May 27, 2020

Wearable Injectors Market Strategies and Forecast to 2023

Global Wearable Injectors Market Overview:

Wearable Injectors are advanced drug delivery instruments that are used for convenient administration of viscous drugs. These instruments are also widely regarded as bolus injectors or patch pumps. They are used to administer insulin and other drugs that need large dose volumes with an extended delivery period.

The Wearable Injectors Market Growthis likely to ascend at a 15.2% CAGR through the review period, as stated in the latest market research report by MRFR. With an increasing prevalence of several chronic diseases and a rising concern for injuries caused by needles are promoting the demand for 24-hour monitoring devices. This rise in the demand is anticipated to propel growth in the adoption of wearable injectors to a great extent. Further, rapid technological advancements in the wearable injectors and mounting prevalence of geriatric population across the globe are likely to fuel sizeable growth in the global wearable injectors market in the forecast period.

On the other hand, a high preference towards conventional drug delivery and administration methods and a lack of skilled personnel to instruct patients about these devices are anticipated to hinder market growth to a certain extent. However, favorable healthcare investments by the government and a rising demand or minimally invasive drug delivery methods are expected to contribute heavily to the growth observed in the wearable injectors market through the assessment period.

Key Players

·         West Pharmaceutical Services, Inc.

·         CeQur SA

·         Eli Lilly and Company

·         Valeritas, Inc.

·         SteadyMed Therapeutics, Inc.

·         YPSOMED

·         Becton, Dickinson, and Company (BD)

·         Amgen Inc.

·         Enable Injections

·         BioSpace

·         Sensile Medical AG.

Market Segmentation:

·         The Global Wearable Injectors Market is studied for various segments carried out by type, usage, mechanism of action, therapeutic area, end-user, and region.

·         Based on type, the wearable injectors market is segmented into on-body wearable injectors, hand-held wearable injectors, and off-body wearable injectors.

·         Based on usage, the wearable injectors market is segmented into disposable and semi-disposable.

·         Based on the mechanism of action, the global wearable injectors market is segmented into motor driven, spring based, rotary pump, pressurized gas, expanding battery, and collapsible reservoir.

·         Based on the therapeutic area, the wearable injectors market is segmented into infectious diseases, oncology, cardiovascular diseases, diabetes, and autoimmune diseases.

·         By end-user, the global wearable injectors market is segmented into hospitals & clinics, homecare, and ambulatory surgery centers.

Detailed Regional Analysis

The Global Wearable Injectors Market is regionally segmented into Asia Pacific, Europe, the Americas, and the Middle East & Africa. The Americas are further segmented into North America and Latin America. The Americas are expected to spearhead the global wearable injectors market over the forecast period. This market domination can be owed to the presence of various well-established healthcare infrastructure and advanced technologies for the administration of drugs for the treatment of chronic diseases such as diabetes. As per the National Diabetes Statistics Report 2017, approximately 30.3 million people suffered from diabetes in the US alone, in 2015.

Europe is anticipated to follow the Americas and hold the second largest share in the global wearable injectors market through the review period. Additionally, a noticeable development of the medical devices industry in the UK, Germany, and France is expected to promote sizeable growth in the regional wearable injectors market between 2018-2023.

Asia Pacific is anticipated to exhibit the fastest growth rate for wearable injectors through the review period among all the regional segments. Such growth can be attributed to the introduction of various initiatives by the government to encourage innovations in the medical devices industry.

The Middle East & Africa is estimated to grow at a slow rate, accounting for the smallest share in the global wearable injectors market. This can be attributed to the leisurely development in the healthcare sector in the region. Growth in this region can be owed to employed resources for the research and development in the region.

Industry Update

June 2019:

Sorrel Medical announced that it was awarded as the ‘Best New Technology Solution in Drug Delivery.’ This award was given to Sorrel Medical for its pre-filled and pre-loaded wearable drug delivery platform. This device is designed to help patients with easier drug administration, especially for large volume and highly viscous medications.