere to the body to administer large volumes (more than 2 mL) of drug subcutaneously over an extended period. Wearable injectors release drugs throughout the set period at specific time intervals. Patients can self-inject medication through wearable injectors, which reduces burden from doctors and healthcare workers. Wearable injectors play a key role in therapy of diabetes and several chronic diseases such as cancer, respiratory diseases, and arthritis. Wearable injectors are less expensive than IV infusions since they do not require additional equipment or a skilled person to administer medications. However, the less patient acceptance and high cost associated with manufacturing of devices in under developed countries can limit its usage.

Factors that drive growth of the wearable injector market include rise in prevalence of chronic diseases, rise in approach toward novel drug delivery systems, and advancements in development of wearable injectors. For instance, according to Centers for Disease Control and Prevention (CDC) in 2018, 129 million of civilian, non-institutionalized adults were diagnosed with at least 1 chronic condition. Furthermore, rise in concerns among people immunological disease contributes toward growth of the wearable injector market. Furthermore, increase in demand for effective, fast, and accurate treatment results have led to the development of advanced wearable injectors, thereby propelling the growth of the market.

The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a positive impact on the wearable injectors market. The COVID-19 pandemic influences entire health care sector to shift towards home-based treatment to avoids the further spread of COVID-19 infection. In addition, recognition of the urgent requirements of global market has encouraged the development of wearable injector device. Thus, COVID-19 infection propels growth and rises opportunities for key players of wearable injectors during the forecast period.

The wearable injector market is segmented into type, usage, technology, mechanism of injection, therapeutic area, end users and region.

On the basis of type, the market is divided into on-body, and off-body. The on-body injectors segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to simple application procedure and do not require additional equipment. By usage, it is classified into disposable and semi-reusable. The semi-reusable segment dominated the market in 2020, owing to its reusability and production of low medical wastes. On the basis of technology, it is classified into electronic injectors, mechanical injectors, and others. The mechanical injectors segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to its cost effectiveness and smaller device size. On the basis of mechanism of injection, it is categorized into motor driven, spring driven, expanding battery, rotary pump, collapsible reservoir, and pressurized gas. The spring driven segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to its more reliability and easy to use device. On the basis of therapeutic area, it is divided into diabetes, oncology, cardiovascular disease, infectious disease, and auto immune disorder. The diabetes segment dominated the market in 2020, owing to high prevalence of diabetes worldwide. On the basis of end user, it is divided into clinics, hospital, ambulatory surgery centers, home care setting, and others. The home care settings segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to convenience of use for geriatric population.

Key Findings Of The Study

• On the basis of type, the on-body injectors segment was the highest contributor to the market in 2020.
• Depending on usage, the semi-reusable segment was the highest contributor to the market in 2020.
• By technology, the mechanical injector segment was the highest contributor to the market in 2020.
• Depending on mechanism of injection, the spring-based segment was the highest contributor to the market in 2020.
• As per therapeutic area, the diabetes segment was the highest contributor to the market in 2020.
• Based on end user, the home care settings segment was the highest contributor to the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America dominated the wearable injectors market in 2020 and is anticipated to remain dominant during the forecast period, owing to an increase in the prevalence of chronic diseases, presence of key players for manufacturing & developing wearable injectors, increase in number of hospitals & diagnostic centers and impact of COVID-19 on the market in the region. However, Asia-Pacific is expected to register the highest CAGR of 17.2 % from 2021 to 2030, owing to increase in prevalence diabetes, rise in healthcare expenditure of people, and high population.