The Worldwide Wearable Injectors Industry is Expected to Reach $12.9 Billion by 2028 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Wearable Injectors Market Size, Share & Industry Trends Analysis Report By Therapy, By End User, By Type, By Technology, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Wearable Injectors Market size is expected to reach $12.9 billion by 2028, rising at a market growth of 9.2% CAGR during the forecast period.
Wearable injectors (WIs) are drug delivery systems that anchor to the body and release significant amounts of medicine subcutaneously over time. Wearable injectors provide medications at predetermined intervals over a particular timeframe. Wearable injectors allow patients to self-inject medication, alleviating the strain on doctors and healthcare personnel. Wearable injectors are important in the treatment of diabetes and a variety of chronic conditions, including cancer, respiratory ailments, and arthritis. Because they do not require additional equipment or a competent person to give medications, wearable injectors are more affordable than IV infusions.
The presence of the growing healthcare industry has aided sales in the wearable injectors market. It is critical for individuals with chronic conditions to have appropriate treatment as well as dosage at regular intervals. Wearable injectors have evolved as a self-administered and self-scalable technology that can assist patients in ensuring that their medication dosage is taken on a regular basis. Wearable injectors have gained popularity due to the requirement to provide the correct volume of medical fluid. It is critical for medical practitioners and healthcare specialists to educate the public about the benefits of employing newer technology like wearable injectors and other gadgets. In the coming years, the increased occurrence of chronic conditions that mandate the utilization of seamless technologies is expected to be a major driver of the market demand.
The rise in the prevalence of chronic conditions, the shift toward new drug delivery technologies, and improvements in wearable injector development are all factors driving market expansion. According to the Centers for Disease Control and Prevention (CDC), 129 million non-institutionalized civilian people were diagnosed with at least one chronic illness in 2018. Furthermore, as people's concerns about immunological disease develop, the wearable injector industry is expected to grow. Moreover, the rising need for effective, quick, and precise treatment outcomes has prompted the development of improved wearable injectors, moving the market forward.
Market Growth Factors
Rising consumer preference for home care solutions
The COVID-19 pandemic's uncertainty has driven demand for various therapeutics as well as wearable drug delivery technologies. Healthcare systems around the world took steps to postpone treatments for diseases like cancer to prevent the spread of the infection and safeguard high-risk patients from infection. The hazards for individuals receiving care rose as the pandemic began. Hospitals, which serve the bulk of patients, also became high-risk areas during the epidemic. To address these issues and provide appropriate care to patients suffering from various ailments, a movement from hospital-based treatment to home-based care has occurred.
Rising demand for mAbs and biologics
Biologics and mAbs are mandated to be supplied via the parenteral route, due to which, an increasing focus on their usage to treat diseases like cardiovascular disease, rheumatoid arthritis, and cancer is expected to create major development prospects for wearable injectors such as subcutaneous, intravenous, or intramuscular delivery. In addition, a significant number of biologics were in development in recent years, and the number of biologic pharmaceuticals in development continues to rise exponentially. MAb-based biotherapies currently account for a significant proportion of 100 medications.
Market Restraining Factors
Lack of favorable reimbursement policies
In the healthcare infrastructure of any nation, the government plays a crucial role in the development of assets. In addition, the government is also responsible for making various advanced healthcare devices accessible to people. However, there is a lack of favorable reimbursement policies for making wearable injectors accessible to people in several countries. Wearable injectors are not reimbursed in a number of underdeveloped nations.
Wearable insulin pumps, for example, are not paid in several countries, and there are no precise rules for their use on prescription. Patients with Type 1 diabetes in numerous countries must pay for their insulin pumps as well as refills and supplies on their own. The absence of reimbursement has a direct impact on access to and acceptance of wearable injectors.
Scope of the Study
Market Segments Covered in the Report:
- Cardiovascular disease
By End User
- Hospitals & Clinics
- Home healthcare setting
- On-body Injector
- Off-body Injector
- Spring Based
- Motor Based
- Rotary pump
- Expanding battery
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Insulet Corporation
- United Therapeutics Corporation
- ATS Automation Tooling Systems, Inc.
- Ypsomed AG
- Amgen, Inc.
- West Pharmaceutical Services, Inc.
- Zealand Pharma A/S (Valeritas, Inc.)
- Medtronic PLC
- CeQur SA
- Subcuject ApS
For more information about this report visit https://www.researchandmarkets.com/r/maxibz
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