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Wearable Injectors Industry Is Expand at a CAGR of 13.3% to Reach USD 21.7 billion by 2031

03-31-2023 07:57 AM CET | Health & Medicine

Press release from: Global Insight Services

Wearable Injectors Market

Wearable Injectors Market

The global wearable injectors market was valued at USD 5.3 billion in 2021 and it is anticipated to grow up to USD 21.7 billion by 2031, at a CAGR of 13.3% during the forecast period.

Drug delivery systems known as wearable injectors attach to the body and automatically administer patients' prescribed doses at the right moment. Wearable injectors, in contrast to insulin pumps, is a one-time use devices that are comfortably worn on the body while the medication is subcutaneously injected over a pre-programmed period of seconds or hours. They are taken out of the body and conveniently disposed after the entire dose has been injected. The concept of patient centricity and a greater emphasis on human factors in drug delivery design have encouraged the development of such devices.

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Market Trends and Drivers

A growing emphasis on the use of biologics and monoclonal antibodies (mAbs) to treat diseases such as rheumatoid arthritis, cardiovascular disease, and cancer will provide significant growth opportunities for wearable injectors, as these drugs must be administered parenterally (intravenous, subcutaneous, or intramuscular delivery). According to PhRMA (Pharmaceutical Research and Manufacturers of America), 907 biologics were in development in 2013; the number of biologic drugs in development is continuing to grow exponentially, with over 2,700 remedies in development as of mid-2017, more than tripling the 907 in development in 2013. mAb-based biotherapies account for half of the top 100 drugs and are expected to continue to dominate the pharmaceutical market.

Market Restraints and Challenges

Wearable injectors are not reimbursed in a number of developing countries. In India, for example, wearable insulin pumps are not reimbursed, and no specific guidelines for their use are provided on prescription. Patients with Type 1 diabetes in China must pay for insulin pumps and supplies out of pocket. The lack of reimbursement has a direct impact on access to and adoption of wearable injectors, and is thus expected to have a negative impact on market growth in the coming years.

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Market Segments

By Type

• On-Body
• Off-Body

By Technology

• Spring-based
• Motor Driven
• Rotary Pump
• Expanding Battery

Major Players in the Global Wearable Injectors Market

The key players in the market are Ypsomed (Switzerland), Amgen (US), Subcuject (Denmark), Enable Injections (US), Medtronic plc (Ireland), Insulet Corporation (US), United Therapeutics Corp. (US), CeQur SA (Switzerland), Sensile Medical (Switzerland), ATS Automation (Canada), West Pharmaceutical Services, Inc. (US), Tandem Diabetes Care (US), Sonceboz (Switzerland), Noble (US), Elcam Drug Delivery Devices (Israel), Bespak Europe Ltd. (UK), Stevanato Group (Italy), Sorrel Medical (Israel), Weibel CDS AG (Switzerland), and Neuma (US) among others.

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Reasons to buy Wearable Injectors Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
Phone: +1-833-761-1700

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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