Wearable Injectors Market to reach USD 27 billion by 2032, says Global Market Insights Inc.
Global Market Insights Inc.
5 min read
Global Market Insights Inc.
Wearable injectors industry is experiencing rapid growth with a CAGR of 13.7% by 2032. This is driven by the technological advancements in wearable injectors.
Selbyville, Delaware, June 19, 2023 (GLOBE NEWSWIRE) --
Wearable Injectors Market size is expected to accrue USD 27 billion by 2032. Increasing concerns over the hazards and limitations associated with needle stick injury will act as a major influential factor driving the wearable injectors industry trends. According to the WHO, over 3 million healthcare workers experience needle stick and other sharp injuries every year.
Among these, the CDC reported that approximately 385,000 needle stick injury cases occur among healthcare professionals each year. Needle stick injuries can transmit several infectious diseases including HIV, hepatitis B and C, and other bloodborne pathogens that pose a risk of serious illness or even death. Wearable injectors provide a specialized safety mechanism, encouraging patients or healthcare professionals to adopt the product.
Flexibility and mobility to augment off body injectors demand
The wearable injectors market is classified into on body and off body. The off-body injectors market is slated to reach over USD 11 billion in 2032 as they are connected to the body via a thin tube or catheter, allowing patients greater flexibility and mobility. These devices minimize risks of adhesive fitting issues to the skin, painful removal, and skin sensitivity, stimulating product revenue share. In addition, growing investments in the development of advanced off-body injectors are anticipated to witness unprecedented segment progression over the foreseeable future.
Oncology to lead the wearable injectors industry landscape
The wearable injectors market is segregated into cardiovascular diseases, diabetes, autoimmune diseases, oncology, and others. The industry share from the oncology segment will exhibit a 14% CAGR from 2023 to 2032, driven by growing incidence rate of cancer. Continuous chemotherapy drug delivery through subcutaneous route for a long period will accelerate product demand. Wearable injectors allow patients to self-administer medication at home and reduce the need for frequent visits to the hospital or clinic.
Europe to constitute a prominent share of the global market
Europe wearable injectors market size to exceed USD 8 billion by 2032. The regional value is attributable to increasing prevalence of chronic disease including diabetes, cancer, and cardiovascular diseases in the regional population. The growing demand for home healthcare among European countries to reduce medical costs will also positively influence the regional market. Moreover, the strong presence of key market players who are investing substantially in R&D programs, along with novel product development.
Some of the key players profiled in the wearable injectors industry report include United Therapeutics, Inc., Insulet Corporation, Amgen Inc., West Pharmaceutical Services, Inc., Subcuject, Medtronic, Plc., Enable Injections, Ypsomed, Tandem diabetes care, CeQur SA, and Eitan Medical. These firms focus on a series of organic business tactics including acquisitions and investments to stay ahead in the industry.
Wearable injectors industry news
In April 2023, LTS Lohman, a pharmaceutical technology firm, acquired the Sorrel wearable device business, a subsidiary of Eitan Medical Ltd. With this acquisition, the company intended to expand its current passive technology offerings and strengthen its customer reach.
In February 2022, Enable Injections secured USD 215 million in funding for the development of enFuse, a subcutaneous drug delivery device. This device consists of a wearable delivery disc and a mechanism to transfer the drug from its originating vessel.
Partial Table of Contents (ToC) of the report:
Chapter 3 Wearable Injectors Industry Insights
3.1 Industry landscape, 2018-2032
3.2 Industry ecosystem analysis
3.2.1 Vendor matrix
3.2.2 Distribution channel analysis
3.2.3 Profit margin trends
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Growing prevalence of chronic diseases
3.3.1.2 Technological advancements in wearable injectors
3.3.1.3 Increasing demand for home based healthcare due to COVID-19
3.3.1.4 Increasing Concern over the Hazards and Limitations Related to Needle stick injury
3.3.2 Industry pitfalls & challenges
3.3.2.1 Excessive cost of wearable injectors
3.3.2.2 Preference for alternative drug delivery systems
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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