Rising Geriatric Population Driving Wearable Injectors Market
Global wearable injectors market is projected to reach $13,015.9 million by 2024, growing at a CAGR of 23.0% during 2016 - 2024.
The global wearable injectors market is predicted to register significant growth in the coming years. This is attributed to the increasing demand for advanced drug delivery, rising geriatric population, and surging prevalence of chronic diseases. A device which is utilized for delivering large volume of drugs over an extended period of time is referred to as a wearable injector. The device delivers large subcutaneous doses of drugs to patients even when the patient is ambulatory and is able to carry out normal daily life activities during the drug delivery.
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In terms of end user, the wearable injectors market is categorized into lab & diagnostics, home care, hospital, and others (which include small clinics and healthcare settings). Out of these, the home care category dominated the market in the past and is expected to account for the major share of the market in the near future as well due to the growing demand for self-injection system. On the basis of technology, the market is classified into mechanical injector, electronic injector, and others (which include hydrogel and hydraulic injector).
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Another key driving factor of the wearable injectors market is the increasing requirement for innovative drug delivery. Infusion therapy costs around $35 billion in the specialty drug market, according to Unilife Corporation. The utilization of advanced drug delivery devices, including wearable injectors at home, decreases the overall healthcare cost, as the patients can take the drugs themselves with minimal or no training. Furthermore, these drug delivery devices are being preferred by different healthcare setups, including labs & diagnostics and clinics, as they are cheaper than other controlled drug delivery devices.
Hence, the market is being driven by the increasing geriatric population and rising need for advanced drug delivery