Ultra-Large Volume Wearable Injectors Market to Reach $4 Billion by 2026
The rise in awareness related to the use of ultra-large volume wearable injectors across the globe is the factor that fuels the growth of the ultra-large volume wearable market.
According to a new report published by Allied Market Research, titled, “Ultra-Large Volume Wearable Injectors Market by Product Type and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global ultra-large volume wearable injectors market size was valued at $1.4 billion in 2018, and is expected to reach $4 billion by 2026, registering a CAGR of 14.2% from 2019 to 2026.
Ultra large volume wearable injector is defined as the device capable of delivery of large volume of drug to the body of a patient over an extended period of time. Furthermore, these devices can deliver a drug solution of volume 2ml or more through the subcutaneous route. These are defined as wearable injectors as the devices have self-adhesive back, which can be applied to the body of the patient. In addition, the drug delivery depends on the mechanism of the device such as electromechanical wearable injectors deliver drug with the help of electric motor that builds pressure required for drug delivery. The other type of mechanism includes the drugs delivery, which is based on osmosis mechanism. Moreover, these devices are used in the treatment of diseases such as diabetes, cancer, and others.
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Surge in the prevalence of chronic disorders such as diabetes, cancer, and others is the major factor that contributes toward the ultra large volume wearable injectors market growth. In addition, surge in the demand for more advanced treatment options for chronic diseases such as diabetes boosts the growth of the market. In addition, increase in focus by key players toward launch of new products in the market has led to rise in collaborations with in the market which also fuels the growth of the market.
Moreover, other factors such as benefits associated with the use of ultra large volume wearable injectors and rise in the adoption of these devices across the globe fuel the market growth. However, high price of ultra large volume wearable devices restrict the growth of the global ultra large volume wearable injectors market during the forecast period.
In contradiction, presence of ultra large volume wearable devices in development phase, which are expected to be introduced during the forecast period is expected to provide lucrative opportunities for the players in the market.
The ultra large volume wearable injectors market is segmented on the basis of product type, application, and region to provide a detailed assessment of the market. By product type, the market is divided into electromechanical wearable injectors and others. By application, it is classified into diabetes, cancer, and others. By region, the ultra large volume wearable injector market size is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, rest of Asia-Pacific and others), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
On the basis of product type, the market is divided into electromechanical wearable injector, and others. Electromechanical wearable injector acquired the major share of the ultra large volume wearable injectors market and is expected to exhibit the fastest growth rate during the forecast period. The growth of this segment is attributable to surge in prevalence cancer and diabetes worldwide. Moreover, rise in awareness related to use of ultra large volume wearable injectors and surge in demand for advanced treatment options for chronic diseases such as diabetes fuel the growth of the market. Furthermore, presence of large number of electromechanical wearable injectors is another major factor that contributes to the growth of the market.
By application, the market is segmented into diabetes, cancer and others, research laboratories, and others. The diabetes segment occupied the largest of the ultra-large volume wearable injectors market share in 2018 and is expected to maintain the lead during the forecast period.
The growth of this segment is attributable to the presence of large number of ultra large volume wearable injectors, which are used to treat diabetes. Furthermore, the cancer segment is expected to exhibit fastest growth rate during the forecast period owing to surge in wide spread prevalence of cancer across the globe.
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Key Findings of the Study:
• By type, the electromechanical wearable injectors segment occupied more than three-fourth share of the global ultra large volume wearable injectors market in 2018.
• By application, the cancer segment is anticipated to grow with the highest CAGR throughout the forecast period
• By application, the diabetes segment accounted for two-third share of the market in 2018.
• By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA.
Name: David Correa
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Organization: Allied Market Research
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Release ID: 89033035