The Europe wearable injectors market is expected to reach US$ 3586.82 million in 2027 from US$ 1539.88 million in 2019
NEW YORK, Oct. 1, 2020 /PRNewswire/ -- The Europe wearable injectors market is expected to reach US$ 3586.82 million in 2027 from US$ 1539.88 million in 2019. The market is estimated to grow with a CAGR of 11.3 % from 2020 to 2027.
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The growth of the market is driven by the factors such as, increasing chronic diseases prevalence, technological advancements and design development, and conventional drug delivery system limitations. However, the market is likely to have negative impact due to conventional drug delivery system limitations.
Wearable injectors are rapidly gaining their prominence in the market owing to their capabilities in delivering high volume of viscous formulations.The administration of pharmaceuticals via intravenous (IV) infusion is expensive in healthcare settings.
Self-administration of subcutaneous injections is expected to save 30–70% of costs.Moreover, administration through conventional methods poses risks such as inaccurate dosage and needle stick injuries.
The rise in the number of biologic drugs that are not suitable for oral administration has increased the adoption of wearable injection devices.Higher dosage volumes and viscous formulations of these drugs are further emphasizing the need for alternative injection methods such as wearable injectors.
For instance, the enFuse wearable injector manufactured by Enable Injections is used for subcutaneous delivery of high-volume therapeutics outside a healthcare facility. The company has also introduced mobile monitoring and larger volume capabilities to its high-volume wearable injectors.
A new category of wearable products has emerged, bridging the gap between functionality and cost while improving patient safety and quality of life.One such example is Stevanato Group's cartridge-based wearable device, currently under development, received Best Innovation in Drug Delivery Device award at Pharma pack Awards in 2019.
The product includes a disposable, wearable pod, and reusable handheld controller that serves as the user interface and control unit for the pod.This is used for varied therapeutic areas, including diabetes, hormone therapies, pain management, and Alzheimer's disease treatment.
Moreover, continuous development by leading players in upgrading the existing wearable injector portfolio is further driving the demand for wearable injectors.For instance, in February 2020, BD, a leading global medical technology company, completed a human clinical trial of the BD Libertas Wearable Injector.
The award-winning injector is currently in development and is designed as a subcutaneous drug delivery system to deliver biologics with viscosities up to 50 cP in 2–5 mL and 5–10 mL configurations.
Thus, technological advancements and design development is the factor contributing to growth of the Europe wearable injectors market in the forecast period.
Europewearable injectors market, based on type, the wearable injectors market is segmented into on-body injectors and off-body injectors.In 2019, the on-body injectors segment held the largest share of the market.
However, off-body injectors segment is expected to grow at the fastest rate during the coming year.
Based on application, the Europewearable injectors market was segmented into oncology, diabetes, autoimmune diseases, cardiovascular disease and other applications.In 2019,oncology segment held the largest share of the market.
Moreover, the autoimmune disease segment is expected to grow at the fastest rate during the coming year.
Based on end user, the Europe wearable injectors market was segmented into homecare settings, hospital and clinical and other end users.In 2019, homecare setting segment held the largest share of the market.
Moreover, the hospitals and clinics segment is expected to grow at the fastest rate during the coming year.
Some of the major primary and secondary sources for the Europewearable injectors market included in the report are, European Council of Medical Research, Ministry of Health and Family Welfare, World Health Organization, European Journal of Cancer (EJC),International Diabetes Federation (IDF), European Society of Cardiology among others.
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