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February 26, 2021, New York, USA – The global medical wearable injectors market is expected to witness robust growth during the 2021-2028 period, thanks to rising demand for IV-infusion to treat chronic illnesses, and promising reductions in healthcare costs for patients. The wearable injector medical technology promises to overcome the traditional bureaucratic barrier of cumbersome hospitalization to become intuitive, independent, subcutaneous for the patient. The global medical wearable injectors market promises major potential as studies estimate that over 50% of specialty drug expenditure in the US occurs within five therapeutic categories. The promising treatment for chronic illnesses like cancer remains a key driver of growth for players in the global medical wearable injectors market.
The global medical wearable injectors market is a robust, and fragmented landscape. The growing investment in research and development in wearable technology has led to a wide range of products in the market including products with multiple-use, extremely micro-sized products, and a wide variety of shapes, and conveniences to appeal to consumer preferences. The wearable injector technology can also serve wide branches of medicine with applications in hemophilia, oncology, multiple sclerosis, auto-immune, and IVIG. The growing demand for wearable technology to replace conventional technology like pumps, and pens with small devices latched onto the screen that can self-medicate with programmable technology will be a major trend driving growth for players in the global medical wearable injectors market. Thanks to the rising awareness of products, ease-of-use, and promising savings for patients, the global medical wearable injectors market will reach 13,912.75 million by 2027, growing at 11.6% CAGR during 2021-2028.
Oncology to Remain a Key Application in the Global Medical Wearable Injectors Market
According to the World Health Organization, chronic diseases are on the rise and are expected to increase in prevalence. The organization estimated that chronic diseases globally will affect over 57% of the population by 2020. Moreover, the organization also predicted that it would affect developing countries the most, noting a need for better healthcare infrastructure. Moreover, the large population in key countries like India, and China, and the rising spread of healthcare infrastructure will emerge as key opportunities for growth for players in the global medical wearable injectors market.
According to the WHO, chronic diseases are the leading cause of fatalities, and disability worldwide. Moreover, according to its earlier report, these diseases account for 60% of total deaths, and disabilities worldwide. According to the Centre for Disease Control and Prevention (CDC), rural areas embed a sicker patient population and limited distribution of healthcare facilities. Moreover, facilities like pharmacies are on the brink of closure in rural America, making way a higher need to supplement rural healthcare with technology exhibiting independent capabilities. The growing demand for chronic healthcare in rural areas, and rising efficacy of wearable technology to meet challenges in rural healthcare, and considerable expenditure challenges promise major growth for the global medical wearable injectors market.
Battery-based Technology to Lead Market Growth with Highest CAGR
The global medical wearable injectors market report is segmented into spring-based, motor-driven, batter-based, and rotary-pump products, among others. Among these, the battery-based technology offers a whole new set of benefits to patients, previously unfeasible. These include the ability to program these devices to inject fluids as necessary, and according to the doctor’s prescription. Moreover, these devices can be placed on the body all day without them interfering with daily activities like work, sitting with friends at a café, among others. Hence, these devices will offer a level of freedom previously unimaginable to chronically-ill patients, and save significant costs, and efforts in regular hospital visits, among others. Technological advancements in these devices including transparent patches to cater to growing demand from patients to get away from the constant psychological strain of dealing with chronic diseases and medication will remain a major driver for growth for the battery-based technology in the global medical wearable injectors market.
Other technologies like the spring-based segment are expected to dominate total revenues in the market, as it remained a promising driver for growth in the recent past. The technology occupied a 36.3% revenue share in the global medical wearable injectors market in 2020, and will likely grow its lead, thanks to its user-friendly, and accurate drug delivery.
North America to Dominate Revenue Growth as Technology Awareness Remains High
The global medical wearable injectors market report is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North American region is expected to occupy the largest share of total revenues, thanks to growing product advancements, ease of availability, widespread awareness among healthcare professionals, and high penetration of healthcare services. The rising population with chronic diseases and expansion of healthcare coverage for the disabled, and elderly also promises more opportunities for growth in the region. The rising penetration of supplementary technology like mobile devices that can alert patients, program wearable injectors, and consult doctors through tele pharmacy will also remain major positives for growth during the forecast period.
The European region will likely remain second-highest in total revenues, thanks to the universal expansion of healthcare services, and growing opportunities for commercialization. Moreover, the rise of chronic illnesses like diabetes, and the growing elderly population in the region, along with countries like Japan, and the high-level technological advancements will remain key drivers of growth in the global medical wearable injectors market. The Asia Pacific will likely register growth at the highest CAGR, thanks to increasing demand for diabetes treatments for large populations in India, and China, and growing privatized modes of healthcare. The demand for reusable devices will remain a major opportunity in the region, as technology-aiding grants available in the North America region will most likely be not replicated in the Asia Pacific region. Hence, growing demand to meet patient needs for reusable devices with set dosage with the help of a single-time programmable technology will remain a key driver of growth in the region.
The Global Medical Wearable Injectors Market Report is Segmented as Below:
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