Wearable injectors are being widely adopted across the healthcare industry as patients realize the inherent benefits such as reduction in disease progression and pain. Patients suffering from critical lifestyle diseases are benefited the most and manufacturers are integrating technology to build cutting-edge products that can meet the increasing demand from the healthcare industry. Wearable injectors with monitoring devices to help doctors track patient records are being developed to help reduce the number of hospital visits. The opportunities available to manufacturers and suppliers in the global market is immense, as a large part of the population continues to suffer from an onslaught of chronic lifestyle diseases.
Persistence Market Research analysts present an in-depth study on the global wearable injector market, highlighting the key revenue drivers, market inhibitors, growth trends, and lucrative opportunities that are prevalent in the global market for wearable injector during a projected period of eight years from 2018 to 2026. According to the forecast presented in this study, revenue from the sales of wearable injectors is anticipated to surpass US$ 10 Bn by 2026, up from an estimated US$ 3.8 Bn by the end of 2018. The global market for wearable injector is expected to trigger growth at a stellar rate of 13.7% during the said eight year period.
Technological Advancements in Wearable Technology to Boost Adoption of Wearable Injectors in the Coming Years
Innovations in healthcare technology have simplified the administration of critical drugs, making drug delivery systems more intuitive and advanced – shifting from multiple daily injections to variable injectors using automated insertion and retraction technology. These wearable injectors have become extremely convenient for patients reliant on self-administration of drugs, simplifying the process of drug delivery and easing patient comfort.
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The patch injector – a hands free device that is simple and easy to wear – delivers both high as well as low volume and viscous drugs. Needles in these devices are not exposed, thereby reducing chances of contracting infections. Latest wearable injectors also measure drug dosage and prevent needle stick injuries. All these factors are boosting the demand for wearable injectors and maximizing revenue share in the global market.
Growing Shortage of Skilled Healthcare Professionals Pushing the Adoption of Wearable Injectors
According to the World Health Organization, there is a dearth of more than 4 million doctors, nurses, and other skilled healthcare professionals in the world. This is of grave concern to global health systems, as medicine dosages are no longer double checked owing to lack of time and limited professionals at work. Wearable injector devices do not require the intervention of healthcare professionals to check drug dosage, administer the drug, or monitor patient medication.
The chances of dosing errors during drug delivery are almost zero in the case of wearable injectors, thereby boosting the popularity of these devices among patients. Wearable injectors facilitate administration of the right doses of drugs to patients at appropriate times during the day, without the involvement of any healthcare experts. This is expected to lead to a surge in demand for wearable injectable drug delivery devices in the near future.
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Manufacturers of Wearable Injectors Looking at Outsourcing as a Profitable Growth Strategy
Leading manufacturers of wearable injector devices are outsourcing the manufacturing of their products to optimize production costs and compete in the competitive global market with reduced prices. Certain companies operating in the global wearable injector market are also focusing on strategic collaborations with well-established research and development centers and other manufacturers to develop more innovative and technologically advanced products. Manufacturers are also eyeing the lucrative markets in emerging economies. The massive population explosion across the Asia Pacific region makes it a hotbed of opportunities for players in the healthcare industry and given the rapid technological advancements taking place in the APAC, companies in the global wearable injector market are strategizing to tap into the potential gold mine in Asian countries.