Wearable Injectors Market Size to Hit $19.51 Billion, by 2030 at 15.3% CAGR
Shift of healthcare system toward home-based treatment, surge in demand for quality and affordable patient care, and technological advancements drive the growth of the global wearable injectors market.
PORTLAND, Ore., Jan. 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wearable Injectors Market By Type (On-Body and Off-Body), Usage (Disposable and Semi-Reusable), Technology (Electronic, Mechanical, and Others), Mechanism Of Injection (Motor Driven, Spring Driven, Expanding Battery, Rotary Pump, Collapsible Reservoir, and Pressurized Gas), Therapeutic Area (Diabetes, Oncology, Cardiovascular Disease, and Others), and End User (Clinics, Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Others): Global Opportunity Analysis And Industry Forecast, 2021–2030." According to the report, the global wearable injectors industry generated $5.02 billion in 2020, and is estimated to reach $19.51 billion by 2030, witnessing a CAGR of 15.3% from 2021 to 2030.
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Prime determinants of growth
Shift of the healthcare system toward home-based treatment, surge in demand for quality and affordable patient care, and technological advancements drive the growth of the global wearable injectors market. However, low volume of administration and nature of drugs hinder the market growth. On the other hand, rise in prevalence of chronic disorders creates new opportunities in the coming years.
Covid-19 Scenario
- The demand for wearable injectors increased during the Covid-19 pandemic with advent of home-based treatment and to monitor health conditions.
- As the resources were shifted for treatment of increased Covid-infected patients, the procedures involving wearable injectors were delayed. Moreover, many procedures were postponed to avoid cross-contamination.
- Owing to lockdown restrictions, there were hindrances in manufacturing and supply chain activities. This, in turn, affected the overall revenue.
The on-body segment to continue its lead position during the forecast period
Based on type, the on-body segment held the largest share in 2020, contributing to more than half of the global wearable injectors market, and is estimated to continue its lead position during the forecast period. Moreover, this segment is expected to manifest the highest CAGR of 6.6% from 2021 to 2030. This is due to advancements in on-body injectors, rise in chronic diseases, and ease of administration. The research also analyzes the off-body segment.
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The semi-reusable segment to maintain its leadership status throughout the forecast period
Based on usage, the semi-reusable segment accounted for the largest share in 2020, contributing to more than half of the global wearable injectors market, and is expected to maintain its leadership status throughout the forecast period. This is due to rise in prevalence of diabetes and surge in demand for reusable devices. However, the disposable segment is projected to witness the largest CAGR of 15.6% from 2021 to 2030. This is attributed to rise in the number of hospitals & diagnostic centers that use disposable wearable injectors.
North America to maintain its dominance by 2030
Based on region, North America contributed to the highest market share in 2020, holding nearly two-fifths of the global wearable injectors market, and is expected to maintain its dominance by 2030. This is attributed to the presence of key players for manufacturing & developing wearable injector devices and rise in number of hospitals & diagnostic centers. However, Asia-Pacific is projected to portray the fastest CAGR of 17.2% during the forecast period. This is due to increase in diagnostic procedures and prevalence of chronic diseases.
Leading market players
- Enable Injections
- United Therapeutics (Steadymed Therapeutics, Inc.)
- Insulet Corporation
- Medtronic PLC
- Sensile Medical AG
- West Pharmaceutical Services, Inc.
- Becton Dickinson and Company
- Buhler Motor Gmbh
- Ypsomed
- Eoflow
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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