Wearable Injectors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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.

Wearable Injectors Market Trends

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.

Wearable Injectors Market Competitor Analysis

The Wearable Injectors Market is moderately competitive and consists of several major players. Technological advancements in wearable technology is enhancing the competition in the market studied. Companies like Amgen, Becton, Dickinson and Company, Dexcom, Inc., Enable Injections, Insulet Corporation, Sensile Medical, Tandem Diabetes Care, Inc., and Ypsomed, among others, hold a substantial market share in the wearable injectors market.

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