ALBANY, New York, September 21, 2018 /PRNewswire/ --
The global wearable injectors market has been gaining traction in the last few years and holds immense growth potential. Thanks to this, several new players are entering the global market in order to expand their product portfolio and enhance their market penetration across the globe. According to a research study that has been presented by Transparency Market Research, in 2017, the global market for wearable injectors was worth US$ 2,920.2 Mn and is projected to reach a value of US$ 9,038.1 Mn by the end of 2026. The market is estimated to register a promising 13.0% CAGR between 2018 and 2026.
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Some of the major factors that are anticipated to encourage the growth of the wearable injectors market across the globe have been given below:
- The rising prevalence of chronic diseases, including diabetes and cancer is considered as one of the major factors anticipated to accelerate the growth of the global wearable injectors market throughout the forecast period.
- Wearable injectors are drug delivery devices that have been designed for the patients in order to easily administer the drugs inside their body. The growing need for such devices is predicted to enhance the market growth in the next few years.
- Technology advancement and innovations in the healthcare industry and the increasing preference of patients to administer drugs at home is considered as one of the key factors estimated to encourage market growth in the next few years.
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On the other hand, the low awareness among consumers regarding the easy availability of these devices and the easy administration it offers is projected to restrict the growth of the global wearable injectors market in the next few years. In addition to this, the high cost of these products is another key factors predicted to restrict the growth of the overall market in the coming years. Nonetheless, the key players in the market are focusing on creating an awareness among consumers regarding the importance and benefits of using these devices, which is projected to accelerate the growth of the overall market in the coming years.
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Easy Availability of Advanced Products to Encourage Growth of North America Market
Furthermore, among the key regional segments, North America is projected to witness a healthy growth rate in the next few years. The high growth of this region can be attributed to the easy availability of products, technological developments and innovations, and the high penetration of the healthcare segment in this region. In addition to this, the presence of a large number of players operating in this region and the high awareness among people are further predicted to enhance the growth of the overall market in the coming few years.
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According to the research study, the global wearable injectors market is highly competitive in nature and is estimated to witness a substantial rise in the level of competition in the next few years. The increasing number of players and the expansion of the product portfolio are some of the key factors that are estimated to strengthen the competitive scenario of the global wearable injectors market in the next few years. Some of the key players operating in the wearable injectors market are West Pharmaceutical Services, Inc., CeQur SA., Becton, Dickinson and Company, Tandem Diabetes Care, Inc., SteadyMed Therapeutics, Inc., Insulet Corporation, Ypsomed AG, Debiotech S.A., F. Hoffmann-La Roche Ltd., and Sensile Medical AG.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research