iCrowd Newswire – Jun 20, 2020
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.
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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, E3D Elcam Drug Delivery Devices, and Zealand Pharma A/S (Valeritas, Inc.) are among the prominent players in the wearable injectors market.
The market players are focused on mergers and acquisitions, product launches and other strategies to sustain their position in the market. For instance, in Jan 2020 Tandem Diabetes Care, Inc., launched its t:slim X2 insulin pump with Control-IQ technology commercially in the US market. The pump is enabled with the Control-IQ technology. It uses CGM values, in combination with other variables such as insulin on board, to predict sensor glucose levels 30 minutes in advance and regulates insulin delivery accordingly. The new product has helped the company to expand its business geographically.
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.
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 ensurecomfortand ease of use, confer water resistanceand flexible dosingfeatures, and facilitate automatic warming of refrigerated drugs. These benefits have led to the rise indemand for on-body injectors. Moreover, the market foroff-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.
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