Market Trends of Wearable Injectors Industry
This section covers the major market trends shaping the Wearable Injectors Market according to our research experts:
Oncology Segment is Expected to Hold Significant Market Share Over the Forecast Period
Wearable injectors are observing a huge increase in their adoption across the healthcare industry as cancer patients have realized the essential benefits, such as a reduction in disease progression and pain. As per the data from Healthcare Global Enterprises Limited (HCG) published in October 2022, it was estimated that there would be around 2 million new cancer cases in India, and the burden of cancer will grow significantly in the country. With the rise in cancers, it is believed that there will be growing demand for new technologically advanced devices such as wearable injectors.
An article from the Chinese Medical Journal published in March 2022 estimated that there will be around 4,820,000 and 2,370,000 new cancer cases in 2022 in China and the United States, respectively. The article also stated that cancer mortality would account for 3,210,000 and 640,000 in China and the United States. The number of people affected by the disease is expected to boost the market's growth over the forecast period.
Moreover, there are several product launches taking place in the area of wearable injectors for cancer treatment which is a fueling factor for the segment growth. For instance, in August 2021, BD (Becton, Dickinson, and Company) results from a 52-subject human clinical trial with the BD Libertas Wearable Injector were announced. The subcutaneous drug delivery system, currently in the final phases of development, was designed to be ready to use and to deliver drugs such as biologics with viscosities up to 50 cP in 2-5 mL and 5-10 mL configurations. This drug delivery system can also be used for cancer patients.
Thus, with an increase in the prevalence of cancer and the launch of products, the oncology segment is expected to exhibit growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and is Expected to do the Same in the Forecast Period
The rising prevalence of chronic diseases, combined with increased technological advancement and product launches, boosts the region's market growth. According to the American Cancer Society, about 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the United States in 2022. This indicates that the incidence and mortality rate associated with cancer are significantly high, which increases the demand for surgical procedures, subsequently boosting the demand for drug delivery devices in patients, thus driving the market. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colon and rectum cancer, bladder cancer, and skin cancer.
Also, according to the American Diabetes Association data published in February 2022, diabetes affects more than 29 million people in North America, and the number is expected to rise to 33 million by 2026. The significant prevalence of these diseases is expected to drive the growth in demand for wearable injectors in the region.
Furthermore, various strategic initiatives are taken by the market players, such as product launches, collaborations, mergers, and acquisitions, to boost the market in North America. For instance, in April 2021, CeQur, a maker of insulin delivery devices based in Marlborough, raised USD 115 million in funding as it launched its wearable insulin injector, CeQur Simplicity.
Thus, the aforementioned factors are expected to boost the wearable injectors market in the North American region.
