Large Volume Wearable Injectors Market Trends

Growth Drivers

• Burgeoning Geriatric Population – The United States stated that there were 703 million people aged 65 years and above across the whole world in 2019. Further, this number is projected to rise significantly to 1.5 billion by 2050. Furthermore, it was also estimated that more than 90% of geriatrics have at least one chronic disease while 78% of them have more than one across the globe.

Growth in the geriatric has propelled the demand for large-volume wearable injectors since these devices are beneficial for drug delivery in the most convenient way. People age 65 and above are prone to have cardiovascular disease, chronic disease, or autoimmune diseases and require constant medical care. Some people aged above 70 are unable to visit the hospital more frequently but require routine check-ups or doses of drugs. In these circumstances, large-volume wearable injectors can deliver specific amounts of drugs for an extended period without any interruption.

• Increase in Deaths by Cardiovascular Diseases Around the World – As per the statistics shared by the World Health Organization (WHO) in 2021, around 17.9 million people globally died due to cardiovascular diseases in 2019. It was approximately 32% of all global deaths. Cardiovascular diseases are being more prevalent than before owing to rising air pollution and an increasing number of people adopting unhealthy lifestyles. 

• Rising Instances of Autoimmune Diseases – The report released by the National Institute of Environmental Health Sciences revealed that more than 24 million people are affected by autoimmune illnesses.

• Rise in Healthcare Expenditure across the Globe – As per the World Bank, global health expenditure accounted for 9.83% of the total GDP in 2019. This was a significant rise from 9.37% of the total GDP in 2013.

• Boom in Healthcare Sector – As per recent estimates, the revenue generated by India’s healthcare sector was approximately USD 300 billion in 2020, which is further anticipated to rise to USD 380 billion by 2022.

Challenges

• Extra Expenses with the Equipment - Large-volume wearable injectors are noticed to add extra expense since these injectors are expensive themselves and apart from that, they require an extra amount of required drugs for constant circulation in the body to provide better chronic disease management. Hence, this factor is projected to hamper the market growth over the forecast period.
• Lack of Proper Knowledge
• Rising Concerns About the Lack of Reimbursement