ALBANY, New York, June 6, 2018 /PRNewswire/ --
Transparency Market Research (TMR) has published a new report titled, "Wearable Injectors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 to 2026." According to the report, the global wearable injectors market was valued at US$ 2,920.2 Mn in 2017 and is projected to expand at a high CAGR of 13.9% from 2018 to 2026 to reach US$ 9,038.1 Mn in 2026. Increase in number of people suffering from cancer and diabetes across the world is anticipated to fuel the growth of the global wearable injectors market during the forecast period.
North America and Europe are expected to dominate the global market during the forecast period. The market in these regions is primarily driven by highly structured health care industry and high awareness about cancer, diabetes, and other diseases among the people. The market in Europe is projected to expand at a high growth rate of 13.0% from 2018 to 2026. Asia Pacific is expected to be the fastest growing market for wearable injectors during the forecast period. The market in Asia Pacific is anticipated to expand at a high CAGR of 14.0% from 2018 to 2026. The wearable injectors market in Latin America is likely to expand at a moderate growth rate during the forecast period.
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Increase in Incidence of Cancer and Diabetes to Boost Market
In terms of application, the oncology segment is projected to account for dominant share of the global wearable injectors market during the forecast period. The segment is anticipated to expand at a CAGR of 14.0% from 2018 to 2026. Dominance of the segment is attributed to rise in prevalence of cancer across the world. According to the World Health Organization (2017), nearly 1 in every 6 deaths occurs due to cancer globally and cancer accounts for 70% deaths in developing countries. New product launches and rise in number of cancer patients in developed as well as developing countries are likely to drive the segment between 2018 and 2026. Diabetes application segment is the second major contributor due to high patient's base. According to the International Diabetes Federation, 422 million people were living with diabetes globally in 2016. Moreover, over 10% of the world's adult population, or around 642 million people, is likely to have diabetes by 2040. Therefore, increase in diabetic population in Asia and the U.S. is anticipated to propel the global wearable injectors market.
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The autoimmune disorders and cardiovascular diseases segments accounted for over 20.0% share of the global wearable injectors market in terms of revenue in 2017.
On-body Wearable Injectors Segment Dominates the Market
The report offers detailed segmentation of the global wearable injectors market based on type, application, and end-user. In terms of type, the market has been classified into on-body wearable injectors and off-body wearable injectors. The on-body wearable injectors segment is poised to account for leading share of the global market during the forecast period. Higher share of the segment is attributed to decline in health care cost, lifestyle management, easy to change dosage frequency, flexible dosing, and automatic warming of refrigerated drugs.
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Home Care Settings Segment to Expand at Fastest CAGR
Based on end-user, the home care settings segment accounted for leading share of the global wearable injectors market in 2017 and is projected to gain market share by the end of 2026. The segment is anticipated to expand at a CAGR of 14% during the forecast period. Increase in awareness about cancer and diabetes treatment and the trend of utilization of new and improved devices by patients and physicians are attributed to high market share of the home care settings segment. Moreover, rise in preference for self-administration of drugs, decrease in hospital stay as well as cost, and improved therapy adherence are expected to boost the growth of the segment. Hospitals was the second largest segment of the market in 2017 due to high prevalence and incidence rates of chronic diseases such as cancer and diabetes, resulting in increase in patient flow to these settings. Rise in number of multinational specialty hospital chains and high digitization budgets are likely to drive the hospitals segment during the forecast period.
North America to be Highly Lucrative Market for Wearable Injectors
The wearable injectors market in North America is driven by highly structured health care industry and government initiatives. The U.S. held major share of the market in the region, owing to increase in geriatric population and high awareness among the people about these devices. Moreover, a large number of players in the U.S. are focusing on R&D to introduce new products. The U.S. is an early adopter of innovative products, as most pharmaceutical products are first launched in the country. This is likely to result in high growth of the market in the country in the next few years. Therefore, established rules and regulations and major innovations in product development are expected to propel the wearable injectors market in North America in the near future.
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Trend of Strategic Alliance with Local Companies to Strengthen Distribution Network and Expand Geographic Presence
The global wearable injectors market is fragmented, with presence of several small- and large scale companies. However, the market is dominated by few major players with strong global presence. The report provides profiles of leading players operating in the global wearable injectors market. Key players in the market are Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Insulet Corporation, Ypsomed AG, West Pharmaceutical Services, Inc., CeQur SA., Debiotech S.A., Sensile Medical AG, and SteadyMed Therapeutics, Inc., among others.
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