The latest market report published by Credence Research, Inc. “Wearable Injector Devices Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025” the wearable injector devices market was valued at USD 2,580.9 Mn in 2016, and is expected to reach USD 10,027.1 Mn by 2025, expanding at a CAGR of 14.4% from 2017 to 2025.
Browse the full report Wearable Injector Devices Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025 report athttp://www.credenceresearch.com/report/wearable-injector-devices-market
Wearable injector’s also known as large volume injectors are the latest trend in the injectable device market with growing demand which may encapsulate larger market share in the forecasted period 2017-2025. These devices can inject large volume of dosage via subcutaneous route for long duration, which offers benefits to drug developers, clinicians and patients, in terms of ease of use, lesser frequency of administration and accurate administration
Wearable injectors were developed with an ideology to avoid frequent hospital visits for multiple injections over a long duration, in case of chronic diseases such as diabetes, cancer, cardiovascular diseases, autoimmune diseases and others. It has been also observed that rising chronic diseases is expected to assist the market growth of wearable injectors. According to Centers of Disease Control and Prevention (CDC) every 1 in 2 adults in the US has a chronic disease. According to The Organization for Economic Co-operation and Development (OECD) 550,000 premature deaths in working population occurred due to chronic disease annually in Europe. Amongst all the chronic diseases cancer predominates this segment. According to World Health Organization (WHO) cancer is the second leading cause for death, and was responsible for 8.8 million deaths in 2015. Diabetes Mellitus is the second largest market amongst the chronic diseases segment and has the maximum use of subcutaneous dosage form. As per South African National Health and Nutrition Examination Survey the global prevalence of Diabetes accounts to 415 million in 2015 and is said to rise to 642 million by 2040.
The treatment regimen for chronic disease involves dosing of higher frequency and longer durations. For instance, in case of diabetes long term use of insulin is needed which is administered via subcutaneous route. A long term injection for a greater frequency mostly leads to non-adherence and thus hampers the treatment benefits. Wearable injectors thus can provide better patient adherence as it can inject large volume of doses for a longer duration, making it less painful and more patient friendly. With the latest feature of smart connectivity devices, where the wearable injectors can be connected via Bluetooth to the phone or via Wi-Fi connectivity to a mobile app, which assures patient adherence and can be monitored by caregivers, practitioners and industries for the concerned treatment.
North America remains the primary region for growth in the wearable injector devices market owing to increased prevalence of chronic diseases, increase in technological development, easy accessibility to latest technology and developed healthcare infrastructure. During the forecast period 2017-2025, Asia-Pacific regions was observed as one of the key markets for wearable injector devices due to the prevalence of massive pool of innovation and development of technology in regions like Japan and China. In nations like Latin America and Middle Eastern Africa, the accessibility and development of technology is still growing, thus these nations could be the future growing markets.
There is still a debate on the reimbursement policies for such devices. The payers yet need to acknowledge the use of such devices and how positively it effects on the patient outcomes.
Market Competition Assessment:
The wearable injector devices market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are SteadyMed Therapeutics, Inc., UNILIFE CORPORATION, Sensile Medical AG, Insulet Corporation, Enable Injections, Becton, Dickinson and Company, West Pharmaceutical Services, Inc., Ypsomed, Amgen, Buhler Motor GmbH, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., CeQur SA. & Others
Key Market Movements:
- Rising prevalence for chronic diseases has led to an increase in demand for wearable injectors which are easy to use and less painful.
- New developments such as smart connectivity options in these devices has improved patient adherence.
- The device can be used in homecare settings, thus reducing frequent visits to hospitals.
- As there is technology advancements in the low-income countries, the demand for wearable injectors in these nations are on a rise.
- One of the unmet need for patient adherence and monitoring the regimen by caregivers and medical practitioners has been resolved through this device, thus creating an increased demand for it.