Published Date : 24 May 2023
The global wearable injectors market size was valued at USD 5.7 billion in 2022 and it is expected to rake around USD 13.9 billion by 2030, poised to grow at a strong CAGR of 11.8% during the projection period 2022 to 2030.
Wearable injectors are worn on the body. It is worn when the drug is given over a pre-programmed period lasting for seconds or hours. It is a single-use system that is removed from the body upon complete injection of the dose and can be conveniently disposed of. It costs, on average, between $20 and $35 per unit. It helps to reduce total healthcare costs than home administration of IV infusion drugs. It allows patients to self-inject without medical supervision.
It is a hands-free injection system. It is designed to deliver highly viscous biotechnology drugs subcutaneously automatically. It provides therapeutic drugs to the subcutaneous tissue. It makes people take their treatments into their own hands. It automatically delivers set doses to the patient at optimal times. It is an evolution in chronic disease management.
Factors such as the increasing prevalence of chronic illnesses and the rising geriatric population significantly contribute to the wearable Injectors Market growth. In line with this, growing concern over needle stick injuries positively influences market growth. Furthermore, the increasing need to reduce healthcare expenditures catalyzes market growth. Apart from this, the rising demand for continuous monitoring propels market expansion. Moreover, the growing demand for home-based treatment creates a positive outlook for the market. Besides, robust healthcare infrastructure and the increasing prevalence of infectious diseases propel market growth.
Additionally, an increase in the prevalence of lifestyle disorders strengthens the market growth. The COVID-19 pandemic positively impacted medical equipment and supply demand. The market players are getting involved in many projects. Therefore, COVID-19 positively impacted the wearable Injectors Market growth. The pandemic encouraged home-based therapies. The market players are focusing on manufacturing wearable injectors. Wearable Injectors improve patient and healthcare worker safety. However, both developed and developing countries face an increase in healthcare expenditure. Patients can self-administer these injectors at home. This is expected to lower healthcare costs.
Based on region, North America dominated the market and accounted for the largest revenue share. It is expected to maintain its dominance in the coming years. This is due to the growing incidence of chronic diseases & lifestyle-related diseases. The improved healthcare infrastructure significantly contributes to market growth across the region. Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to favorable government initiatives for the use of wearable Injectors. Factors such as the Increasing Geriatric population and rising healthcare expenditure positively influence the market growth across the region.
Wearable Injectors Market Report Scope:
|Market Revenue in 2023||USD 6.3 Billion|
|Projected Forecast Revenue in 2030||USD 13.9 Billion|
|Growth Rate from 2022 to 2030||CAGR of 11.8%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Market Driver: Increasing prevalence of chronic conditions
The Increasing prevalence of chronic conditions significantly contributes to market growth. The treatment for chronic diseases requires medication. A person can effectively get medications using Wearable Injector at home. In line with this, the rising incidence of lifestyle Disorders positively influences global market growth. Furthermore, favorable reimbursement policies create a positive outlook for the market. Apart from this, these devices can effectively handle patients having chronic diseases. The treatment of chronic diseases requires daily or weekly dosages of injections. Due to its high demand, the market players focus on manufacturing and developing wearable Injectors.
Market Opportunity: Introduction of smart features
Introducing smart features by the market players in wearable injectors offers numerous opportunities for market growth. Due to the increasing demand for wearable injectors, the market players focus on manufacturing and developing wearable Injectors. Its demand is high in homecare settings. Rapid technological advancements offer lucrative opportunities for market expansion. The market players are heavily investing in incorporating smart features in the products.
Market Restraint: High costs
The high costs of Wearable injectors restrict its market growth. It is an alternative for patients who must be admitted to hospitals. The hospitals are aiming to reduce healthcare costs. However, the high costs of Wearable injectors are hampering the market growth.
Market Challenge: Poor demand in underdeveloped countries
Due to the high price of wearable injectors, their demand is very poor in developing and underdeveloped countries. The healthcare Infrastructure is still improving in developing countries, and it is low in underdeveloped countries. This hampers the market growth.
Major Key Players:
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