Wearable Injectors Market worth $11.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 28, 2021 /PRNewswire/ -- According to the new market research report "Wearable Injectors Market by Product Type(On-Body and Off-Body), Therapy (Immuno-oncology, Diabetes, Cardiovascular diseases), Technology(Spring-based, Motor Driven, Rotary Pump, Expanding Battery), Care Setting (Hospitals) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 11.5 billion by 2026 from USD 7.2 billion in 2021, at a CAGR of 9.9% during the forecast period.
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114 – Tables
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The Growth in this market is mainly driven by factors such as the shift of healthcare delivery toward homecare due to COVID-19, advantages of wearable injectors in the administration of various drugs, the rising prevalence of chronic diseases (such as cancer, diabetes, and CVD), favorable reimbursement scenario in major markets, and technological advancements in injector devices. However, the preference for alternative drug delivery modes, high costs, and a poor reimbursement structure in developing countries are expected to limit the adoption of wearable injectors to a certain extent.
By Type, the on-body injectors segment is expected to account for the largest share of the wearable injectors market
By type, the global market is segmented into on-body injectors and off-body injectors. The on-body injectors segment accounted for the largest share in the forecast year. The large share of this segment can be attributed to the patients ease to deliver a precise amount of drug to the body over a controlled period of time.
On the basis of technology, spring based segment is expected to account for the largest share of the market
Based on technology, the wearable injectors market is segmented into spring-based, motor-driven, rotary pump, expanding battery, and other technologies. The spring-based technology segment accounted for the largest share in the forecast period. The large share of this segment can be attributed to the rising demand for adhesive patches, as these devices are user-friendly and enable patients to accurately deliver the required drug subcutaneously.
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On the basis of therapy, diabetes segment is expected to account for the largest share of the market
Based on therapy, the wearable injectors market is segmented into immuno-oncology, diabetes, cardiovascular diseases, and other therapies (such as Parkinson's disease, thalassemia, and primary immunodeficiency disorders). The diabetes segment accounted for the largest share in the forecast period. The large share of this segment can be attributed to The high burden of diabetes across the globe, coupled with the growing availability of wearable injectors for the treatment of these diseases, is driving the growth of this market segment.
On the basis of end user, hospitals and clinics segment holds the highest market share in the wearable injectors market
Based on end user, the market is segmented into hospitals and clinics and home healthcare settings. The hospitals and clinics segment accounted for a larger market share during the forecast period. The large share of this segment can primarily be attributed to the rising preference for the self-administration of medication and the increasing need to curb healthcare costs. In addition, the growing demand for technologically developed drug delivery approaches, which lower the hospitalization rate and require minimal expertise, is expected to boost the growth of the home healthcare settings segment.
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North America to dominate the wearable injectors market during the forecast period
The wearable injector market in North America accounted for the largest market during the forecast period. The large share of North America in this market is to the rising prevalence of chronic and lifestyle-related diseases and the presence of advanced healthcare infrastructure in the region. However, the Europe market is estimated to grow at the highest CAGR during the forecast period owing to factors such as the Increasing prevalence of chronic diseases, Government support for drug development in Germany, Rising focus on biosimilar innovation in the UK, Favorable reimbursement scenario for various treatment options in France.
Prominent players in the wearable injectors market include Becton, Dickinson and Company(US), Ypsomed(Switzerland), Amgen(US), Subcuject(Denmark), Enable Injections, Inc(US), Medtronic Plc(Ireland), Insulet Corporation(US), United Therapeutics Corp (Us), CeQur SA(Switzerland), Sensile Medical(Switzerland).
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