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DUBLIN--(BUSINESS WIRE)--Nov 1, 2022--
The "Wearable Injectors Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global wearable injectors market is projected to witness a CAGR of 20.67% during the forecast period to reach a total market size of US$17.271 billion by 2027, increasing from US$4.636 billion in 2020. Wearable injectors are medical devices used for drug delivery systems.
These devices are typically used for high-volume medications, drugs with high viscosities, and medicines that are required at regular intervals over a long period of time. The device reduces the need for multiple painful injections, making it convenient and user-friendly.
Market Drivers
The growing prevalence of chronic diseases and changing lifestyles around the globe are considered the key drivers for the growth of the global wearable injector market. Wearable injectors are easy to use, especially when regular intervals of medication are required, thus providing a significant advantage over manual injections.
The wearable injectors are user-friendly, making them easy to self-administer. They also do not interfere with the user's day-to-day life. Wearable injector devices improve dose accuracy and prevent needlestick injuries. Furthermore, rising healthcare costs and changes in technology have come up with innovative solutions that are not just efficient for managing the disease but also reduce the number of trips to hospitals and clinics to receive medical support for an injection.
Growth Factors
There are an increasing number of chronic diseases and lifestyle changes.
Chronic or non-communicable diseases like cancer, hypertension, diabetes, cardiovascular diseases, etc. are the leading causes of death globally. According to the World Health Organisation (WHO), 71% of all deaths are due to non-communicable diseases (NCDs). Globally, 17.9 million people are diseased due to cardiovascular disease, annually. This is followed by cancer, respiratory diseases, and diabetes, accounting for 9.3 million, 4.1 million, and 1.5 million deaths, respectively.
Wearable injectors play an important role in managing non-communicable diseases like cardiovascular disease, cancer, diabetes, and autoimmune disease, amongst other diseases. In particular, with the growing sedentary lifestyle. Wearable injectors are a highly used device to deliver drugs prescribed by the doctor at a regular interval. This eliminates the possibility of the drug being over-or under-dosed. Not only is it user-friendly, but it also saves time and money by reducing the number of trips to hospitals for medical assistance for injections.
Technology advancement and increasing awareness
With the increase in awareness of health, precautionary measures, and increased research and development in the medical industry, solutions like wearable injectors play an important role in assisting with various non-communicable diseases. As individuals are becoming more health-conscious, they are not just becoming aware of diseases but of all the alternative treatments and medical devices that are available for the management of such diseases.
Several steps are being taken by governments and international organizations to raise awareness amongst citizens to ensure timely assistance is provided. Further, with technological advancement, the manufacturing cost has been reduced significantly. By using highly advanced automation, companies can reach economies of scale. Increasing profits and focusing more on R&D for better solutions are also priorities.
Restraints
Environmental concerns
Though wearable injectors are life-saving devices, they come at a cost to the environment. These devices are made of plastic bodies and are manufactured for one-time use purposes. Also, mishandling of devices and improper disposal of them can be hazardous. Since these devices need proper disposal and not all countries have a good disposal system, this not only affects other humans but also the ecosystem as plastic takes a long time to decompose.
Segmentation
By Type
By Technology
By Application
By End-User
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. GLOBAL WEARABLE INJECTORS MARKET, BY TYPE
6. GLOBAL WEARABLE INJECTORS MARKET, BY TECHNOLOGY
7. GLOBAL WEARABLE INJECTORS MARKET, BY END-USER
8. GLOBAL WEARABLE INJECTORS MARKET, BY APPLICATION
9. GLOBAL WEARABLE INJECTORS MARKET, BY GEOGRAPHY
10. COMPETITIVE INTELLIGENCE
11. COMPANY PROFILES
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/mxt7z7
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KEYWORD:
INDUSTRY KEYWORD: TECHNOLOGY HEALTH MEDICAL DEVICES WEARABLES/MOBILE TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/01/2022 10:41 AM/DISC: 11/01/2022 10:42 AM
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