Wearable Injectors Market expanding at a CAGR of around 11.8% over the forecast period (2021-2031) - Persistence Market Research
NEW YORK, Feb. 9, 2022 /PRNewswire/ -- 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 (2021-2031).
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.
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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.
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"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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Persistence Market Research brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031.
The global wearable injectors market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights into wearable injectors market. The market is segmented into three parts based on product (body-worn patch injectors and off-body worn injectors), distribution channel (hospital pharmacies, retail pharmacies, and e-Commerce), and across seven major regions of the world.
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