New York, United States: The Report on Wearable Injectors Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Wearable Injectors Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Wearable Injectors market gathered revenue around USD 7.2 Billion in 2020 and market is set to grow USD 13.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 10% during the prediction period 2021 to 2027.
Overview of Wearable Injectors Market Study
Wearable Injectors market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Wearable injectors Market Dynamics
Driver: Shift of healthcare delivery toward homecare due to COVID-19
The uncertainty caused by the COVID-19 pandemic has influenced the demand for different therapies and wearable drug delivery devices. To avoid the spread of the infection and protect high-risk patients from getting infected, healthcare systems across the globe undertook measures to postpone treatments for various diseases such as cancer. At the onset of the pandemic, the risks for patients receiving care increased. Also, hospitals, where a majority of patients receive treatments, became high-risk centers during the pandemic. In an effort to counter these challenges and provide effective care to patients suffering from various diseases, there has been a shift from hospital-based care to home-based care.
In the UK, NHS England rolled out a program permitting convenient, non-hospital-based treatments for cancer patients due to the COVID-19 pandemic. The adoption of wearable injectors for the delivery of oncology drugs and other maintenance therapies currently undergoing clinical trials has gained prominence during this pandemic.
As a result of the pandemic, there is an increased acceptance of telehealth and homecare. This has driven a shift in healthcare delivery from hospitals/clinics to home care settings. This is expected to create significant growth opportunities for market players in the coming years.
Opportunity: Increasing demand for biologics and mAbs
A growing focus on the use of biologics and mAbs to treat diseases such as rheumatoid arthritis, cardiovascular disease, and cancer will provide significant growth opportunities for wearable injectors, as these drugs need to be administered via the parenteral route (intravenous, subcutaneous, or intramuscular delivery). According to PhRMA (Pharmaceutical Research and Manufacturers of America), as many as 907 biologics were in development in 2013; the number of biologic drugs in development is continuing to increase exponentially, with more than 2,700 remedies in development as of mid-2017, triple the 907 in development in 2013. mAb-based biotherapies account for 50% of the top 100 drugs and are projected to maintain a dominant position in the pharmaceutical market.
Challenge: Unfavorable reimbursement structure in developing countries
A number of developing countries do not offer reimbursement for wearable injectors. For instance, in India, wearable insulin pumps are not reimbursed, and no specific guidelines regarding their use are given on prescription. In China, patients with Type 1 diabetes have to bear the entire cost of insulin pumps and supplies out-of-pocket. The lack of reimbursement directly affects access to and the adoption of wearable injectors and is thus expected to negatively impact the growth of the market in the coming years.
The on-body injectors holds the largest share in wearable injectors market by type, in the forecast period
The on-body accounted for the largest share in the forecast year. The large share of this segment can be attributed to the patients ease to deliver a precise amount of drug to the body over a controlled period of time.
The spring-based technology segment accounted for the largest share in the forecast period. The large share of this segment can be attributed to the rising demand for adhesive patches, as these devices are user-friendly and enable patients to accurately deliver the required drug subcutaneously.
The diabetes segment accounted for the largest share in the forecast period. The large share of this segment can be attributed to The high burden of diabetes across the globe, coupled with the growing availability of wearable injectors for the treatment of these diseases, is driving the growth of this market segment
The hospitals and clinics segment accounted for a larger market share during the forecast period. The large share of this segment can primarily be attributed to the rising preference for the self-administration of medication and the increasing need to curb healthcare costs. In addition, the growing demand for technologically developed drug delivery approaches, which lower the hospitalization rate and require minimal expertise, is expected to boost the growth of the home healthcare settings segment.
North America accounted for the largest share of the global wearable injectors market., by region in the forecast period.
North America accounted for the largest share of the global wearable injectors market. The large share of North America in this market is due to the rising prevalence of chronic and lifestyle-related diseases and the presence of advanced healthcare infrastructure in the region.
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COVID-19 Impact on Wearable Injectors Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Wearable Injectors market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Wearable Injectors market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Wearable Injectors market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Wearable Injectors market include:
Becton, Dickinson and Company(US), Ypsomed (Switzerland), Amgen (US), Subcuject (Denmark), Enable Injections (US), Medtronic plc (Ireland), Insulet Corporation (US), United Therapeutics Corp. (US), CeQur SA (Switzerland), Sensile Medical (Switzerland), SteadyMed Therapeutics (US), ATS Automation (Canada), West Pharmaceutical Services, Inc. (US), Unilife Corporation (UK), Tandem Diabetes Care (US), Valeritas (US), Bühler Motor (Switzerland), Sonceboz (Switzerland), Noble (US), Elcam Drug Delivery Devices (Israel), Bespak Europe Ltd. (UK), Stevanato Group (Italy), Sorrel Medical (Israel), Weibel CDS AG (Switzerland), and Neuma (US).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Wearable Injectors Market, By Type
- On-body Injector
- Off-body Injector
Wearable Injectors Market, By Technology
- Spring Based
- Motor Based
- Rotary pump
- Expanding battery
- Other technology
Wearable Injectors Market, By Therapy
- Cardiovascular disease
- Other disease
Wearable Injectors Market, By End User
- Hospitals and clinics
- Home healthcare setting
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The purpose of Nova one advisor’s Wearable Injectors market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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