The size of the North American wearable injectors market is projected to be growing at a CAGR of 12.4% from 2021 to 2026.
The North American wearables injector market growth is due to the high incidences of chronic diseases such as diabetes, cancer, cardiovascular disease, and the advancement of technology with tracking devices that can monitor the real-time health of the patient. Additionally, the growing need for less painful or painless medical devices is also expected to drive the growth of the wearable injector market.
Other factors driving the market are the advantages over traditional injectors, ease of customization, increased demand for home healthcare, and advanced drug delivery systems. In addition, the growing need for continuous and steady subcutaneous drug delivery has favored the demand for wearable injectors in patients. Wearable injectors have a sharp increase in their adoption in the healthcare sector as cancer patients have realized main benefits such as reduced disease progression and pain management. According to the Centers for Disease Control and Prevention, in 2019, nearly 6 in 10 people have at least one chronic disease in the United States.
Wearable injectors are easy to use and reduce the need for multiple painful injections. Furthermore, the wearable injector provides comfort to patients by reducing hospital visits. According to the Centers for Disease Control and Prevention, 2 person dies every 45 seconds in the United States from cardiovascular disease. About 647,500 Americans die from heart disease each year. In addition, benefits such as ease of administration reduced pain and minimized discomfort compared to syringes are seen in wearable injectors, contributing to the market's growth. In addition, the increased need for better patient care and the increasing concentration of pharmaceutical companies to enter the market provides plenty of opportunities for market development.
However, the market is likely to have a negative impact due to the preference for alternative drug delivery, the low dosage volume of the drugs administered, and the highly viscous nature of some drugs hampering the market's growth.
Impact of COVID-19 on the North American wearable injectors market:
The risk of exposure to COVID-19 has prompted patients, especially those with chronic illnesses, to choose to self-administer medications at home. In addition, healthcare providers also maintain free healthcare resources for patients in intensive care or infected with COVID-19. This has created a demand for remote care technologies such as wearable injectors. Therefore, in the midst of the COVID-19 pandemic, the wearable injector market is expected to experience stable and positive growth during this period.
This research report on the North American Wearable Injectors Market has been segmented and sub-segmented into the following categories:
Geographically, the U.S is expected to be the dominant regional market for wearable injectors during the forecast period as manufacturers in the region advance products that can treat diseases, such as diabetes, with transmitters, which transmit the drugs during the period of high or low insulin levels in the body and sensors that alert patients about it.
The United States dominates the North American market due to many patients suffering from diseases such as diabetes and cancer. According to the American Diabetes Association, 36.3 million Americans, or 11.5% of the population, had diabetes in 2018. In diabetic patients, exogenous insulin is usually given subcutaneously to control blood loss. The wearable injector device is an apt drug delivery method for painless and accurate insulin doses. Hence, the increasing incidences of chronic diseases drive the growth of the wearable injector market in the North American region for the forecast period.
Canada and Mexico are expected to experience significant growth during the forecast period as a lot of research and development are carried out for rapid drug delivery using wearable injectors. The huge growth potential of Canada in the market is due to the increasing cases of chronic and lifestyle-related diseases and the growth of advanced healthcare infrastructure in the region.
KEY MARKET PARTICIPANTS:
Companies such as Amgen, Becton, and Dickinson and Company, Medtronic, Valeritas, Inc, Insulet Corporation, Gerresheimer AG (Sensile Medical), Tandem Diabetes Care, SteadyMed Therapeutics, Inc., United Therapeutics Corporation, Sensile Medical AG, Zealand Pharma A/S (Valeritas, Inc.), West Pharmaceutical Services, Inc., SteadyMed Therapeutics, F. Hoffmann-La Roche Ltd, Ypsomed, Johnson & Johnson, Dexcom, Inc., Enable Injections, CeQur SA, Sensile Medicals and Bespak are currently dominating the North American wearable injectors market.