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 share is expected to reach USD 21.98 billion by 2030
at a CAGR 15.2% 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 outlook. 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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