Dublin, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The "Wearable Injectors Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Application; End User; and Geography" report has been added to ResearchAndMarkets.com's offering.
The wearable injectors market was valued at US$ 5,791.23 million in 2019 and is projected to reach US$ 13,880.88 million by 2027; it is expected to grow at a CAGR of 11.6% during 2020-2027.
Wearable injectors are drug delivery devices adhering to the body to deliver larger volumes of drugs subcutaneously. Several pharmaceutical and medical device companies have developed wearable injectors. The devices consist of a reservoir for medicine, a cannula for substance delivery to tissues, and a drive system to deliver the appropriate drug volume; it is loaded with adhesive to fix the device to the patients' skin.
The growth of the wearable injector market is attributed to the increasing chronic disease prevalence, technological advancements and design development, and conventional drug delivery system limitations, among others. However, the lack of adoption in emerging countries limits the market growth. Further, the increasing demand for biologics is a significant opportunity for the global wearable injectors market players.
Technological Advancements and Design Development
Wearable injectors are rapidly gaining their prominence in the market owing to their capabilities in delivering a high volume of viscous formulations. The administration of pharmaceuticals via intravenous (IV) infusion is expensive in healthcare settings. Self-administration of subcutaneous injections is expected to save 30-70% of costs. Moreover, administration through conventional methods poses risks such as inaccurate dosage and needle stick injuries.
The rise in the number of biologic drugs that are not suitable for oral administration has increased the adoption of wearable injection devices. Higher dosage volumes and viscous formulations of these drugs are further emphasizing the need for alternative injection methods such as wearable injectors.
For instance, the enFuse wearable injector manufactured by Enable Injections is used for subcutaneous delivery of high-volume therapeutics outside a healthcare facility. The company has also introduced mobile monitoring and more significant volume capabilities to its high-volume wearable injectors.
A new category of wearable products has emerged, bridging the gap between functionality and cost while improving patient safety and quality of life. One such example is Stevanato Group's cartridge-based wearable device, currently under development, received Best Innovation in Drug Delivery Device award at Pharmapack Awards in 2019.
The product includes a disposable, wearable pod, and reusable handheld controller that serves as the user interface and control unit for the pod. This is used for varied therapeutic areas, including diabetes, hormone therapies, pain management, and Alzheimer's disease treatment. Moreover, continuous development by leading players in upgrading the existing wearable injector portfolio is further driving the demand for wearable injectors.
For instance, in February 2020, BD, a leading global medical technology company, completed a human clinical trial of the BD Libertas Wearable Injector. The award-winning injector is currently in development and is designed as a subcutaneous drug delivery system to deliver biologics with viscosities up to 50 cP in 2-5 mL and 5-10 mL configurations.
Based on type, the wearable injectors market is segmented into on-body injectors and off-body injectors. In 2019, the on-body injectors segment accounted for a larger share of the global wearable injectors market. On-body injectors ensure comfort and ease of use, confer water resistance and flexible dosing features, and facilitate automatic warming of refrigerated drugs. These benefits have led to the rise in demand for on-body injectors. Moreover, the market for off-body injectors is expected to grow at a faster pace during the forecast period, and the projected growth is attributed to the fact that these devices are free of the risks of skin fitting issues and allergic skin reactions.
End User Insights
Based on end user, the wearable injectors market is segmented into hospitals and clinics, homecare setting, and other end users. The homecare setting segment held the largest share in the global wearable injectors market in 2019. Growth of the market for this segment is attributed to expose to global trends, increasing chronic diseases prevalence, technological advancements and design development, and conventional drug delivery system limitations.
For instance, the home care segment is anticipated to dominate the market due to the growing inclination toward self-administration of medicine and the rising preference of low-cost healthcare procedures. Also, the increasing demand for technologically developed drug delivery options to lowers the frequency of hospital visits and requires minimal expertise. Moreover, the ease of use, and ready availability and accessibility has also increased the adoption of wearable injectors among patients. Hence, this has increased the use of drug delivery systems in in home care settings.
Collaborations and technology partnerships by the players operating in the market to bridge the demand-supply gap are anticipated to play a significant role in the growth of the wearable injectors market during the forecast period. Moreover, the growing number of accidents and trauma cases, and rising incidence of infectious diseases are predicted to accelerate market growth.
Key Topics Covered:
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
2. Wearable Injectors Market - Key Takeaways
3. Research Methodology
4. Global Wearable Injectors Market - Market Landscape
4.2 PEST Analysis
4.3 Expert Opinion
5. Wearable Injectors Market - Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Chronic Diseases Prevalence
5.1.2 Technological Advancements and Design Development
5.1.3 Conventional Drug Delivery System Limitations
5.2 Market Restraints
5.2.1 Lack of Adoption in Emerging Countries
5.3 Market Opportunities
5.3.1 Increasing Demand for Biologics
5.4 Future Trends
5.4.1 Integration of Wearable Injectors During Early Drug Development
5.5 Impact Analysis
6. Wearable Injectors Market - Global Analysis
6.1 Global Wearable Injectors Market Revenue Forecast and Analysis
6.2 Global Wearable Injectors Market, By Geography - Forecast and Analysis
6.3 Market Positioning of Key Players
7. Wearable Injectors Market- By Type
7.2 Wearable Injectors Market Share, by Type, 2019 and 2027 (%)
7.4 On-body Injectors
7.4.2 On-body Injectors: Wearable Injectors Market Market- Revenue and Forecast to 2027 (USD Million)
7.5 Off-body Injectors
8. Wearable Injectors Market- By Application
8.2 Wearable Injectors Market Share, by Application, 2019 and 2027 (%)
8.4.2 Oncology: Wearable Injectors Market Market- Revenue and Forecast to 2027 (USD Million)
8.6 Autoimmune Disease
8.7 Cardiovascular Disease
8.8 Other Applications
9. Wearable Injectors Market- By End User
9.2 Wearable Injectors Market Share, by End user, 2019 and 2027 (%)
9.4 Homecare Setting
9.4.2 Homecare Setting: Wearable Injectors Market Market- Revenue and Forecast to 2027 (USD Million)
9.5 Hospitals and Clinics
9.6 Other End Users
10. Wearable Injectors Market - Geographic Analysis
11. Impact Of COVID-19 Pandemic on Global Wearable Injectors Market
12. Wearable Injectors Market -Industry Landscape
12.2 Growth Strategies Done by the Companies in the Market, (%)
12.3 Organic Developments
12.4 Inorganic Developments
13. Company Profiles
13.1 Key Facts
13.2 Business Description
13.3 Products and Services
13.4 Financial Overview
13.5 SWOT Analysis
13.6 Key Developments
Gerresheimer AG (Sensile Medical)
West Pharmaceutical Services, Inc.
Tandem Diabetes Care, Inc.
E3D Elcam Drug Delivery Devices
Zealand Pharma A/S (Valeritas, Inc.)
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