Global Wearable Injectors Market Getting on to Magnanimous Mode: Projected to Grow at a CAGR of 9.8% by 2027
Published | 18 November 2021
The global wearable injectors market is growing at a high CAGR because of the growing burden of chronic diseases, and high demand for advanced drug delivery. Moreover, emerging economies, such as China, Japan, India, etc., offer ample growth opportunities to the global wearable injectors market due to their high population and expanding investment towards healthcare infrastructure development….
A recent study, conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global wearable injectors market was worth USD 6.6 billion in the year 2020. According to the analysts, the market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 12.6 billion by the end of 2027. The growth of the global wearable injectors market is attributable to the increasing geriatric population and growing burden of chronic diseases, high demand for advanced drug delivery, and increasing compliance for controlled drug delivery. Moreover, emerging economies, such as China, Japan, India, etc., offer ample growth opportunities to the global wearable injectors market due to their high population and expanding investment towards healthcare infrastructure development. However, alternative drug delivery methods are hindering the growth of the global market.
Introduction of Smart Features Projected to Drive the Global Wearable Injectors Market
The prominently growing demand for wearable injectors, especially in home care settings, is attracting technological advancements. As the industry grows, players are investing to keep up with the pace of the market and are integrating smart features for connecting to smartphones and other devices. Wearable injectors that are being launched in today's market offer both local and global connectivity. Local refers to the device’s connectivity with personal smartphones, and global connectivity refers to telehealth. These developments are anticipated to drive the market during the forecast period.
Increasing Prevalence of Cardiovascular Diseases is Boosting the Global Wearable Injectors Market
Based on applications, the global wearable injectors market is segmented into cancer, infectious disease, autoimmune disease, cardiovascular disease, a blood disorder, and others. Among these, the cardiovascular disease segment holds the largest market share. Cardiovascular disease is the leading cause of death and is estimated to take 17.9 million lives every year, according to the World Health Organization. Most patients suffering from cardiovascular diseases are out-patients and are often under home care, which fuels the demand for wearable injectors.
Global Wearable Injectors Market - By End-User
Based on end-user, the global wearable injectors market is segmented into hospital, home-care settings, lab & diagnostics, and others. The home-care segment accounts for the largest market share because of the increasing geriatric population under home-care settings due to their chronic illnesses. Wearable injectors are designed in such ways that they can be used in non-clinical settings by even an amateur person. On the other hand, the hospital segment also holds a significant share in the market because of the need for hospitalization in certain cases. Furthermore, the increasing number of hospitals, especially in emerging economies like India, China, Japan, etc., due to healthcare infrastructure development is anticipated to drive the demand for wearable injectors during the forecast period.
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Global Wearable Injectors Market - Regional Insights
Geographically, the global wearable injectors market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the global wearable injectors market among all the regions. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period owing to the high population in this region. The high population indicates a large geriatric population and other age groups suffering from chronic diseases. Furthermore, increasing medical expenditure and investment towards healthcare infrastructure development is likely to drive the global wearable injectors market’s growth.
Impact of COVID-19 on Global Wearable Injectors Market
The global wearable injectors market witnessed prolific growth after the outbreak of the COVID-19 pandemic. The lockdown imposed by the countries and the increasing burden of COVID-19 patients on healthcare facilities limited the hospital visits of patients. In such trying situations, wearable injectors emerged as a convenient device for drug delivery in chronic patients without the need for expert supervision. During the lockdown restrictions, wearable injector providers offered their products through online channels to ease availability, which significantly propelled the market growth.
The leading players in the global wearable injectors market are Amgen Inc., Ypsomed, Becton, Dickinson and Company, Tandem Diabetes Care, Inc., Dexcom, Inc., Sensile Medical, Enable Injections, Insulet Corporation, Medtronic plc, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Neuma, Weibel CDS AG, Sorrel Medical, Stevanato Group, Sonceboz, Elcam Drug Delivery Devices, West Pharmaceutical Services, Inc., Sensile Medical, and other prominent players.
The market is dominated by global medical device companies, such as Johnson & Johnson, Becton, Dickinson, and Company, etc., as the established players are increasingly trusted by consumers. Nevertheless, the market is still receptive to new players who offer better technology. Furthermore, the companies prominently adopt market strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., to gain a competitive edge.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global wearable injectors market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global wearable injectors market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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