Albany, NY -- (SBWIRE) -- 06/18/2018 -- Wearable Injectors Market - Snapshot
The global wearable injectors market is driven by rise in prevalence of chronic diseases across the world. The global market was valued at US$ 2,920.2 Mn in 2017 and is projected to expand at a CAGR of 13.0% from 2018 to 2026 to reach US$ 9,038.1 Mn by 2026. Growth of the market is attributed to increase in incidence of cancer and diabetes, and adoption of advanced technological products.
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Wearable injectors, also known as patch pumps or bolus injectors, are drug delivery devices designed for easy administration of viscous drugs. Wearable injectors are used for subcutaneous injection of insulin and other drugs, with extended delivery periods or requiring large dose volumes. Most of the wearable injectors are used for insulin delivery and in the treatment of autoimmune diseases such as psoriasis, rheumatoid arthritis, and IBD/Crohn's disease. High prevalence and incidence rates of chronic diseases, especially cancer and diabetes, and introduction of advanced devices boost the growth of the global wearable injectors market. Moreover, increase in number of needlestick injuries and technological advancements are expected to fuel the growth of the global wearable injectors market.
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The global wearable injectors market can be segmented based on type, application, end-user, and region. In terms of type, the global market can be bifurcated into on-body wearable injectors and off-body wearable injectors. The on-body wearable injectors segment accounted for major share of the global market in terms of revenue in 2017. The segment is projected to expand at an exponential growth rate during the forecast period due to increase in preference for self-administration of drugs.
Based on application, the global wearable injectors market can be classified into oncology, diabetes, autoimmune disorders, cardiovascular diseases, infectious diseases, and others. The oncology segment dominated the global market in 2017 and the trend is likely to continue during the forecast period. This is attributed to rise in prevalence of cancer across the globe. In terms of end-user, the global market has been divided into hospitals, clinics, home care settings, and others.
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Geographically, the global wearable injectors market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market and is projected to gain market share by the end of 2026. The market in North America is driven by high awareness, significant health care expenditure, early availability of advanced technologies, and higher penetration of health care services across the region. Asia Pacific is projected to be fastest growing market for wearable injectors during the forecast period. China dominated the wearable injectors market in the region. The market in India is expected to expand at a high CAGR during the forecast period.
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Major players in the global wearable injectors market include Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., Insulet Corporation, Ypsomed AG, West Pharmaceutical Services, Inc., CeQur SA., Debiotech S.A., Sensile Medical AG, and SteadyMed Therapeutics, Inc. These companies are adopting the strategy of acquisition and collaboration to improve and strengthen presence in the global market.
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