Rising Prevalence of Chronic Diseases Boost Demand for Wearable Injectors

The wearable injectors industry contributes $6.95 billion in 2021, and it is projected to advance at a rate of 12.6% from 2021 to 2030, to generate $20.21 billion in 2030. It is ascribed to rising health hazard concerns, led by conventional injectors, coupled with growing demand for conventional and novel drug molecules.

In addition, the rising prevalence of chronic diseases, including cancer, diabetes, and cardiovascular diseases, and favorable reimbursement policies are projected to boost the demand for wearable injectors in the coming years.

Infusion therapy costs around $35 billion in the specialty drug industry. The subcutaneous injection is the most popular administration route in various therapeutic areas, including hemophilia, cancer, autoimmune disorders, and multiple sclerosis. It accounts for 50% of the expenditure on specialty medicine in the U.S.

Furthermore, biological drugs are large molecules, and more viscous compared to other drugs. They cause lesser pain during injection. The usage of the biological molecules with pharmacokinetics and subcutaneous back pressure boosts the usage of the biological molecules.

The slow administration of the drug is required for reducing patient discomfort and improving the drug's performance. For example, immunoglobulins are used for administering large volumes, and therefore, the preferred method is subcutaneous delivery. Immunoglobulins are administered in a specialized clinic or in a hospital through insertion sets or syringe pumps.

The major players operating in the industry are; Medtronic plc, SteadyMed Ltd., Ypsomed Group, Unilife Corporation, Insulet Corporation, F.Hoffmann-La Roche Ltd., Johnson & Johnson, Becton, Dickinson, and Company, and West Pharmaceutical Services Inc.

Therefore, the rising demand for wearable injectors is led by the growing prevalence of chronic diseases.

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What are the Key Factors Driving the Growth Global Wearable Injectors Market?

The global wearable injectors market is predicted to register significant growth in the coming years. This is attributed to the increasing demand for advanced drug delivery, rising geriatric population, and surging prevalence of chronic diseases. A device which is utilized for delivering large volume of drugs over an extended period of time is referred to as a wearable injector. The device delivers large subcutaneous doses of drugs to patients even when the patient is ambulatory and is able to carry out normal daily life activities during the drug delivery.

In terms of end user, the wearable injectors market is categorized into lab & diagnostics, home care, hospital, and others (which include small clinics and healthcare settings). Out of these, the home care category dominated the market in the past and is expected to account for the major share of the market in the near future as well due to the growing demand for self-injection system. On the basis of technology, the market is classified into mechanical injector, electronic injector, and others (which include hydrogel and hydraulic injector).

Another key driving factor of the wearable injectors market is the increasing requirement for innovative drug delivery. Infusion therapy costs around $35 billion in the specialty drug market, according to Unilife Corporation. The utilization of advanced drug delivery devices, including wearable injectors at home, decreases the overall healthcare cost, as the patients can take the drugs themselves with minimal or no training. Furthermore, these drug delivery devices are being preferred by different healthcare setups, including labs & diagnostics and clinics, as they are cheaper than other controlled drug delivery devices. 

Hence, the market is being driven by the increasing geriatric population and rising need for advanced drug delivery

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