The global large volume wearable injectors market is estimated to garner a revenue of ~USD 26 billion by the end of 2031 by growing at a CAGR of ~16% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 7 billion in the year 2021. The primary growth factor for the market is projected to be the rising cases of chronic diseases around the globe and deaths owing it. As per a recent study in 2020, it was estimated that around 40 million people are killed globally by chronic diseases. Further, it was estimated by the Centers for Disease Control and Prevention that 6 out of 10 adults in the United States are living with one chronic disease, whereas 4 out of 10 adults have been diagnosed with more than two chronic diseases in the year 2022.
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Large volume wearable injectors are drug delivery devices used for single-step administration of drugs for lengthier extent. These devices are designed to stick to the patient’s body. A large reservoir is used for storing and delivering sufficient amount of medications via subcutaneous tissues more quickly and safely. The increasing prevalence of non-communicable diseases among the global population and the growth in deaths due to it, is anticipated to bolster the demand of large volume wearable injectors. According to a recent World Health Organization (WHO) study published in 2021, non-communicable diseases (NCDs) kill approximately 41 million people worldwide each year. This is equivalent to around 71% of the total global deaths.
Increase in Deaths by Cardiovascular Diseases Around the World – As per the statistics shared by the World Health Organization (WHO) in 2021, around 17.9 million people globally died due to cardiovascular diseases in 2019. It was approximately 32% of all the global deaths.
Rising Autoimmune Diseases – The report released by the National Institute of Environmental Health Sciences revealed that more than 24 million people are affected by autoimmune illnesses.
High Expenditure in Healthcare – As per the World Bank, the global health expenditure accounted to 9.83% of the total GDP in 2019. This is a significant rise from 9.37% of the total GDP in 2013.
Burgeoning Geriatric Population – The United States stated that there were 703 million people who aged 65 years and above across the whole world in 2019. Further, this number is projected to rise significantly to 1.5 billion by 2050.
Boom in Healthcare Sector – As per recent estimates, the revenue generated by India’s healthcare sector was approximately USD 300 billion in 2020, which is further anticipated to rise to USD 380 billion by 2022.
The large volume wearable injectors market is segmented and analyzed for demand and supply by therapeutic areas into cardiovascular disorders, infectious diseases, neurological disorders, oncological disorders, and others. Out of these, cardiovascular disorders segment is anticipated to garner the highest revenue by 2031, owing to the rising global burden due to prevalence of cardiovascular disorders. As per recent statistics done in 2022, it is revealed that in the United States, every 34 seconds, one adult dies due to cardiovascular disease. Also, 697,000 people in the United States died from heart disease in 2020, accounting to be 1 in every 5 deaths. Further, deaths due to common cardiovascular diseases such as coronary heart disease and heart attacks have seen a considerable growth in the recent times, which in turn is estimated to increase the demand of large volume wearable injectors. As per the Centers for Disease Control and Prevention, coronary heart disease killed around 382,820 Americans in 2020 and about 805,000 people in the United States have a heart attack every year.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global large volume wearable injectors market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, owing to rising chronic cases in the region. Chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. They are also the leading drivers of the nation’s USD 4.1 trillion in annual health care costs. Further, the boom in healthcare industry is an another growth factor for the large volume wearable injectors market growth. The revenue generated by the U.S. healthcare industry stood at USD 800 billion as of 2021.
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The global large volume wearable injectors market is further classified on the basis of region as follows:
Our in-depth analysis of the global large volume wearable injectors market includes the following segments:
By Device Type
By Therapeutic Areas
FREQUENTLY ASKED QUESTIONS
The rising global burden from chronic diseases and burgeoning geriatric diseases are some of the factors that are expected to expand the market growth in the forecast period.
The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2022 – 2031.
The lack of awareness coupled with rising awareness about reimbursements and additional expenses are some of the factors that are expected to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Insulet Corporation, Becton, Dickinson and Company, Ypsomed AG, Amgen Inc., United Therapeutics Corporation, West Pharmaceutical Services, Inc., Frederick Furness Publishing, Crunchbase, Inc., Frederick Furness Publishing, Eitan Medical Ltd. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by device type, usability, therapeutic areas, and by region.
The cardiovascular diseases segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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