New York, Jan. 21, 2022 (GLOBE NEWSWIRE) -- According to our new research study on “Wearable Injectors Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (On-Body Injectors and Off-Body Injectors); Application (Diabetes, Oncology, Cardiovascular Diseases, Autoimmune Diseases, and Other Applications); End User (Hospitals and Clinics, Homecare Setting, and Other End Users); and Geography”. The global wearable injectors market growth is driven by the increasing chronic diseases prevalence, technological advancements and design development, and conventional drug delivery system limitations. However, lack of adoption in emerging countries is a major factor hindering the market growth.
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| Report Coverage | Details |
| Market Size Value in | US$ 5,791.23 Million in 2019 |
| Market Size Value by | US$ 13,880.88 Million by 2027 |
| Growth rate | CAGR of 11.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 184 |
| No. Tables | 72 |
| No. of Charts & Figures | 69 |
| Historical data available | Yes |
| Segments covered | Type ; Application ; End User ; and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Wearable Injectors Market: Competition Landscape and Key Developments
Amgen, Inc., Medtronic, BD, Insulet Corporation, Gerresheimer AG (Sensile Medical), West Pharmaceutical Services, Inc., Ypsomed AG, Tandem Diabetes Care, Inc., Cequr SA, Debiotech S.A, Elcam Medical, and VALERITAS, INC. are among the key companies operating in the wearable injectors market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
In April 2020, Zealand Pharma A/S acquired all assets of Valeritas Holdings, Inc. for the cash purchase of about US$ 23 million. This acquisition has helped to extend its business from its existing pharmaceutical business.
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In June 2018, Medtronic launched MiniMed(TM) 670G Performance Guarantee Program for employers and payers. It is developed to lower the costs for diabetes-related complications.
In July 2018, Sensile Medical, Sanofi, and Verily (formerly Google Life Sciences) joined forces for developing and commercialization of the connected insulin patch pump. This partnership between three parties is focused on developing and commercializing a new generation of “all-in-one” pre-filled insulin patch pump. It is primarily used in patients with type 2 diabetes.
In 2019, North America dominated the wearable injectors market. The market growth in the region is attributed to the rising prevalence of chronic diseases like cancer, diabetes, oncology, cardiovascular diseases and others, along with development of innovative products and presence of key market players in the region. In addition, technological advancements for the treatment of diseases is likely to be a major growth stimulator for the wearable injectors market in the US and Canada. Furthermore, developments by the market player in the US is further expected to enhance market growth. For instance, in November 2017, West Pharmaceutical Services, Inc. launched two new wearable injectors that allows up to 10 mL of volume to be injected. West's SmartDose drug delivery platform allows patients to self-administer medication in accordance with their prescribed treatment. Product approvals by FDA create growth opportunities for the market in the US. In June, 2018, Tandem Diabetes Care, Inc., manufacturer of the touchscreen insulin pumps in the US, received U.S. Food and Drug Administration (FDA) approval of the t:slim X2 Insulin Pump with Basal-IQ technology, with a predictive low glucose suspend (PLGS) feature helpful in reducing the frequency and duration of low glucose events (hypoglycemia).
The wearable injectors market in Asia Pacific is anticipated to grow at the fastest rate in the coming years due to the rise in geriatric population, increasing prevalence of chronic diseases, supportive government initiatives and research in the field of wearable medical devices. Additionally, investments by international market players fuels the growth of the market.
Based on type, the wearable injectors market is segmented into on-body injectors and off-body injectors. The off-body injectors segment accounted for more than 56.96% of the market share in 2019. In terms of Application, the wearable injectors market is segmented into oncology, diabetes, autoimmune diseases, cardiovascular disease and other applications. The oncology segment held the largest share of the market in 2019. In terms of end user, the homecare setting segment accounted for the largest share in the wearable injectors market in 2019.
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Rising Prevalence of Chronic Diseases wearable injectors market Growth:
Wearable injectors are subcutaneous drug delivery systems that adhere to the body and administer larger volumes (more than 2 mL) of the drug over an extended period. With the use of wearable injectors, needle stick injuries can be avoided that are caused during parenteral drug administration using injections. Therefore, wearable injectors make them desirable for the treatment of chronic diseases where long-term treatment is necessary. Chronic diseases, such as diabetes, cardiovascular disorders, neurological disorders, autoimmune disorders, and various types of cancer, are the leading causes of death and disability worldwide. According to the Centers for Disease Control and Prevention (CDC) in 2019, nearly 6 in 10 people suffer from at least one chronic disease in the US.
Cardiovascular diseases (CVDs) are a significant cause of mortality globally owing to the hectic lifestyle. As per the WHO, CVDs are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Many biologics are commercially available for the treatment, but the conventional drug delivery methods are unable to provide accurate dosage. This augments the use of wearable injector drug delivery systems providing targeted drug delivery and prolonged drug residence to the affected areas of the cardiovascular system. Hence, the adoption of wearable injectors is likely to increase, which, in turn, propels the market growth.
Diabetes is one of the life-threatening chronic diseases with no functional cure. Diabetes of all types can lead to various complications in different parts of the body and can increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications associated with diabetes. According to the International Diabetes Federation (IDF), in 2019, ~463 million adults were living with diabetes, and the number is expected to reach 700 million by 2045. In diabetes patients, the exogenous insulin is usually administered through a subcutaneous route of administration for diabetes management. The wearable injector is an ideal drug delivery method for painless and accurate dosage of insulin.
Wearable Injectors Market: Segmental Overview
In terms of type, off-body injectors segment is anticipated to register the highest CAGR during the forecast period. The off-body segment is estimated to attain favorable growth as these devices eliminate risks, such as painful removal of devices, adhesive fitting issues to the skin, and skin sensitivity or irritation. For instance, Sensile Medical AG offers belt worn pump solution solutions for up to 20 ml for extended delivery time over several hours up to 3 days. In terms of Application, the wearable injectors market is segmented into oncology, diabetes, autoimmune diseases, cardiovascular disease and other applications. The oncology segment held the largest share of the market in 2019. In terms of end user, the homecare setting segment accounted for the largest share in the wearable injectors market in 2019.
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The COVID-19 outbreak has disturbed various trades and businesses across the world. According to the Society of Thoracic Surgeons, the number of cardiovascular surgeries in the US fell by more than half during the first wave of the outbreak, with the biggest drops observed in New England and mid-Atlantic. Patients with severe health conditions, such as diabetes, immune diseases, cardiovascular, cancer, vascular needs physical distancing with others; however, delays in such chronic disease treatments is distressing. However, in the situation of COVID-19 many companies such as BD, Insulet Corporation, Amgen, and Medtronic are taking the initiative in the United States in the treatment of covid19. For instance, Medtronic will distribute sensors, infusion sets, and reservoirs, which will be given by Insulin for Life USA to victims on insulin pump therapy, undergoing financial difficulties due to COVID-19. Therefore, it is likely to affect the wearable injectors market owing to the above mention points.
Browse Adjoining Reports:
Off Body Wearable Injectors Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Electronical Injectors, Mechanical Injectors, and Others); End Use (Immuno oncology, Diabetes, Cardiovascular Diseases, and Other), and Geography
Patient Controlled Injectors Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Electronic Wearable Injectors, Mechanical Wearable Injectors, and Infusion Pumps); Application (Cancer Treatment, Auto-immune Treatment, Blood Disorders Treatment, and Others); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Mail Order Pharmacies), and Geography
Household Self- injectable Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product type (Pen injectors, Autoinjectors, Wearable Injectors); Usage (Disposable, Reusable) and Geography
Ultra-Large Volume Wearable Injectors Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product type (Electromechanical Wearable Injectors, Others); Application (Diabetes, Cancer, Others) and Geography
Needle-free Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Jet Injectors, Transdermal Patch Technology, Inhaler Technology, Novel Needle-free Technologies); Application (Vaccine Delivery, Pain Management, Insulin Delivery, Pediatric Injections, Others); End User (Hospitals and Clinics, Home Care Settings, Others), and Geography
Dual Chamber Injectors and Syringes Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Caverject, Liquid Dry, Lyo-Ject UnoPen Memo, MiniQuick, UnifillEZMix Dual Chamber Safety Syringe)
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