The global wearable injectors market size is projected to be $20.21 billion in 2030, advancing at a CAGR of 12.6% during 2021–2030. This will be on account of the advancements in technology and the rising prevalence of various chronic diseases, such as cardiovascular diseases, diabetes, and cancer. Furthermore, emerging economies offer ample opportunities for the growth of the domain.
Other key factors driving the growth of the sector include the growing need for home healthcare and an urge to reduce the overall healthcare costs. Everyone is focusing on reducing patients’ stay at the hospital and the healthcare costs incurred. To save on these costs and maintain patient comfort, device manufacturers are developing advanced drug delivery devices. A wearable injector is one of the most-suitable solutions for patients who need to visit doctors frequently.
Elderly patients require extensive care as they are prone to illnesses due to their low immunity levels and longer recovery time. Therefore, they are at an extremely high risk of chronic diseases, such as cancer, diabetes, neurological disorders, and cardiovascular diseases. With the increase in the aging population, the demand for drugs is expected to rise, thus leading to growth in the demand for wearable injectors.
A wearable injector is used for delivering a large volume of drugs over an extended period. It delivers large subcutaneous drug doses to patients even when the patient is ambulatory, thus allowing them to carry out daily activities during drug delivery. Moreover, they provide acceptable subcutaneous back pressure (common with large molecules) and bearable pain to patients during or after injection.
The On-Body Wearable Injectors category held the largest market share, of more than 50%, in 2021. This is on account of the ease with which these devices release an accurate dose into the human body, over a controlled period. In addition, these variants help with lifestyle management, flexible dosing, and medical cost reduction.
North America contributed the highest wearable injectors market revenue share, of more than 30%, in 2021, due to the presence of prominent players, increasing number of hospitals, and favorable regulatory scenario in the region.
The market in APAC is expected to advance the quickest during the forecast period, because of the aging population and rising diabetes prevalence. In this regard, the changes in the lifestyle and the rising influx of people from overseas, seeking cost-effective treatments, are driving the regional growth.
The major players operating in the wearable injectors market are Becton, Dickinson and Company, Medtronic plc, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Insulet Corporation, Unilife Corporation, Enable Injections, SteadyMed Ltd., Ypsomed Group, and West Pharmaceutical Services Inc.