Wearable Injectors Market

Global Wearable Injectors Market Size (2023 to 2028)

The global wearable injectors market is estimated to grow at a CAGR of 20.02% between 2022 to 2027 and will be worth USD 18.68 billion by 2028.

Global Wearable Injectors Market Share Insights:

• Based on type, the on-body segment accounted for 49.8% of the global market share in 2022.
• Based on technology, the spring-based segment occupied 32.4% of the global market share in 2022.
• Based on application, the oncology segment captured 30.7% of the global market share in 2022.
• Based on end-user, the homecare segment held 38.5% of the global market share in 2022.
• North America was the biggest regional segment worldwide and accounted for a major global market share in 2022.

MARKET DRIVERS:

The growing patient population suffering from chronic diseases and the demand for biologics associated with self-administration are expected to drive the global wearable injectors market.

The rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disease drives the wearable injectors market. Chronic conditions necessitate regular injections that can be given daily or weekly, so patients need injections that can be given every 2-6 months. However, this kind of injection involves many medications, which can only be met by wearable injections that administer 2 – 10 ml of medication. According to the National Health Interview Survey (NHIS), about 51.8 % of U.S. adults have one chronic disease, while 27.2% have several chronic diseases. According to the WHO, chronic diseases are responsible for almost 38 million deaths yearly.

Furthermore, according to the IDF Diabetes Atlas Ninth Edition 2019, about 463 million adults (20-79 years) have diabetes. This number is expected to grow to 700 million by 2045, with 79% of adults with diabetes residing in low and middle-income countries. Furthermore, according to the World Health Organization, cancer is the leading cause of death worldwide, accounting for almost 10 million deaths in 2020, while the American Cancer Society journal predicts that in 2021, there were 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States. Furthermore, according to WHO, cardiovascular diseases (CVDs) are the leading cause of death worldwide, affecting an estimated 17.9 million lives per year; as these cases increase, the need for advanced technological injections like wearable injections increases.

Increased biologics and patient demand for self-administration boost the market growth of wearable injectors.

Biologics are usually delivered intravenously, subcutaneously, or intramuscularly and are inappropriate for oral administration. As a result, as the market for biologics grows, so does the demand for wearable injectors. Besides, many individuals worldwide suffer from rare diseases that new biologic methods can help with. Wearable injectors are one solution that allows these patients to self-administer the biologics rather than attending hospitals. In addition, patient-centric biologics and their transition from intravenous (IV) infusion to subcutaneous injection drive demand for wearable injectors.

MARKET RESTRAINTS:

Alternative methods are expected to restrain the global wearable injectors market growth.

The use of alternative drug delivery options impedes the demand for wearable injectors. Since injectables are painful, patients choose other routes, such as oral, topical, and nasal. Most patients favored the oral medication path since it is more cost-effective, reliable, and simple. In contrast, patients are not entirely trained and secure about injectables, so they choose other routes. Furthermore, wearable injectors necessitate specialist supervision and hospital appointments, resulting in a steady reduction in demand for wearable injectors.

Impact of COVID-19 on the global wearable injectors market:

Covid-19 began in 2019, and since then, all countries have imposed lockdowns and travel bans. Due to the lack of transportation, many patients opt for self-administering methods at home, such as wearable injectors, particularly in chronic diseases requiring repeated injections. Furthermore, the number of people and deaths is growing, putting additional strain on the healthcare system. All hospitals work hard to treat coronavirus patients and use wearable injectables that last six months. As a result, demand for wearable injectors rises in the face of the COVID-19 pandemic.

In addition, several companies are producing wearable injectors and expanding their facilities to satisfy their increased need. Becton Dickinson, for instance, raised $1.2 billion to expand its market, which increased BD's manufacturing capabilities and upgraded production technology for prefilled syringes and advanced drug delivery systems.  However, the coronavirus pandemic poses certain difficulties for wearable injectors. Many wearable injectors are still developing, indicating that these devices are in progress. More than 25 high-volume wearable injectors, besides insulin, are currently available or in progress for drug administration. However, the coronavirus pandemic has had a negative impact on the planned investments in clinical trials for these injectors, and development has either slowed or stopped.

REPORT COVERAGE:

This research report on the global wearable injectors market has been segmented and sub-segmented based on type, technology, application, end-user, and region.

Global Wearable Injectors Market – By Type:

• On-body
• Off-body

Based on the type, the on-body segment is expected to hold a major global market share during the forecast period. On-body injectors provide comfort and ease of use, water resistance and flexible dosing options, and the ability to reheat refrigerated medications automatically. On-body injectors have become more popular because of these advantages. The On-body Injector is often inserted on the stomach or behind the arm. A nurse typically gives it on the last day of each chemotherapy cycle. As a result, one of the key market drivers is the growth in the incidence of cancer and CVDs.

On the other hand, since these devices are free of skin fitting issues and allergic skin reactions, the market for off-body injectors is expected to grow at the fastest CAGR throughout the forecast period.

Global Wearable Injectors Market – By Technology:

• Spring-based
• Motor-driven
• Rotary Pump
• Expanding Battery
• Others

Based on the technology, in 2022, the spring-based segment dominated the market, and it is expected to continue to do that throughout the forecast period owing to the growing popularity of adhesive patches, which are user-friendly devices that allow patients to accurately deliver drugs by pressing one or more buttons on the device. Furthermore, due to rising customer demand for these devices, which are more comfortable to use than others, the motor-driven segment is predicted to grow faster over the forecast period.

Global Wearable Injectors Market – By Application:

• Oncology
• Infectious Diseases
• Cardiovascular Diseases
• Autoimmune Diseases
• Others

Based on the application, the oncology segment had the leading share of the worldwide wearable injectors market in 2022.

On the other hand, owing to the increased incidence of diabetes and the increasing acceptance of wearable injectors due to their competitive advantage over insulin pumps, the Autoimmune diseases segment is predicted to be the fastest-growing segment throughout the forecast period.

Global Wearable Injectors Market – By End-use:

• Hospitals
• Clinics
• Home Care
• Others

Based on end-use, the home care segment held the largest share of the wearable injectors market in 2022.

Global Wearable Injectors Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Based on region, the North American wearable injectors market accounted for the largest global market share in 2021 and is estimated to continue playing the leading role throughout the forecast period. The regional market for wearable injectors is anticipated to be driven by factors such as the increased incidence of chronic diseases, favorable reimbursement scenarios, and significant industry participants in the region. According to the American Diabetes Association, diabetes has a more significant health impact on Americans than heart disease, substance use disorder, or COPD, with 30.5 million people diagnosed and millions more at risk. The rising frequency of these diseases is projected to fuel demand for wearable injectors throughout the region.

The Asia Pacific wearable injectors market is predicted to be the fastest-growing regional market throughout the forecast period. This can be attributed to the region's growing elderly population, particularly in Japan, a large diabetic population in China, and chronic diseases.

During the forecast period, the European wearable injectors market is estimated to rise at a promising CAGR.

The Latin American wearable injectors market is anticipated to hold a considerable share of the global market in the coming years.

The wearable injectors market in MEA is estimated to register a moderate share worldwide during the forecast period.

KEY MARKET PARTICIPANTS:

Some of the promising companies operating in the global wearable injectors market profiled in this report are Amgen, Becton, Dickinson and Company, Medtronic, Valeritas, Inc, Insulet Corporation, Gerresheimer AG (Sensile Medical), Tandem Diabetes Care, SteadyMed Therapeutics, Inc., United Therapeutic Corporation, Sensile Medical AG, Zealand Pharma A/S (Valeritas, Inc.), West Pharmaceutical Services, Inc., SteadyMed Therapeutics, F. Hoffmann-La Roche Ltd, Ypsomed, Johnson & Johnson,  Dexcom, Inc., Enable Injections, CeQur SA, Sensile Medicals, Bespak, and many others.

These players focus on strategies like product launches, partnerships, acquisitions, and geographic expansion to gain a competitive advantage. These include, On 4 February 2021, Phillips-Medisize and MedTech devices are collaborating with Subcuject, a leading innovator of proprietary device platforms, to deliver a groundbreaking wearable bolus injector that is low-cost, patient-friendly, and prefilled for single-use. Additionally, on 14 July 2020, Sorrel Medical, a company specializing in developing wearable drug delivery systems, opened a new manufacturing facility in Israel that will produce wearable injectors. Sorrel's wearable injectors allow clinical trials for large-volume and high-viscosity drugs in homecare settings.