Wearable Injectors Market To Grow USD 4982.4 Million By 2028 With A CAGR of 7.4% | Valuates Reports

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Nov 29, 2022, 11:00 ET

BANGALORE, India, Nov. 29, 2022 /PRNewswire/ -- Wearable Injectors Market is segmented by type (Electronical Injectors, Mechanical Injectors, Others), by application (Cancer, Infectious Disease, Autoimmune Disorder, Cardiovascular Disease, Blood Disorder, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Medical Devices & Equipment Category.

Due to the COVID-19 pandemic, the global Wearable Injectors market size is estimated to be worth USD 3246.5 million in 2022 and is forecast to a readjusted size of USD 4982.4 million by 2028 with a CAGR of 7.4% during the review period.

Major Factors Driving The Growth Of The Wearable Injectors Market

The prevalence of chronic illnesses, the growing senior population, and the increased concern over needle stick injuries are the key market-driving drivers. Additionally, it is projected that the drive to save healthcare costs and the increased demand for continuous monitoring will encourage market growth. Additionally, it is anticipated that growing demand for in-home care will hasten the Wearable Injectors market growth.

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TRENDS INFLUENCING THE GROWTH OF THE WEARABLE INJECTORS MARKET

A demand for drug-device combination products that are simple to use correctly and were created with patients in mind is being driven by the trend toward self-administered, home-based, subcutaneous drug delivery. This factor is expected to drive the Wearable Injectors Market.

The Wearable Injectors Market is anticipated to develop as more people with cancer and other chronic conditions need to administer injectable medications. For instance, granulocyte colony-stimulating factor is routinely administered 24 hours following chemotherapy to lower the incidence of febrile neutropenia in cancer patients. The patient can skip another clinic appointment by having the Wearable Injectors device linked to their arm and timed to administer an injection automatically 27 hours after application.

Furthermore, the changes to the healthcare system have been made due to COVID-19 in a fraction of the usual time. The possibility of COVID-19 exposure has spurred adjustments on the part of healthcare providers as well, including the requirement to safeguard patients against exposure in healthcare institutions and prioritize keeping resources available for acute care. Technology for large-volume wearable injectors could make it easier for patients to receive therapy at home. A patient may be able to self-administer their prescribed medication using a large-volume wearable injector in their home once a therapeutic has been developed and approved for subcutaneous administration. Thus, the covid-19 outbreak has further fueled the Wearable Injectors market growth.

When left untreated, opioid overdoses from non-medical usage can result in hypoxemic/hypercarbic respiratory failure, cardiac arrest, and death. With naloxone, a competitive antagonist that can restore breathing, opioid intoxication is easily reversed. Technology to deliver naloxone in the event of unattended overdose occurrences is still urgently needed, though. Wearable injector device that, when an opioid overdose event occurs, detects breathing and apneic movements using a pair of on-body accelerometers and delivers naloxone subcutaneously when apnea is detected.

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WEARABLE INJECTORS MARKET SHARE

Based on application, the Cancer segment is expected to be the most lucrative. This is brought on by the rising incidence of cancer and patients' increasing tendency to self-administer their medications.

Due to favorable government initiatives for the use of medical devices like wearable injectors, an increasing geriatric population, and rising healthcare spending in this region, Asia Pacific is anticipated to experience a higher CAGR during the forecast period than other regions.

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