Wearable Injectors Market Size Is Poised To Reach .89 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on December 19th, 2023 San Francisco, 19 December 2023: The ReportWearable Injectors Market Size, Share & Trends Analysis Report By Type (On-body, Off-body), By Technology (Spring-based, Motor-driven), By End-use (Hospitals, Clinics), By Application (Oncology), By Region, And Segment Forecasts, 2024 - 2030 The global wearable injectors market size is expected to reach USD 23.89 billion by 2030, expanding at a CAGR of 18.11 from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness lucrative growth during the forecast period owing to technological advancements in wearable injectors coupled with rising demand for round-the-clock monitoring. Technological advancements in wearable injectors, for instance, Bluetooth integrated wearable injectors, send alerts to patients, such as injection reminders and data regarding their therapy regime. Also, optional smart functionality provides connectivity to the healthcare network. Some of these devices have buttons that are accessible through clothing, and some devices prevent accidental activation. They also have audible and visual status indicators or signals. Patients can self-administer drugs subcutaneously with minimal time and effort as compared to intravenous or other routes. Patients don’t need to visit any healthcare provider for the administration. The prevalence of lifestyle-associated diseases, such as diabetes and hypertension is expected to increase during the forecast period. These diseases demand round-the-clock monitoring of various physiological parameters, such as blood pressure and blood sugar levels. The advanced ecosystem of these devices helps healthcare care providers to access data from remote location, which reduces clinical decision time. Thus, integration of healthcare data with wearable injectors, which gets forwarded to physicians or doctors giving them real-time access to data with reduced errors, is expected to boost the wearable injectors market. The key factors driving the market include the prevalence of chronic illnesses, the rising geriatric population, and growing concern over needle stick injuries. In comparison to other medication delivery methods, wearable injectors are less expensive. Additionally, the desire to reduce healthcare expenditures and the rising demand for continuous monitoring and home-based treatment are anticipated to boost the demand for wearable injectors. Strong healthcare infrastructure and an increase in lifestyle disorders are some of the factors driving market expansion. However, it is projected that low demand in developing economies and expensive wearable injectors could restrain the market's expansion in the upcoming years. Needle stick injuries (NSIs) constitute the main occupational danger among healthcare workers. According to a WHO study published in 2021, nearly 2 million of the 35 million healthcare professionals worldwide are exposed to occupational injuries each year. The risk of developing infectious diseases including HIV, hepatitis B, and hepatitis C is increased by needle stick injuries. For Requesting a Sample Copy of This Report, Please Visit@ https://www.grandviewresearch.com/industry-analysis/wearable-injectors-market/request/rs1 In addition, reports from the Centers for Disease Control and Prevention (CDC) and European Agency for Safety and Health at Work (EU-OSHA) indicate that healthcare workers in the U.S. & Europe, have about 3,85,000 & 1,000,000 needle stick injuries, respectively. Moreover, according to the World Health Organization (WHO), NSIs result in 16,000, 66,000, and 1,000 instances of HCV, HBV, and HIV respectively, among Health Care Workers (HCWs) annually. Wearable Injectors Market Report Highlights
With advanced injector technology, the patient is never in contact with a needle. After attaching the injector and pressing the button, the needle is inserted. The patient is alerted with tactile, audible, and visual indications as soon as the medicine is released, and the needle automatically retracts and locks out, permitting safe and convenient disposal of the device. With the use of wearable injectors, there would be no needle stick injuries as compared to intravenous injectable and parenteral administration. Wearable injectors increase patient and healthcare worker safety by eliminating the dangers associated with traditional infusion and injection technology, such as drug preparation, needle insertion, covering, and disposal of needles. However, one of the biggest problems emerging and developed countries face is the rise in healthcare costs. Countries strive to provide high-quality and affordable healthcare. Patients can self-administer wearable injectors subcutaneously at home with wearable injectors. It is anticipated to lower the frequency of trips to hospitals or other healthcare facilities, lowering healthcare costs. The market is fragmented with high competition at the global level as it has the presence of major key players. These players focus on growth strategies, such as new product launches, collaborations, partnerships, operational expansion, mergers & acquisitions, and patient awareness campaigns. In March 2021 Aptar and Noble International announced their collaboration with dne pharma, a pioneer in Northern European addiction treatment, in March 2021, using the innovative Unidose Liquid System developed by Ventizolve, Aptar, and Noble. The collaboration aims to prevent the potentially fatal effects of opioid overdose in Europe as soon as feasible. Wearable Injectors Market Report Scope
In addition, numerous biopharmaceutical companies are seeking a better method of drug delivery of their own biological drugs, for which wearable injectors are a suitable solution. For instance, in January 2023, Tandem Diabetes Care, Inc. announced the acquisition of AMF Medical SA, manufacturer of Sigi Patch Pump. In May 2023, Enable Injections, Inc. collaborated with Viridian Therapeutics, Inc., a U.S.-based biotechnology company. List of Key Players of Wearable Injectors Market
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