The global wearable injectors market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The growing prevalence of chronic medical conditions and increasing geriatric population, along with the technological developments in drug delivery injectors globally, are expected to fuel the progress of this market in the near future. According to the data collected from Organization for Economic Co-operation & Development (OECD), in 2019, about 33% of the total population of OECD countries aged 15 years and more had two or more chronic conditions, and the number increased to 58% in persons with age more than 65 years. Moreover, the ability of wearable injectors to administer new formulations with higher volume and viscosity can significantly improve the patient experience, which in turn is expected to boost market growth in the coming years. The growth of the market can also be attributed to factors such as the continuous expansion in research for the development of biologics and favorable reimbursement policies for wearable injectors in prominent economic regions.
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The market is segmented on the basis of type into on-body and off-body, out of which the on-body segment is anticipated to grab the largest share by the end of 2030 on account of the increasing demand for this type of injector owing to the presence of multiple features. In addition, on-body wearable injectors are comfortable to be worn on the skin, along with their water-resistant capability and ease of use at home, which is also projected to contribute to the growth of the segment during the forecast period. Additionally, the off-body injector segment is also expected to grow significantly in the years to come as these devices reduce the problems such as adhesive fitting issues, painful removal and skin sensitivity.
Based on end-user, the home care settings segment in the global wearable injectors market is projected to grow with a significant CAGR over the forecast period, which can be attributed to the surge in preference for self-administration of drugs and the rise in the development of advanced drug delivery options, which minimize the need for technical expertise while administering medications. Additionally, the restrictions posed by COVID-19 outbreak has also resulted in the rising adoption of self-administration of drugs in-home care settings, especially by the vulnerable groups such as the geriatric population, which is also expected to support the market growth.
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.
Geographically, the global wearable injectors market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the large elderly population in many countries of the region such as China and Japan, and the increasing prevalence of chronic disorders in the region. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue over the forecast period, ascribing to the strong presence of leading market players in the region. Along with this, North America also leads in terms of presence of strong healthcare infrastructure, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the market on account of its success in drug trials, rising cases of cancer and the increasing ageing population in the region. As per the Annals of Oncology of the European Society for Medical Oncology, the predictions for cancer-related deaths in the European Union for 2021 are 1,267,000 deaths
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The global wearable injectors market is further classified on the basis of region as follows:
Our in-depth analysis of the global wearable injectors market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising prevalence of chronic medical conditions and the technological developments in drug delivery injectors globally are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
The emergence of alternative drug delivery systems and the lack of reimbursement policies in low and middle-income regions are estimated to hamper market growth.
The market in Asia Pacific will provide ample growth opportunities owing to the high elderly population in many countries of the region and the increasing prevalence of chronic disorders.
The major players dominating the wearable injectors market are Amgen Inc., Insulet Corporation, YPSOMED AG, among others.
The company profiles are selected on the basis of 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 type, end-user, and by region.
With respect to end-user, the home care settings segment is anticipated to hold the largest market share owing to the surge in preference for self-administration of drugs.
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