(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Feb. 01, 2023 (GLOBE NEWSWIRE) -- North America is set to dominate the wearable injectors market due to a growing demand for home-based healthcare. The rising prevalence of different chronic diseases including diabetes, cancer, cardiovascular diseases, rheumatoid arthritis, and other chronic diseases along with technical improvements in drug delivery systems are the main factors driving the global wearable injector market. In addition, patients can effortlessly self-administer medications while performing daily duties at home or work, as wearable injectors are small and portable. The demand for wearable injectors is anticipated to increase as a result of all the advantages supplied by these devices.
As per SkyQuest's global research, over 27 million individuals in North America have been detected with diabetes, and that number is projected to increase to 36.5 million by 2028. The region's growing need for wearable injectors is anticipated to be driven by the high prevalence of these diseases.
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Drug delivery is accomplished with the help of wearable injectors and a typical handheld portable device. The technology is self-scalable and self-managed, and it is utilized by patients to take their medication regularly. It is crucial for those with chronic illnesses like diabetes, obesity, hypertension, and others. The invention of the wearable injector has improved the precise delivery of medical fluid under qualified monitoring. It is widely used in clinics, hospitals, and other settings like home care and nursing homes.
Prominent Players in Wearable Injectors Market
Ypsomed (Switzerland) Subcuject (Denmark) Amgen (US) Medtronic plc (Ireland) Enable Injections (US) United Therapeutics Corp. (US) Insulet Corporation (US) Sensile Medical (Switzerland) CeQur SA (Switzerland) West Pharmaceutical Services, Inc. (US) ATS Automation (Canada) Valeritas (US) Tandem Diabetes Care (US) Noble (US) Sonceboz (Switzerland) Bespak Europe Ltd. (UK) Elcam Drug Delivery Devices (Israel) Sorrel Medical (Israel) Stevanato Group (Italy) Neuma (US) Weibel CDS AG (Switzerland)
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On-Body Wearable Injectors Segment to Witness Higher Traction owing to Its User-Friendly Functionality
On-body wearable injectors segment had the largest market share of 57.2% in 2022 due to increasing demand and the practicality of the skin-contact patches. Body-wear patch injectors have a far larger market share than those worn off the body. Patients can conveniently administer required medication subcutaneously utilizing user-friendly body-worn patch injector systems. Additionally, worldwide technological advancements and increased acceptance rates fuel the demand for body-worn patch injectors.
North America now holds a monopoly on the market owing to its increased frequency of chronic diseases and high medical costs. Additionally, a key element in the market's growth is the high concentration of key wearable injector companies and improved accessibility to cutting-edge medical technology. Additionally, rising medical costs and investments in the construction of healthcare infrastructure are anticipated to fuel the expansion of global wearable injectors market.
The cardiovascular Disease Segment Emerges as the Major Revenue Contributor due to Rising Patient Count
The cardiovascular disease segment dominated the wearable injectors market with a 36% revenue share in 2022. The industry's continued growth is attributed to the rise in the sedentary lifestyle prevalent worldwide. Unexpected events like heart attacks and strokes typically result from a blockage that prevents blood from reaching the heart or brain. A buildup of fatty deposits on the inner lining of the blood arteries that supply the heart and brain is the most common cause. In the upcoming years, the segment's expansion is anticipated to be driven by an aging population, which is more vulnerable to several chronic diseases.
Asia Pacific is anticipated to have the highest market potential over the projected years. Asia Pacific is a hub for the leading biotech manufacturers in the world. Competitors in the sector might anticipate profitable chances from countries such as South Korea, China, and India in the near future. In addition, it is predicted that the elderly population in the area will expand the market for wearable injectors. In the upcoming years, the market expansion is anticipated to be driven by an aging population, which is more vulnerable to several chronic diseases.
Global medical device companies dominate the industry due to established trust among consumers for renowned brands. However, the wearable injectors market still has huge prospects for new competitors with superior technologies. Companies often frequently use market tactics to get a competitive edge, including partnerships, acquisitions, mergers, joint ventures, etc. The research report will help new market entrants and existing brands strengthen their foothold in the market by implementing well-directed strategies.
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Key Developments in Wearable Injectors Market
Phillips-Medisize, a global proprietary device platform, has partnered with Subcuject, a global innovator of proprietary device platforms. The collaboration aims at bringing a revolutionary wearable bolus injector to market. Following Subcuject's intellectual property filing of the idea, the On-Body Delivery System technology, based on osmosis, is now accessible for the following phase of drug-specific wearable injector solution development.
The two companies stated that the medicine delivery partnership between Bexson Biomedical and Stevanato Group would grow. Under the terms of the association, Bexson will have access to a customized model of Stevanato's wearable delivery system, the SG EZ-be Pod, to create novel therapies for various mental health diseases, such as treatment-resistant depression and post-traumatic stress disorder (PTSD).
According to a press release, an integrated automated insulin delivery (AID) system will be created by Abbott in collaboration with CamDiab and Ypsomed. At the Advanced Technologies & Treatments for Diabetes (ATTD) conference in Barcelona, Spain, the firms announced their alliance. It aims to create and market the integrated AID system, initially concentrating on European nations.
Ypsomed has collaborated with Schott and Lonza to provide the YpsoDose patch injector platform, utilized for the subcutaneous self-administration of massive volumes of medications, as a completely integrated solution. The three partners are working closely together to create all necessary parts and production procedures.
Key Questions in Wearable Injectors Market Report
What is the anticipated size and growth rate for the wearable injectors market? Who are the prominent vendors present in different regional markets? What factors are acting as major growth drivers for the target market? Which emerging trends are projected to influence the market growth? Which regional market accounted for the major revenue share in the global market?
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