Wearable Injectors Market:
WiseGuyReports.com adds “Global Wearable Injectors Market Research Report 2020 Analysis and Forecast 2027” reports to its database.
The global wearable injectors market is expected to decline from $5.40 billion in 2019 to $5.14 billion in 2020 at a compound annual growth rate (CAGR) of -4.65%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $7.53 billion in 2023 at a CAGR of 13.54%.
The wearable injectors market consists of sales of wearable injectors and related services by entities (organizations, sole traders and partnerships) that manufacture wearable injectors. Wearable injectors are drug delivery devices that adhere to the body while the drug is administered subcutaneously over a preset time duration. Only goods and services traded between entities or sold to end consumers are included.
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The wearable injectors market covered in this report is segmented by type into on-body injectors; off-body injectors. It is also segmented by end-user into hospitals; clinics; homecare setting, and by application into immuno-oncology; diabetes; cardiovascular diseases; other.
In April 2020, Copenhagen-based Zealand Pharma, a company that develops therapies for gastrointestinal, metabolic diseases, acquired Valeritas a New Jersey-based company that developed wearable insulin delivery devices for a deal amount of $23 million, plus the assumptions of some liabilities. The acquisition is expected to expand the footprint of Zealand Pharma in the US diabetes market. Valeritas, Inc is a medical technology company headquartered in the United States.
The high cost associated with wearable injectors is expected to limit the growth of the wearable injectors market. According to Drug Development and Delivery, wearable injectors are single-use systems that are comfortably worn on the body that costs between $20 to $35 per unit, which is high. The high cost associated with wearable injectors has a negative impact on the wearable injectors market growth.
The focus areas for many companies in the wearable injectors manufacturing market has shifted to increasing mergers and acquisitions to acquire more production capabilities. Large prime manufactures are forming joint ventures or buying small or midsized companies to acquire new capabilities or gain access to new markets. For instance, in April 2020, Zealand Pharma completed its acquisition of Valeritas, Inc., to expand the product portfolios and capabilities of the company. The acquisition is expected to build Zealand Pharma’s capabilities and to significantly increase its market share in the market. In April 2018, United Therapeutics acquired SteadyMed Ltd, a USA-based wearable injector manufacturing company to expand the company’s profile.
The rise in the number of diabetic and chronic diseases patients such as cardiovascular diseases and cancers contributed to the growth of the wearable injectors market. According to the International Diabetes Federation, in 2019, approximately 463 million adults were living with diabetes, and by 2045, it is estimated that around 700 million adults around the world and 1 in 5 adults who are above 65 are expected to suffer from diabetes. The rise in the number of diabetes and chronic diseases patients increased the demand for the treatment of the diseases, thereby driving the wearable injectors market.
Major players in the wearable injectors market are Amgen, Becton, Dickinson and Co., Enable Injections, Insulet Corporation, Ypsomed, Medtronic, Tandem Diabetes Care, Valeritas, West Pharmaceutical Services and Sensile Medical AG.
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