Press release
Wearable Injectors Market is anticipated to rise from US$ 5 Bn in 2020 to over US$ 17.6 Bn by 2031
Wearable Injectors Market 2022-2031
The Wearable Injectors Market is expected to grow on a vigorous note shortly. Though telemedicine has turned out to be an easily accessible service, proper amalgamation with therapy decisions is of utmost importance. At-home lab tests are a good by-product of telehealth. Remote monitoring and diagnosis are cost-effective. It also saves on downtime. So, saving on time and investing in convenience would be one of the trends of the healthcare vertical in the years to come.
According to a recent research by Persistence Market Research, the global wearable injectors market is likely to witness high growth during the forecast period. The market is anticipated to rise from US$ 5 Bn in 2020 to over US$ 17.6 Bn by 2031, expanding at a CAGR of around 11.8% over the forecast period (2022-2031).
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Demand for wearable injectors is rising because of the uncertainty caused by the COVID-19 pandemic that has increased the need for different therapies and wearable drug delivery devices. Demand increased as hospital visits for disease treatment and management declined in order to avoid spreading infection. Healthcare systems across the globe took various preventive measures and postponed treatment for various diseases such as cancer and diabetes. A large number of patients receiving treatments at hospitals were at high-risk during the pandemic. In an effort to counter these challenges and provide effective care to patients suffering from various diseases, there was a shift from hospital-based care to home-based care.
Self-administration of medications using automated injectors allows for usage flexibility together with ease of use and at the convenience of doing it at home. Furthermore, use of these injectors reduces overall cost of the treatment as it saves on time and travel. The shifting trend from using traditional syringes to wearable injectors has spread across various regions and emerging countries. Thus, it is expected for manufacturers of wearable injectors to have a great demand outlook over the coming years.
Company Profiles:
Medtronic Plc.
Enable Injections LLC
Becton, Dickinson and Company
Insulet Corporation
Dexcom, Inc.
Valeritas,Inc
Ypsomed Group
West Pharmaceutical Services, Inc.
Bespak
Amgen Inc.
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Key Takeaways from Market Study
Body-worn patch injectors can deliver drugs subcutaneously with maximum safety and least chances of getting contaminated, making them the highest market shareholder in the product segment. The segment is expected to hold more than 80% market share through 2031.
Retail pharmacies are the most lucrative distribution channel segment with a market share of nearly 34.8%.
Availability of technologically advanced medical devices and presence of key players make North America the largest market by region, with this market slated to expand at a CAGR of nearly 10% over the forecast period.
"Ease of drug administration and usage flexibility of wearable injectors are expected to fuel demand over the coming years," says a Persistence Market Research analyst.
Who is Winning?
Key suppliers of wearable injectors are focusing on strategic activities such as exclusive distribution partnerships and collaborations with distributors and suppliers in order to strengthen their presence in the market.
For instance, in June 2016, Ypsomed collaborated with Novo Nordisk to deliver innovative care solutions to diabetic patients by providing new solutions in insulin pump therapy.
In 2018, Valeritas signed two distribution agreements for commercialization of its V-Go® wearable insulin delivery device - with AMSL diabetes and NZMS diabetes for Australia & New Zealand, and with MED TRUST in Austria and Germany.
Prominent players in this industry include Medtronic Plc, Becton, Dickinson and Company, Enable Injections LLC, Insulet Corporation, Dexcom, Inc., Valeritas, Inc., Ypsomed Group, West Pharmaceutical Services, Inc., Bespak, and Amgen Inc.
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Wearable Injectors Market - Report Highlights
A detailed overview of parent market of Wearable Injectors Market
Changing Wearable Injectors Market dynamics in the industry
In-depth segmentation of the Wearable Injectors Market
Historical, current, and projected Wearable Injectors Market size regarding volume and value
Recent industry trends and developments in Wearable Injectors Market
Competitive landscape of the Wearable Injectors Market
Strategies for key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on Wearable Injectors Market performance
Must-have information for Wearable Injectors
Market players to sustain and enhance their market footprint
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PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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