The wearable injectors industry contributes $6.95 billion in 2021, and it is projected to advance at a rate of 12.6% from 2021 to 2030, to generate $20.21 billion in 2030. It is ascribed to rising health hazard concerns, led by conventional injectors, coupled with growing demand for conventional and novel drug molecules.
In addition, the rising prevalence of chronic diseases, including cancer, diabetes, and cardiovascular diseases, and favorable reimbursement policies are projected to boost the demand for wearable injectors in the coming years.
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Infusion therapy costs around $35 billion in the specialty drug industry. The subcutaneous injection is the most popular administration route in various therapeutic areas, including hemophilia, cancer, autoimmune disorders, and multiple sclerosis. It accounts for 50% of the expenditure on specialty medicine in the U.S.
The single-dose administration through IV infusion in the clinic or hospital costs around $1,000 to $10,000, while the homecare administration of the same dose costs 30% to 70% lesser.
The home usage of advanced medicine delivery devices, more specifically wearable injectors results in overall cost reduction, with an infusion of the medication by themselves, with no or minimal training.
In addition, these devices are economic compared to other controlled-delivery devices, as they are widely preferred options in laboratories, diagnostic centers, and clinics.
Moreover, the cheaper prices of these devices, compared to other controlled-delivery devices, resulted in their wide popularity in laboratories, clinics, and diagnostic centers.
Furthermore, biological drugs are large molecules, and more viscous compared to other drugs. They cause lesser pain during injection. The usage of the biological molecules with pharmacokinetics and subcutaneous back pressure boosts the usage of the biological molecules.
The slow administration of the drug is required for reducing patient discomfort and improving the drug's performance. For example, immunoglobulins are used for administering large volumes, and therefore, the preferred method is subcutaneous delivery. Immunoglobulins are administered in a specialized clinic or in a hospital through insertion sets or syringe pumps.
Wearable injectors are massively used compared to conventional drug delivery approaches, as they work efficiently in drug administration, at a controlled rate.
Presently, four subcutaneous immunoglobulins are commercially used in the U.S., with a tolerance flow rate ranging from 20 mL/h to 30 mL/h per site. There are various pipeline biological drugs in the R&D phase, with wide usage of oncology in the treatment, followed by autoimmune disorders and infectious diseases.
Wearable injectors provide support in reducing the overall healthcare cost, including drug administration and improvement in patients’ lives, thus fuelling the industry's growth.
The major players operating in the industry are; Medtronic plc, SteadyMed Ltd., Ypsomed Group, Unilife Corporation, Insulet Corporation, F.Hoffmann-La Roche Ltd., Johnson & Johnson, Becton, Dickinson, and Company, and West Pharmaceutical Services Inc.
Therefore, the rising demand for wearable injectors is led by the growing prevalence of chronic diseases.
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