Press release
Wearable Injectors Market Exclusive Report with Detailed Study Analysis
According to the latest research by InsightAce Analytic, the Global Wearable Injectors Market is valued at USD 3.89 Bn in 2022, and it is expected to reach USD 7.85 Bn by 2031, with a CAGR of 8.2% during the forecast period of 2023-2031.
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The wearable injectors are medication delivery systems that stick to the body and administer patients' doses according to a schedule that is best for them. Wearable injectors, in contrast to insulin pumps, are one-time-use devices that can be comfortably worn on the body. At the same time, the medication is subcutaneously supplied over a pre-programmed period of seconds or hours. The significant drivers of market growth are the rising occurance of chronic diseases like cancer, diabetes, and cardiovascular and respiratory diseases.
Also, the increasing use of biologics like monoclonal antibodies for treating conditions and the rising R&D activities in wearable injector devices like Bluetooth connectivity with smartphones and digital displays. Additionally, a rise in the demand for home-based treatments and an increase in the number of senior patients both contribute to the market's expansion. Furthermore, the existence of a well-established healthcare infrastructure and the rise in the frequency of disorders linked to a sedentary lifestyle are additional drivers for market expansion.
List of Prominent Players in the Wearable Injectors Market:
• CCBio
• CeQur
• Debiotech
• E3D Elcam Drug Delivery Devices
• Eli Lilly
• Enable Injections
• Gerresheimer
• Insulet
• Medtronic
• Medtrum Technologies
• Pharmasense
• Roche
• Sonceboz
• Weibel CDS
• West Pharmaceuticals
• SOOIL Development
• Becton, Dickinson and Company
• Johnson & Johnson Services, Inc.
• Elcam Drug Delivery Devices (Israel),
• Recipharm AB. (U.K),
• Stevanato Group (Italy),
• Sorrel Medical (Israel),
• Others
Market Dynamics:
Drivers-
The public's adoption of the newest wearable injectors has been prompted by drawbacks such as needle stick accidents and the restrictions of conventional syringes. The wearable injectors lower the consumer's cost of healthcare by removing the need for any support from healthcare professionals. Additionally, because the wearable injectors are small and portable, patients can effortlessly self-administer medications while performing daily duties at home or work.
Wearable injector demand is anticipated to increase among the population throughout the forecast period as a result of all these advantages supplied by wearable injectors. Furthermore, the development of novel and ground-breaking medications as a result of technological breakthroughs necessitates the use of unique drug delivery systems to deliver medicines to the patient's body effectively.
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Challenges:
Many developing nations don't offer reimbursement for wearable injectors. For instance, there are no precise criteria for their use in training and wearable insulin pumps are not reimbursed in India. Additionally, type 1 diabetes patients are responsible for the cost of their insulin pumps. The adoption of wearable injectors is impacted by the absence of reimbursement, which is expected to have an impact on the market's growth in the next years.
Regional Trends:
The North American wearable injectors market is expected to register a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future. The rise in the number of people with various chronic illnesses explains this. Approximately 60% of Americans, according to research, have at least one chronic illness. Moreover, The availability of various innovative drugs that have the potential to effectively treat chronic illnesses is boosting demand for the wearable injector industry.
Additionally, Asia-Pacific has lucrative potential for major companies operating in the wearable injectors market because of the rising incidence of diabetes, cancer, and cardiovascular diseases, the growth of hospitals and diagnostic facilities, and the trend towards home-based therapy. The market is also expected to expand as a result of the approval of a number of biologics for the treatment of various diseases, as well as the desire for patient-centered therapy.
Recent Developments:
• In April 2023, The FDA granted permission to Insulet Corporation for its most recent advancement, Omnipod GO™, an insulin delivery apparatus authorised for individuals aged 18 or above diagnosed with type 2 diabetes, who generally administer daily injections of long-acting insulin.
• In June 2022, Enable Injections, Inc. (Enable) signed a development agreement with Genentech, a Roche Group company. Enable's enFuseTM will allow for the subcutaneous administration of high-volume medications.
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Segmentation of Wearable Injectors Market-
By Type of Device
• Patch Pump / Injectors
• Infusion Pump / Injectors
By Usability
• Disposable
• Reusable
By Therapeutic Area
• Autoimmune Disorders
• Cardiovascular Disorders
• Metabolic Disorders
• Neurological Disorders
• Oncological Disorders
• Other Disorders
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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