The wearable injectors market is a rapidly growing segment of the medical device industry. It refers to the development and commercialization of wearable devices that enable the delivery of drugs to patients without the need for traditional injections. These devices are designed to be used at home or on-the-go, making them an ideal choice for patients who require frequent medication administration.
Wearable injectors come in various forms, including patch pumps, pen injectors, and infusion pumps. These devices are used to administer a wide range of medications, including biologics, insulin, hormones, and chemotherapy drugs.
According to a recent market research report, the global wearable injectors market was valued at USD 6.2 billion in 2020 and is projected to reach USD 15.9 billion by 2027, growing at a CAGR of 13.3% during the forecast period.
Wearable injectors refer to the wearable medical devices that are designed to deliver drugs to patients without the need for traditional injections. These devices are worn on the skin and can be used to administer a wide range of medications, including biologics, insulin, hormones, and chemotherapy drugs.
Executive Summary
The wearable injectors market is a rapidly growing segment of the medical device industry. Wearable injectors are designed to deliver drugs to patients without the need for traditional injections, making them an ideal choice for patients who require frequent medication administration. According to a recent market research report, the global wearable injectors market was valued at USD 6.2 billion in 2020 and is projected to reach USD 15.9 billion by 2027, growing at a CAGR of 13.3% during the forecast period.
The market is being driven by factors such as the growing prevalence of chronic diseases, the need for more convenient drug delivery methods, and technological advancements in the field of medical devices.
However, there are also several challenges facing the wearable injectors market, including high development costs, regulatory hurdles, and the need for specialized training for healthcare professionals.
Important Note:ย The companies listed in the image above are for reference only. The final study will cover 18โ20 key players in this market, and the list can be adjusted based on our clientโs requirements.
ย Key Market Insights
- The global wearable injectors market was valued at USD 6.2 billion in 2020 and is projected to reach USD 15.9 billion by 2027, growing at a CAGR of 13.3% during the forecast period.
- Wearable injectors are becoming increasingly popular due to their convenience and ease of use.
- The market is being driven by factors such as the growing prevalence of chronic diseases, the need for more convenient drug delivery methods, and technological advancements in the field of medical devices.
- However, there are also several challenges facing the wearable injectors market, including high development costs, regulatory hurdles, and the need for specialized training for healthcare professionals.
- The market is segmented based on product type, usage type, therapeutic area, and end-user.
- North America is currently the largest market for wearable injectors, followed by Europe and the Asia Pacific.
- Key players in the market include Becton, Dickinson and Company, Insulet Corporation, Ypsomed AG, West Pharmaceutical Services.
Market Drivers
There are several factors driving the growth of the wearable injectors market. These include:
- Growing Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases such as diabetes, cancer, and autoimmune diseases is driving the demand for wearable injectors. These devices offer a more convenient and user-friendly way of administering medications, making it easier for patients to manage their conditions.
- Need for More Convenient Drug Delivery Methods: Traditional injection methods can be painful and require frequent visits to healthcare facilities. Wearable injectors offer a more convenient way of delivering medications, allowing patients to administer their drugs at home or on-the-go.
- Technological Advancements in the Field of Medical Devices: Advances in medical device technology have led to the development of more advanced and user-friendly wearable injectors. These devices are more accurate and precise, making drug delivery safer and more efficient.
- Increasing Focus on Patient-Centered Care: The healthcare industry is increasingly focusing on patient-centered care, which includes providing patients with more convenient and user-friendly treatment options. Wearable injectors are an example of such treatment options.
ย Market Restraints
Despite the growth drivers, there are several factors restraining the growth of the wearable injectors market. These include:
- High Development Costs: The development and commercialization of wearable injectors can be expensive, making it difficult for smaller companies to enter the market.
- Regulatory Hurdles: The wearable injectors market is highly regulated, and companies need to meet strict regulatory standards before they can bring their products to market.
- Need for Specialized Training for Healthcare Professionals: Healthcare professionals need specialized training to use wearable injectors effectively. This can be a challenge, especially in areas with a shortage of trained professionals.
- Competition from Traditional Injection Methods: Traditional injection methods are still widely used and may be preferred by some patients and healthcare providers. This can limit the demand for wearable injectors.
ย Market Opportunities
Despite the challenges, there are several opportunities for growth in the wearable injectors market. These include:
- Increasing Demand for Self-Administration: There is a growing trend towards self-administration of medications, and wearable injectors offer a more convenient and user-friendly way of achieving this.
- Growing Geriatric Population: The aging population is more prone to chronic diseases and may require frequent medication administration. Wearable injectors can offer a more convenient way of delivering medications to this population.
- Increasing Healthcare Expenditure: The growing healthcare expenditure in developed and developing countries is driving the demand for more innovative and efficient treatment options, including wearable injectors.
- Technological Advancements: Continued technological advancements in the field of medical devices are expected to lead to the development of more advanced and user-friendly wearable injectors.
Market Dynamics
The wearable injectors market is highly dynamic, with several factors influencing the growth of the market. These include:
- Technological Advancements: Advances in medical device technology are leading to the development of more advanced and user-friendly wearable injectors.
- Regulatory Environment: The regulatory environment can impact the development and commercialization of wearable injectors, with strict regulations in place to ensure patient safety.
- Competitive Landscape: The competitive landscape of the wearable injectors market is highly dynamic, with several key players competing for market share.
- Patient Demographics: The growing geriatric population and the increasing prevalence of chronic diseases are driving the demand for wearable injectors.
- Healthcare Expenditure: The growing healthcare expenditure is leading to the demand for more innovative and efficient treatment options, including wearable injectors.
Regional Analysis
The wearable injectors market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is currently the largest market for wearable injectors, followed by Europe and the Asia Pacific.
North America: The North American market is driven by factors such as the increasing prevalence of chronic diseases, growing geriatric population, and favorable reimbursement policies. The US is the largest market in the region, accounting for the majority of the market share.
Europe: The European market is driven by factors such as the increasing demand for self-administration of medications and the growing healthcare expenditure. Germany and the UK are the largest markets in the region.
Asia Pacific: The Asia Pacific market is expected to grow at the highest CAGR during the forecast period, driven by factors such as the increasing prevalence of chronic diseases and growing healthcare expenditure. China and Japan are the largest markets in the region.
Rest of the World (RoW): The RoW market is driven by factors such as the increasing focus on patient-centered care and the growing healthcare expenditure. The Middle East and Africa (MEA) and Latin America are the largest markets in the region.
Competitive Landscape
Leading companies in the Wearable Injectors Market:
- Medtronic plc
- Amgen Inc.
- Johnson & Johnson
- Insulet Corporation
- Tandem Diabetes Care, Inc.
- United Therapeutics Corporation
- Enable Injections, Inc.
- SteadyMed Therapeutics, Inc.
- CeQur SA
- West Pharmaceutical Services, Inc.
Please note: This is a preliminary list; the final study will feature 18โ20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.
Segmentation
The wearable injectors market is segmented based on product type, usage type, therapeutic area, and end-user.
By Product Type:
- On-Body Injectors
- Off-Body Injectors
- Handheld Injectors
- Others
By Usage Type:
- Disposable
- Reusable
By Therapeutic Area:
- Oncology
- Diabetes
- Autoimmune Disorders
- Cardiovascular Diseases
- Others
By End-User:
- Hospitals
- Clinics
- Home Care Settings
ย Category-wise Insights
On the basis of product type, the on-body injectors segment is expected to dominate the market, accounting for the largest market share during the forecast period. This can be attributed to the increasing demand for self-administration of medications and the convenience offered by on-body injectors.
Based on usage type, the disposable segment is expected to dominate the market, owing to the convenience and safety offered by disposable wearable injectors. On the basis of therapeutic area, the oncology segment is expected to dominate the market, driven by the increasing prevalence of cancer and the need for more efficient and user-friendly drug delivery methods.
Based on end-user, the home care settings segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for self-administration of medications and the growing geriatric population.
Key Benefits for Industry Participants and Stakeholders
- The growing demand for wearable injectors offers several opportunities for industry participants and stakeholders.
- The increasing prevalence of chronic diseases and the need for more user-friendly drug delivery methods are driving the demand for wearable injectors.
- The market offers several opportunities for growth, including the growing geriatric population, increasing healthcare expenditure, and technological advancements in the field of medical devices.
- The market is highly dynamic, with several factors influencing the growth of the market, including regulatory environment, competitive landscape, and patient demographics.
- Key players in the market are investing in R&D activities to develop more advanced and user-friendly wearable injectors, expanding their geographic presence, and focusing on partnerships and collaborations to gain a competitive edge in the market.
SWOT Analysis
Strengths:
- Growing demand for self-administration of medications
- Increasing prevalence of chronic diseases
- Technological advancements in the field of medical devices
- Favorable reimbursement policies
Weaknesses:
- High development costs
- Regulatory hurdles
- Need for specialized training for healthcare professionals
- Competition from traditional injection methods
Opportunities:
- Increasing healthcare expenditure
- Growing geriatric population
- Technological advancements in medical devices
- Increasing demand for patient-centered care
Threats:
- Stringent regulatory environment
- Competition from established players
- Economic slowdowns and uncertainty
- Limited availability of trained healthcare professionals
ย Key Trends
- Growing focus on patient-centered care
- Increasing demand for self-administration of medications
- Technological advancements in the field of medical devices
- Increasing prevalence of chronic diseases
- Growing geriatric population
- Increasing healthcare expenditure
- Increasing adoption of wearable technology
- Growing demand for convenient and user-friendly drug delivery methods
ย Covid-19 Impact
The Covid-19 pandemic has had a significant impact on the wearable injectors market. The pandemic has led to an increased focus on remote patient monitoring and self-administration of medications, driving the demand for wearable injectors.
The pandemic has also led to disruptions in supply chains and manufacturing operations, leading to a shortage of medical devices, including wearable injectors. However, the increasing demand for self-administration of medications and the growing geriatric population are expected to drive the demand for wearable injectors in the post-pandemic period.
Key Industry Developments
- In January 2021, Amgen announced the launch of its Onpro wearable injector for the delivery of its Enbrel drug.
- In December 2020, Medtronic announced the launch of its MiniMed 770G insulin pump system, which includes a wearable injector.
- In September 2020, Eli Lilly and Company announced the launch of its first wearable injector, the Trulicity pen, for the delivery of its Trulicity drug.
- In August 2020, Roche announced the launch of its Accu-Chek Solo micropump system, a wearable injector for insulin delivery.
ย Analyst Suggestions
- Industry participants should focus on developing more advanced and user-friendly wearable injectors, investing in R&D activities, and expanding their geographic presence.
- Companies should focus on partnerships and collaborations to gain a competitive edge in the market.
- Healthcare professionals should receive specialized training on the use of wearable injectors to ensure their safe and effective use.
Future Outlook
The wearable injectors market is expected to continue to grow in the coming years, driven by factors such as the increasing demand for self-administration of medications, the growing geriatric population, and the increasing healthcare expenditure.
Advances in medical device technology are expected to lead to the development of more advanced and user-friendly wearable injectors. However, the market will continue to face challenges such as regulatory hurdles, high development costs, and competition from traditional injection methods.
Overall, the wearable injectors market presents significant opportunities for industry participants and stakeholders, and is expected to remain a key segment of the medical device industry in the years to come.
Conclusion
The wearable injectors market is a rapidly growing segment of the medical device industry, driven by factors such as the growing prevalence of chronic diseases, the need for more convenient drug delivery methods, and technological advancements in the field of medical devices.
Despite challenges such as high development costs and regulatory hurdles, the market offers several opportunities for growth, including the increasing demand for self-administration of medications, the growing geriatric population and the increasing healthcare expenditure. The market is highly dynamic, with several factors influencing the growth of the market, including technological advancements, competitive landscape, and patient demographics.
Industry participants and stakeholders should focus on developing more advanced and user-friendly wearable injectors, investing in R&D activities, and expanding their geographic presence. Healthcare professionals should receive specialized training on the use of wearable injectors to ensure their safe and effective use.