The surging aging population and increasing prevalence of chronic diseases are two of the key factors driving the growth of the wearable injectors market. In 2015, the market generated revenue of $2,162.1 million, and it is predicted to attain a size of over $13,000.0 million by 2024, progressing at a CAGR of 23.0% during the forecast period (2016–2024). A wearable injector is a device used for delivering a huge amount of a drug over an extended time period. It delivers heavy amounts of subcutaneous drugs to patients, even if the patient is ambulatory.
On the basis of application, the wearable injectors market is mainly categorized into cancer, infectious disease, autoimmune disorder, blood disorder, and cardiovascular disease. Out of these, during the historical period (2012–2015), the cancer category dominated the market in terms of revenue, and it is predicted to maintain its dominance during the 2016–2024 period. The growing incidence of cancer and increasing cost of managing this chronic disease are accelerating the adoption of wearable injectors around the world, thereby resulting in the growth of the market.
Thus, the increasing usage of electronic wearable injectors is predicted to boost the wearable injectors market growth during 2016–2024. Surging life expectancy and drop in birth rates are two of the prime reasons behind the surging geriatric population. According to the United Nations Department of Economic and Social Affairs, the number of people aged 60 or above is predicted to surge by 56.0%, i.e. from 901 million in 2015 to 1.4 billion by 2030. It further stated that by 2050, the population is expected to reach around 2.1 billion.
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Owing to their longer recovery time, low immunity level and susceptibility to chronic diseases, such as diabetes, cancer, cardiovascular diseases, and neurological disorders, the elderly need extensive care. As per the World Health Organization, in 2014, 422 million people suffered from diabetes. In 2014, the highest incidence of diabetes, of around 13.7%, was found in the Eastern Mediterranean region, followed by Southeast Asia (8.6%). Furthermore, as per the Centers for Disease Control and Prevention, in 2012, in the U.S., nearly 117 million people were suffering from one or more chronic health problems.
Thus, the increasing population of the elderly and rising prevalence of chronic diseases are heavily contributing to the growth of the market.