Wearable Injectors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Wearable Injectors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The wearable injectors market studied is anticipated to register a CAGR of 10.4% during the forecast period 2022-2027.

The wearable injectors market was significantly impacted by COVID-19. The article titled "Role of Novel Drug Delivery Systems in Coronavirus Disease-2019 (COVID-19): Time to Act Now", published in September 2021, showcased the usage and demand for drug delivery systems and devices for the repurposing of drugs and how the demand will boom shortly. Several other drug delivery devices and systems are likely to be launched, which may be useful in repurposing existing drugs for the treatment of various viral diseases. The ongoing research on the implementation of drug delivery devices in COVID-19 has been increasing, which is likely to add to the market growth.

Certain factors that are 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 may also minimize the need for less-understood technologies in development that seek to temporarily change the subcutaneous space to enable rapid injections of large dose therapies. Hence, all these factors are expected to contribute to the market's growth over the forecast period.

However, 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.

Thus, owing to the abovementioned factors, the market is expected to project growth over the forecast period. However, increasing preference for other drug delivery modes and unfavorable reimbursement structures may restrain the market over the forecast period.

Key Market TrendsOncology 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. According to the September 2021 update by the World Health Organization (WHO), the most common new cancer cases in 2020 were breast cancer with 2.26 million cases, lung cancer with 2.21 million cases, colon and rectum cancer with 1.93 million cases, prostate cancer with 1.41 million cases, skin (non-melanoma) cancer with 1.20 million cases, and stomach cancer with 1.09 million cases.

An article titled "Cancer statistics in China and the United States, 2022: profiles, trends, and determinants" published in the Chinese Medical Journal in March 2022 estimated that there will be around 4,820,000 and 2,370,000 new cancer cases 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, respectively. The large number of people affected by the disease is expected to boost the growth of the market over the forecast period.

However, over the forecast period, it is expected that there will be several product launches in the domain of wearable injectors. 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, is 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.

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, a total of 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, with that number expected to rise to 33 million by 2026. The large 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.

Competitive Landscape

The global wearable injectors market is moderately competitive and consists of a number of major players. 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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