USD 7.30 billion
Report ID: SQSG35B2020 | Region: Global | Published Date: November, 2022 | Pages: 263 | Tables: 63 | Figures: 76
Global Wearable Injectors Market size was valued at USD 7.30 billion in 2021, and it is expected to reach a value of USD 11.70 billion by 2028, at a CAGR of 9.9% over the forecast period (2022-2028).
Wearable injectors are delivery methods that stick to the skin and allow for long-term subcutaneous drug administration. The equipment in wearable injectors gives more accurate dosing, along with other clinical advantages, and higher delivery precision. The components of any wearable injector are the same: a reservoir for medication, a cannula for tissue supply, an adhesion to secure the equipment to the skin's surface, and a driving mechanism to provide the right amount of medication.
Comparing wearable injectors to traditional injecting techniques, they are a more affordable form of administration. The market for wearable injectors is expected to develop as a result of the advantages these devices have over traditional injections, including better drug dose and time control, enhanced patient ease and satisfaction, and a decrease in methodological problems. But throughout the projected timeline, unfavorable reimbursement rules are expected to slow the rising demand for wearable injectors.
Global Market Size
USD 7.30 billion
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The global wearable injectors market segmentation is based on type, therapy, and region. Based on type the market is segmented into on-body and off-body. Based on therapy the market is segmented into diabetes, cardiovascular disease, immuno-oncology, and others. Based on region the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Type
In 2021, the on-body market category held the highest market share. Particularly on the stomach, these feel comfortable against the body. In-home care settings can also utilize them easily because they are waterproof. Additionally, it is predicted that the segment would develop faster in the years to come due to an increase in the market for home care. However, the prediction predicts that off-body injectors will increase the most in the coming few years. Off-body injectors have gained popularity as a result of the drawbacks of on-body injectors, such as unpleasant withdrawal, contact dermatitis and irritation, and problems with adhesive compatibility.
Analysis by Therapy
The wearable injectors market saw a major revenue share in the Cardiovascular diseases category in 2021. The global increase in the prevalence of sedentary lifestyles is blamed for the sector's continuous rise. Heart and blood vascular issues are grouped together as CVDs. A blockage that prevents blood from getting to the heart or brain usually results in abrupt events like heart attacks and strokes. The most frequent cause is an accumulation of fatty deposits on the inside lining of the blood vessels that supply the heart/brain.
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In terms of revenue, North America held the largest wearable injector market globally in 2021, and it is expected that it will continue to do so during the projection timeframe. This is explained by the spike in the number of people with various medical conditions. Furthermore, the requirement for the wearable injector market is being fueled by the introduction of numerous novel medications that may successfully cure chronic diseases. Additionally, the growing acceptance of tailored pharmaceuticals may have a favorable effect on the market in the years to come.
The most potential market is expected to be in the Asia Pacific over the forecast years. Several of the world's top biotech producers are based in the Asia Pacific. The industry competitors can expect profitable prospects in the near future from countries like South Korea, China, and India. Additionally, it is predicted that the region's aging population will increase the market for wearable injectors. The aging population is more susceptible to many chronic diseases and is projected to drive market expansion in the coming years.
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Many businesses in the market for producing wearable injectors are now concentrating on expanding their production capacities through mergers and acquisitions. For the purpose of acquiring new features or gaining entry into new markets, large primary manufacturers are creating joint ventures or purchasing small or midsized businesses. Additionally, businesses are investing in the creation of enhanced products. They are also concentrating on keeping their prices competitive. For instance, in April 2021, the Medtronic Extended infusion set is the first and only infusion set that may be worn for up to 7 days, according to an announcement made by Medtronic plc.
Top Players in the Global Wearable Injector Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the on-body market sector had the most market share in 2021. In 2021, the market for wearable injectors witnessed a significant revenue share in the cardiovascular diseases sector. In terms of revenue, North America led the global wearable injector market in 2021, and it's expected that this trend will hold during the forecast period. Over the projected years, Asia Pacific is expected to have the highest market potential.
|Market size value in 2021||USD 7.30 billion|
|Market size value in 2028||USD 11.70 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wearable Injectors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wearable Injectors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG35B2020