Wearable Injectors Market To Reach $20.21 Billion Revenue by...| MENAFN.COM

Monday, 05 December 2022 06:12 GMT

Wearable Injectors Market To Reach $20.21 Billion Revenue by 2030


(MENAFN- P&S Intelligence) The 2030 size of the wearable injectors market will be $20.21 billion, compared to $6.95 billion in 2021. Moreover, the 12.6% forecast CAGR for 2021–2030 is credited to the negative health effects that may present due to the use of conventional injectors and the increasing demand for new generations of drug molecules that are, additionally, convenient to administer.

All of this is itself credited to the increasing count of people afflicted with long-term ailments, including diabetes, CVDs, and cancer. In turn, a key reason behind the rising incidence of these diseases is the changes in the lifestyle, such as desk jobs, excessive smoking and alcohol intake, poor diets, and lack of physical exercise.

Rising Demand for Infusion Therapy Propelling Wearable Injector Sales

A major driver for the sale of wearable injectors is the increasing popularity of infusion therapy, which already accounts for a spending of $35 billion in the specialty medicines industry. This therapy is widely given through subcutaneous injections over extended periods, especially for cancer, multiple sclerosis, hemophilia, and autoimmune disorders.

Hence, since this procedure can cost up to $10,000 for a single IV dose if availed of in a tertiary-care hospital, patients are going for wearable injectors, to administer the drugs themselves, for an up to 70% lower spending.

Biologics Being Increasingly Administered via Wearable Injectors

• The larger molecules and more-viscous nature of biologics can make conventional injections painful. Further, these drugs lead to significant subcutaneous back pressure and display poor pharmacokinetics.

• Hence, these molecules need to be slow-administered over a significant period, where wearable injectors offer considerable advantages.

• For instance, via this approach, Ig can be administered subcutaneously even if the patient is at work or doing their daily chores. Four types of Ig that can be given via this route are available in the U.S., with many more in various stages of commercialization.

Spring-based variants generate over 32% of the global wearable injector sales revenue, on account of their ability to easily deliver viscous and sensitive biologic drugs into the body. Moreover, these products are popular among those who desire convenient administration and a lower frequency of dosage.

Wearable injector manufacturers can expect a 13.2% growth in the product sales revenue in APAC over this decade, the greatest around the world. The region continues to gain prominence as a medical device market on account of the improving healthcare infrastructure of regional countries, itself because of the increasing diseased population.

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