Wearable Injectors Market Size, Share, Growth, Trends, Applications, and Industry Strategies
The global wearable injectors market is predicted to register significant growth in the coming years. This is attributed to the increasing demand for advanced drug delivery, rising geriatric population, and surging prevalence of chronic diseases. A device that is utilized for delivering large volume of drugs over an extended period of time is referred to as a wearable injector. The device delivers large subcutaneous doses of drugs to patients even when the patient is ambulatory and is able to carry out normal daily life activities during the drug delivery.
The surging geriatric population is among the major driving factors of the wearable injectors market. According to the United Nations Department of Economic and Social Affairs report on the global aging population, the number of people aged 60 years or above is expected to grow by 56%, i.e., from 901 million in 2015 to 1.4 billion by 2030. Moreover, elderly people are more susceptible to chronic diseases as they have low immunity levels. Attributed to these factors, the demand for wearable injectors is growing with the rising aging population.
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Another key driving factor of the wearable injectors market is the increasing requirement for innovative drug delivery. Infusion therapy costs around $35 billion in the specialty drug market, according to Unilife Corporation. The utilization of advanced drug delivery devices, including wearable injectors at home, decreases the overall healthcare cost, as the patients can take the drugs themselves with minimal or no training. Furthermore, these drug delivery devices are being preferred by different healthcare setups, including labs & diagnostics and clinics, as they are cheaper than other controlled drug delivery devices.
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The increasing adoption of wearable injectors in developing countries is opening up wide opportunities for the players operating in the wearable injectors market. This is ascribed to the rising awareness regarding the availability of these devices and increasing healthcare spending. In addition to this, the prevalence of chronic diseases is high in emerging economies, such as Brazil, India, and China, because of a lack of healthcare awareness, which is further creating an increased demand for these devices. As per the International Diabetes federation, China has the largest population of adults suffering from diabetes.
Hence, the market is being driven by the increasing geriatric population and rising need for advanced drug delivery