Wearable Injectors Market is Expected to Reach $15.1 Billion | MarketsandMarkets™
Chicago, Feb. 28, 2024 (GLOBE NEWSWIRE) -- *Wearable Injectors market* in terms of revenue was estimated to be worth $8.4 billion in 2023 and is poised to reach $15.1 billion by 2029, growing at a CAGR of 10.3% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. The rising tide of chronic diseases – diabetes, cardiovascular conditions, autoimmune disorders, miniaturization, microfluidics, and sensor technology are in constant evolution, paving the way for smaller, smarter, and more user-friendly injectors. The shift towards home-based care creates a need for self-administered and easy-to-use medication delivery devices. The rise of biologics, complex protein-based drugs requiring specific administration methods, opens doors for new delivery technologies, compared to traditional syringes and vials, wearable injectors offer unmatched convenience and ease of use, Improved adherence, reduced hospitalizations, and lower healthcare costs is likely to grow the market.
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*Wearable Injectors** Market** Scope:*
*Report Coverage* *Details*
Market Revenue in 2023 $8.4 billion
Estimated Value by 2029 $15.1 billion
Growth Rate Poised to grow at a CAGR of 10.3%
Market Size Available for 2021–2029
Forecast Period 2023–2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Technology, Indication, End-user, and Region
Geographies Covered · North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· Australia
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Mexico
· Rest of LATAM
· Middle East and Africa
· GCC
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increased adoption of on body wearable injectors
Key Market Driver High prevalence of diabetes
Based on type, the wearable injectors market is segmented into on-body and off-body injectors. The off-body injectors are expected to grow at the highest rate. Off-body injectors liberate patients with pre-filled medications, effortless injection mechanisms, and user-friendly interfaces. Managing their therapies becomes an independent, empowering experience. Off-body injectors offer sleek portability, eliminating injection anxiety through automated delivery and pre-filled cartridges. It's medication management made simple and painless. Off-body injectors elevate convenience to a whole new level. Pre-loaded medications, intuitive controls, and automated injections take the hassle out of therapy, putting patients in control. Off-body injectors tackle the often-challenging issue of medication adherence, especially for chronic conditions. This boosts long-term health by ensuring consistent doses and potentially reduces healthcare costs through fewer hospitalizations.
Based on technology, the wearable injectors market is segmented into spring-based, motor-driven, rotary pump, and expanding battery technologies. The spring-based technology is said to account for the largest share. The design of the spring-based technology is a champion for user-friendliness, empowering even patients with limited dexterity. Its proven track record inspires confidence, while its cost-effectiveness opens doors for wider patient access. Discreet and portable, these injectors allow medication administration on the go, without fanfare. And when it comes to delivering the goods, they pack a punch, ensuring consistent and efficient drug delivery. Pring-based systems may sometimes struggle with delivering a wide range of doses, and their forceful injection can be daunting for some, especially children or those with needle anxieties. Additionally, maintaining optimal temperature for certain medications might pose a challenge.
Based on indication, the wearable injectors market is segmented into diabetes, immune-oncology, cardiovascular diseases, and chronic pain. The diabetes is said to account for the largest share. For millions living with diabetes, managing blood sugar levels is a daily balancing act. Traditional methods, involving syringes and vials, often face challenges in terms of adherence, convenience, and accuracy. This is where the rise of wearable injectors offers a beacon of hope, particularly in the realm of diabetes management. Pre-filled cartridges eliminate the need for messy vials and cumbersome syringes. A simple click triggers a spring-driven mechanism, delivering precise doses of insulin with minimal discomfort. This is the promise of wearable injectors, revolutionizing how people with diabetes administer medication and take control of their health.
Based on end users, the wearable injectors market is segmented into hospitals and clinics and home care settings. The hospitals and clinics are said to account for the largest share. These compact, pre-filled marvels are rapidly carving a niche for themselves, embraced by healthcare professionals for their ability to streamline workflows and enhance patient care. Speedy, precise medication delivery replaces cumbersome vial preparation, reducing human error and freeing up valuable time for nurses and doctors to focus on one-on-one care and personalized treatment. For patients, especially those with needle anxieties or dexterity limitations, the automated nature of these devices offers a welcome relief from discomfort.
Based on region, the wearable injectors market is segmented into Europe, North America, Asia Pacific, Latin America, the Middle East and Africa, and GCC. In 2022, North America will hold the largest regional market for wearable injectors. Chronic conditions like diabetes, autoimmune diseases, and pain management cast a long shadow across North America. But amidst this challenge, a beacon of hope emerges wearable injectors. These compact companions, boasting precise dosing and user-friendly features, are tailor-made for this vast market, offering reliable and convenient medication delivery. Fueling this growth is North America's cutting-edge healthcare infrastructure. Here, innovative technologies find fertile ground, nurturing a supportive environment for research and development of wearable injector technologies. This attracts leading manufacturers, their expertise propelling the market forward. Another crucial factor is the streamlined reimbursement landscape. Compared to other regions, North America often boasts a more favorable process for new medical technologies. This sweetens the deal for healthcare providers, incentivizing them to adopt wearable injectors for patients covered by insurance or government programs.
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*Wearable Injectors market major players covered in the report, such as:*
· Amgen Inc. (US)
· Medtronic PLC (Europe)
· Insulet Corporation (US)
· Tandem Diabetes Care, Inc. (US)
· United Therapeutics Corporation (US)
· Abbvie Inc. (US)
· Gerresheimer AG (Germany)
· Becton Dickinson and Company (US)
· West Pharmaceutical Services Inc. (US)
· Ypsomed AG (Switzerland)
· Enable Injections (US)
· Subcuject APS (Denmark)
· Cequr Simplicity (Switzerland)
· Mannkind Corporation (US)
· Sonceboz (Switzerland)
· CC Bio (Japan)
· Elcam Drug Delivery Devices (Israel)
· Stevanato Group (Italy)
· Debiotech SA (Switzerland)
· Bexson Biomedical (US)
· Nemera (France)
· LTS Lohmann Therapie Systeme AG (Germany)
· Kymanox Corporation (US)
· Novo Engineering (US)
· Eoflow (South Korea)
· and Among Others
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*The research report categorizes wearable injector market into the following segments and sub-segments: *
*By Type*
· On-Body wearable injector
· Off-Body wearable injector
*By Technology*
· Spring based
· Motor Driven
· Rotary Pump
· Expanding Battery
· Other technologies
*By Indication*
· Diabetes
· Immuno-Oncology
· Cardiovascular diseases
· Chronic Pain
· Other Indications
*By End User*
· Hospitals and Clinics
· Home care settings
· Others end users
*By Country*
· North America
· US
· Canada
· Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· Australia
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Mexico
· Rest of LATAM
· Middle East and Africa
· GCC
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*Key Market Stakeholders:*
· Wearable injector manufacturing companies
· Original equipment manufacturing companies
· Suppliers and distributors of wearable injectors
· Healthcare service providers
· Teaching hospitals and academic medical centers
· Health insurance players
· Government bodies/municipal corporations
· Regulatory bodies
· Medical research institutes
· Business research and consulting service providers
· Venture capitalists
· Market research and consulting firms
*Report Objectives:*
· To define, describe, and forecast the wearable injectors market by type, technology, indication, end user, and region.
· To provide detailed information about the key factors influencing the market growth, such as drivers, restraints, opportunities, challenges, and industry trends
· To strategically analyze the regulatory scenario, Porter’s five force analysis, value chain analysis, supply chain analysis, ecosystem map, recession impact, and patent analysis
· To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall wearable injectors market
· To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
· To strategically profile the key players in this market and comprehensively analyze their market shares and core competencies2
· To strategically analyze the wearable injectors market in five regions: North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa, and GCC.
· To track and analyze competitive developments such as acquisitions, product launches, partnerships, and expansions in the wearable injectors market.
· To evaluate the impact of the recession on the wearable injectors market market worldwide.
*Related Reports:*
*Pharmaceutical Drug Delivery Market*
*Autoinjectors Market*
*Insulin Delivery Devices Market*
*Pen Needles Market*
*Injection Pen Market*
*Research Insights: **https://www.marketsandmarkets.com/ResearchInsight/wearable-injector-market.asp*
*Content Source: **https://www.marketsandmarkets.com/PressReleases/wearable-injector.asp*
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