Pune, India -- (SBWire) -- 01/15/2020 --The latest report on "Wearable Injectors Market (Type - Body Worn Patch Injectors and Off Body Worn Patch Injectors; Application - Oncology, Infectious Disease, Cardiovascular Disease, Autoimmune Disease, and Diabetes; End-User Industry - Retail Pharmacies, Online Pharmacies, Speciality Clinics, Hospitals, Clinics, Home Care Settings, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024." The global wearable injectors market is projected to grow at a CAGR of 13.4% over the forecast period of 2018-2024.
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Wearable Injectors Market: Industry Insights
Wearable injectors are also called patch pumps or bolus injectors are drug delivery devices designed to deliver a large volume of viscous drugs to the patients over long durations. The device is used for subcutaneous injection of drugs faster and in a safer manner in order to control the disease in the patients. Majorly, wearable injectors are used for insulin delivery and in the treatment of autoimmune diseases including psoriasis, rheumatoid arthritis, and IBD/Crohn's disease. Wearable injectors consist of primary containers, drug contact materials, a sterile fluid path from primary container to needle insertion mechanism (NIM), tethered insertion set or removable NIM accessory. The wearable injector is used as follows: the patient needs to prepare the wearable injector, apply it on the injection site, press start to activate and dispose of it after use.
Reduce Healthcare Costs and Increasing Demand for Painless Devices are Expected to Fuel the Growth of the Global Wearable Injectors Industry
High prevalence and incidence rates of chronic diseases such as diabetes, cancer, cardiovascular diseases, and the introduction of advanced devices with tracking devices boost the growth of the global wearable injectors market. Furthermore, an increase in a number of needlestick injuries, a need to reduce healthcare costs and increasing demand for painless devices are expected to fuel the growth of the global wearable injectors market. Moreover, the global wearable injectors market is majorly driven by its advantage over traditional devices which including ease of customization as per patient needs, affluent commercialization to suit manufacturing criteria with minimal regulatory risk and comfortable experience of drug delivery to patients.
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Home Care Segment is Expected to Dominate the Market
The global wearable injectors market is segmented based on type, application, and end-user. Based on type, the global wearable injectors market is segmented into body-worn patch injectors and off body-worn patch injectors. The application segment of wearable injectors market is further categorized into oncology, infectious disease, cardiovascular disease, autoimmune disease, and diabetes. The end-users of the wearable injectors market are retail pharmacies, online pharmacies, specialty clinics, hospitals, clinics, home care settings, and others.
The body-worn patch injectors segment accounted for a major share of the global market due to an increase in preference for self-administration of drugs. The oncology segment dominated the market attributed to rising in prevalence incidence rates of cancer across the globe. The home care segment is expected to dominate the market, owing to the rise in the preference for self-administration of medication and an increase in the need to curb healthcare costs. In addition, growing demand for technologically developed drug delivery system that lowers the hospitalization rate and requires minimal expertise is expected to propel the market.
North America Dominated the Regional Market for Wearable Injectors Market
Based on the region, the global wearable injectors market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the regional market for wearable injectors owing to the early availability of advanced technologies, higher penetration of health care services and the presence of sophisticated healthcare infrastructure. Additionally, increasing the geriatric population, high awareness, and significant health care expenditure is expected to drive the market in this region. The Asia Pacific is expected to record a higher growth rate, which is attributed to favorable government initiatives for the use of medical devices.
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Key Players in the Wearable Injectors Industry
The key players in the global wearable injectors market are Becton, SteadyMed Therapeutics, Inc, Sensile Medical AG, Debiotech S.A., CeQur SA., West Pharmaceutical Services, Inc., Ypsomed AG, Insulet Corporation, Tandem Diabetes Care, Inc. and F. Hoffmann-La Roche Ltd.
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=> Comprehensive analysis of global as well as regional markets of the wearable injectors.
=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
