What are Key Factors Causing Boom of Wearable Injectors Market?

Factors such as the rising requirement for advanced drug delivery and the burgeoning need for better patient care will drive the wearable injectors market at a robust CAGR, of 23.0%, during the forecast period (2016–2024). According to P&S Intelligence, the market was valued at $2,162.1 million in 2015, and it is expected to generate $13,015.9 million revenue by 2024. Currently, the surging use of wearable injectors for treating chronic diseases is becoming a key market trend.

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Another growth driver for the wearable injectors market is the booming aging population, owing to the surging life expectancy and declining birth rates. Old patients require extensive care as they are highly susceptible to chronic illnesses, such as diabetes, cancer, cardiovascular diseases, and neurological disorders, owing to their low immunity levels. Moreover, the longer recovery time required for old patients also creates a huge requirement for wearable injectors. Additionally, the surging need for home healthcare and increasing public focus on overall healthcare costs will also facilitate the market growth.

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The application segment of the wearable injectors market is categorized into cancer, blood disorder, autoimmune disorder, cardiovascular disease (CVD), infectious disease, and others. Under this segment, the cancer category is expected to generate the highest revenue during the forecast years. According to the World Health Organization (WHO), nearly 10 million deaths in 2020 occurred due to cancer. As per the organization, breast cancer, lung cancer, colon and re-ctum cancer, prostate cancer, skin (non-melanoma) cancer, and stomach cancer were the leading causes of human fatalities in 2020.

Geographically, North America held the largest share in the wearable injectors market in 2015, due to the booming demand for self-injection systems and the surging incidence of lifestyle-associated and chronic diseases, in the region. For instance, the Centers for Disease Control and Prevention (CDC) stated that cancer was the second leading cause of death in the U.S. and accounted for 599,601 deaths in the country in 2019. In the North American market, the U.S. is expected to generate higher revenue in the coming years.

Thus, the rising prevalence of chronic ailments, especially among geriatric population, and the surging need for better patient care will propel the demand for wearable injectors, globally.

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