Market
Overview
Acknowledging
the outstanding growth, the market perceives currently, Market Research Future
(MRFR) in its recently published study report asserts that the global wearable
injectors market size is expected to reach USD 21.98 billion by 2030 at a CAGR15.2%
throughout the forecast period 2022-2030.
The thriving
wearable injectors market is expected to register significant accruals
throughout the forecast period. Factors predominantly supporting the growth of
the market include the growing demand for convenient methods of drug
administration and technological advancements & design development in
wearable injectors.
Moreover,
factors such as the favorable healthcare investments by government and the
rising demand for minimally invasive devices escalates the market on the global
platform.
Additional
factors positively impacting the market growth include increasing cancer cases,
the rising prevalence of chronic diseases, and growing uses of biologics. Also,
technological advancements, improving outcomes and patients’ experience,
beneficial reimbursement policies, and increasing awareness towards healthcare
are some of the major driving forces pushing up the market growth.
On the other
hand, factors such as the stringent government regulation and the time
consuming, lengthy process for product approvals alongside the preference for
traditional methods of drug delivery are negatively impacting the market
growth. Nevertheless, factors such as the significant growth in the home
healthcare are expected to support the market growth throughout the forecast
period, pushing push up the demand for wearable injectors.
Global Wearable Medical Injectors Market – Competitive Analysis
Highly
competitive, the wearable injectors market appears to be fragmented owing to
the presence of several large and small-scale players. These players invest
substantially in R&D to develop advanced injectable devices. High potential
growth opportunities that the market demonstrates are in turn, attracting
several new entrants to the market, further intensifying the competition in the
already fiercely competitive market.
Well-established
players incorporate strategic initiatives such as acquisition, collaboration,
expansion, partnership, and product & technology launch in order to gain a
competitive advantage in this market and to maintain their market positions.
Major Players
global wearable
injectors market players include Valeritas, Inc., West Pharmaceutical
Services, Inc., Eli Lilly and Company, Becton, Dickinson and Company (BD),
YPSOMED, Amgen Inc., CeQur SA, BioSpace, Enable Injections, SteadyMed
Therapeutics, Inc., and Sensile Medical AG among others.
Global Wearable Injectors Device Market – Segments
For
enhanced understanding, the report has been segmented into six key dynamics.
By Type :
On-body, Off-body, and Hand-held Wearable Injectors.
By Usage : Disposable
and Semi-reusable.
By Mechanism of Injection : Spring-based, Motor Driven,
Rotary Pump, Expanding Battery, Pressurized Gas, and Collapsible Reservoir
among others.
By Therapeutic Area : Oncology, Infectious Diseases, Cardiovascular
Diseases, Autoimmune Diseases, and Diabetes among others.
By End-user : Hospitals, Clinics, Homecare, and Ambulatory Surgery
Centers among others.
By
Regions : Asia
Pacific, North America, Europe, and the Rest-of-the-World.
Global Wearable Medical Injectors Market – Regional Analysis
The North American region, heading with
the presence of several notable players is expected to retain its dominance
over the global wearable
injectors market insights. Moreover, factors such as the enhanced access to
technology, increasing governmental support for the research and development,
and high per capita healthcare expenditures are fostering the growth of the
regional market.
Besides, the availability of
well-developed technologies alongside the presence of well-established
infrastructure that allows implementation of advanced technology positively
impacts the market growth.
The wearable injectors market in the
European region holds the second position in the global market, emerging as a
lucrative market. The market in the region is expanding due to the increased
funding and the support provided by the government and private entities for
R&D that are bringing advancements in the wearable technology. Moreover,
the resurging economy in Europe is playing a vital role in the growth of the
market allowing it to register a phenomenal CAGR throughout the forecast
period, increasing consumers purchasing power.
The Asia Pacific region, heading with the
high uptake of technology, is rapidly emerging as a profitable market for
wearable injectors. Advancements in wearable technology and medical devices are
one of the key driving forces behind the growth of the market in this region.
The market in India, China, and Japan heading with the large technological
advancements and the increasing number of healthcare solution providers
predominantly contributes to the growth of the regional market.
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