According to a new market research report “Global Wearable Injectors Market Size, Share, Development, Growth and Demand Forecast to 2024 – Industry Insights by Type (Body-Worn Patch Injector, Off-Body Worn Belt Injector and Others), by Technology (Electronic Injector, Mechanical Injector and Others), by Application (Cancer, Infectious Disease, Autoimmune Disorder, Cardiovascular Disease, Blood Disorder and Others), by End User (Home Care, Hospital, Lab & Diagnostics and Others), published by P&S Market Research, the global wearable injectors market is projected to reach $13,015.9 million by 2024, growing at a CAGR of 23.0% during 2016 - 2024.
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Global wearable injectors market worth $2,162.1 million in 2015
As per the research, the global wearable injectors market is likely to grow from $2,162.1 million in 2015 to $13.0 billion by 2024. With the explosive growth of bolus injectors and increasing interest of pharmaceutical companies in collaborating with device manufacturers for drug device combination, the market for wearable injectors is expected to show dramatic rise. The launch of bolus injector expands the usage of wearable injectors from diabetes to other disease segments, as the wearable injectors currently available in market are majorly insulin pumps. The growing need for continuous and subcutaneous drug delivery has developed the demand for wearable injectors among the patients.
Insights on market segments
As per the findings of the research, cancer is expected to be the largest application area of wearable injectors. According to the analyst, cancer and autoimmune disease are expected to be the major application areas for wearable injectors in the near future. The other key applications of wearable injectors include infectious disease, cardiovascular disease and blood disorders. Also, homecare is expected to be the largest end user of wearable injectors.
North America emerges as largest wearable injectors market
Geographically, North America has been the largest market for wearable injectors, where the U.S. has been the largest contributor to the regional market during 2013 - 2015. The North American wearable injectors market is growing significantly due to increasing demand for self-injection system and rising prevalence of chronic and lifestyle-associated diseases. According to the CDC, approximately 117 million people in the U.S., i.e. about half of its adult population, experienced one or more chronic health conditions in 2012. Japan has been the major market in Asia-Pacific; whereas in Europe, Germany has been the highest revenue generator in 2015.
Growing need for advanced drug delivery to bolster market growth
Growing need for advanced drug delivery is one of the major factors driving the growth of the global wearable injectors market. Increasing demand for homecare and advanced drug delivery requiring minimal expertise and lesser hospitalization of patients is expected to drive the demand for wearable injectors, globally. Also, many biopharmaceutical companies have been looking for a better mode of drug delivery for their portfolio of biologic drugs, for which wearable injectors are an appropriate solution.
Increasing need for better patient care is creating ample growth opportunities for the global market. Electronic wearable injectors create yet another opportunity for the global market, as these types of wearable injectors are technically more advanced, do not require patient training and are easy to use. As compared to these, mechanical wearable injectors are self-administration devices that require one time administration of the drugs, manually, by the patient. Mechanical wearable injectors are either pre-loaded or loaded at the time of administration.
Top three players constitute the major market share
The research states that the global wearable injectors market had a consolidated structure in 2015, where the top three competitors accounted for the major share in the global wearable injectors market. Some of the key players operating in the global market are Becton, Dickinson and Company, Medtronic plc, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Insulet Corporation, Unilife Corporation, CeQur SA, Enable Injections, ScPharmaceuticals, Inc., SteadyMed Ltd., Ypsomed Group, West Pharmaceutical Services, Inc. and Canè S.p.A.
Different companies are collaborating to provide new solutions in the global wearable injectors market. For instance, Ypsomed collaborated with Novo Nordisk in June 2016, where the two companies were expected to provide new solutions in insulin pump therapy. The company’s YpsoPump was compatible with NovoRapid PumpCart by Novo Nordisk. NovoRapid is a prefilled pump cartridge with an insulin analogue that has been especially designed for insulin pumps. The collaboration aimed to simplify the use of insulin for the diabetes patients.
GLOBAL WEARABLE INJECTORS MARKET SEGMENTATION
By End User