Wearable Injectors Market 2024 Competitive Landscape, Cost Price and Forecast

Wearable Injectors Industry

The global wearable injectors market size was estimated at USD 8.80 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 18.11% from 2024 to 2030.

The key factors driving the market include the prevalence of chronic illnesses, the rising geriatric population, and growing concern over needle stick injuries. In comparison to other medication delivery methods, wearable injectors are less expensive. Additionally, the desire to reduce healthcare expenditures and the rising demand for continuous monitoring and home-based treatment are anticipated to boost the demand for wearable injectors.

Strong healthcare infrastructure and an increase in lifestyle disorders are some of the factors driving market expansion. However, it is projected that low demand in developing economies and expensive wearable injectors could restrain the market's expansion in the upcoming years. Needle stick injuries (NSIs) constitute the main occupational danger among healthcare workers. According to a WHO study published in 2021, nearly 2 million of the 35 million healthcare professionals worldwide are exposed to occupational injuries each year. The risk of developing infectious diseases including HIV, hepatitis B, and hepatitis C is increased by needle stick injuries.

Gather more insights about the market drivers, restrains and growth of the Global Wearable Injectors market

Wearable Injectors Market Segments:

Type Insights

The on-body wearable injectors accounted for the largest revenue share in 2023 owing to their increased demand as these patches are comfortable to wear on the skin (stomach), are water resistant, and convenient to use at home The benefits associated with on-body wearable injectors include a decrease in the number of hospital visits as it decreases healthcare costs, lifecycle management, flexible dosing, and automatic warming of refrigerated drugs. Medtronic (Ireland) introduced an infusion set in April 2021 that allows for the transport of insulin from the pump to the body for a duration of up to seven days.

Technology Insights

The spring-based segment held the largest market share of 35.9% in 2023 and is expected to dominate throughout the forecast period. The market dominance is due to user-friendliness and patients’ ability to precisely distribute the medication subcutaneously by pushing one or more buttons on the device. BD Libertas Wearable Injector is a pre-fillable and innovative drug delivery system offered by BD, a U.S.-based medical device company. It is integrated with a spring-based power source that eliminates the need for batteries or disposal of heavy metals. The rotary pump wearable injectors segment is expected to grow at the fastest CAGR of 18.29% during the forecast period due to their increasing demand as they are more convenient for use.

Application Insights

The oncology segment held the largest market share of 29.5% in 2023 and is likely to dominate the market owing to the rising prevalence of cancer coupled with an increasing shift toward self-administration of medication among patients. Many drugs are available in the market today; however, to use them, a patient must visit a healthcare center frequently, which leads to increased expenditure and discomfort. The Canadian Cancer Society estimates that in 2022, approximately 13% of Canadians got lung and bronchus cancer, which caused the death of 24% of all cancer patients. Due to the rising incidence of cancer and the tendency toward patients’ self-administering medication is rising.

End-use Insights

The home care segment led the market with a revenue share of almost 42.0% in 2023. The market is growing due to rising demand for home-based healthcare and the requirement of advanced drug delivery devices requiring minimal expertise, and lesser hospitalization of the patients is expected to fuel the demand for wearable injectors globally. The low cost of wearable injectors and the rising demand to cut healthcare expenses is expected to drive the home care segment. According to a study, wearable injectors cost around USD 20 and USD 30, while infusion therapy ranges from USD 200 to USD 1,000 or more.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 33.2% in 2023. It is attributed to the rising prevalence of chronic lifestyle-related diseases and augmented healthcare infrastructure. According to the CDC, about 37 million Americans have diabetes, 90 to 95% of whom have type 2 diabetes. Asia Pacific is expected to grow at a rapid CAGR of around 18.45% during the forecast period as compared to other regions, which can be attributed to favorable government initiatives for the use of medical devices such as wearable injectors due to increasing geriatric population, increase in healthcare expenditure, and increase in awareness about wearable injectors in this region.

Browse through Grand View Research's Medical Devices Industry Research Reports.

The global automated suturing devices market size was valued at USD 3.63 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.3 % from 2024 to 2030.
The US laboratory disposable products market size was valued at USD 1.54 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2030.

Key Companies Market Share Insights

The market is fragmented with high competition at the global level as it has the presence of major key players. These players focus on growth strategies, such as new product launches, collaborations, partnerships, operational expansion, mergers acquisitions, and patient awareness campaigns. In March 2021 Aptar and Noble International announced their collaboration with dne pharma, a pioneer in Northern European addiction treatment, in March 2021, using the innovative Unidose Liquid System developed by Ventizolve, Aptar, and Noble. The collaboration aims to prevent the potentially fatal effects of opioid overdose in Europe as soon as feasible.

In addition, numerous biopharmaceutical companies are seeking a better method of drug delivery of their own biological drugs, for which wearable injectors are a suitable solution. For instance, in January 2023, Tandem Diabetes Care, Inc. announced the acquisition of AMF Medical SA, manufacturer of Sigi Patch Pump. In May 2023, Enable Injections, Inc. collaborated with Viridian Therapeutics, Inc., a U.S.-based biotechnology company.

Key wearable injectors Companies: