Market Size of Wearable Injectors Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wearable Injectors Market Analysis
The Wearable Injectors Market studied is anticipated to register a CAGR of 10.4% during the forecast period.
The wearable injectors market was significantly impacted by COVID-19. The article from the National Institute of Health published in September 2021 showcased the usage and demand for drug delivery systems and devices for repurposing drugs and how the demand will boom shortly. Several other drug delivery devices and systems were launched during the pandemic, which were useful in repurposing existing drugs for the treatment of various viral diseases. For instance, the data from the Annals of Translational Medicine Journal published in October 2020 showed increased demand for wearable drug delivery systems during the pandemic across Australia. Hence, with the increased demand for wearable drug delivery, the market studied witnessed considerable growth during the pandemic. However, the market has reached its pre-pandemic state in terms of demand for wearable injectors and is believed to witness substantial growth in the coming years.
Certain factors driving the market growth include the growing prevalence of chronic diseases, technological advancements, increasing concern over the hazards related to needlestick injuries, and the limitations of drug delivery through a simple syringe. The ability of a patient to conveniently wear a compact, disposable device on the body during the subcutaneous injection of a large dose volume is expected to minimize the hazards associated with needlestick injuries. Hence, such factors are expected to contribute to the market's growth over the forecast period.
The various strategies adopted by the key market players to launch innovative products are anticipated to aid the market's growth over the forecast period. For instance, in February 2021, Phillips-Medisize, a Molex company, and leader in the design, development, and manufacturing of drug delivery, diagnostic, and MedTech devices, collaborated with Subcuject, a global innovator of proprietary device platforms, to bring a ground-breaking wearable bolus injector to market. With such product launches in the market, it is believed that the wearable injectors market will witness significant growth in the forecast period.
However, increasing preference for other drug delivery modes and unfavorable reimbursement structures may restrain the market over the forecast period.
