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Mar 2, 2020 12:03 PM ET

Global Autoinjectors Market is Set to Reach USD 4.5 Billion by 2024, Growing at a CAGR of 16.9% During the Forecast Period




iCrowd Newswire - Mar 2, 2020

The global autoinjectors market is predicted to grow at 16.9% CAGR during the forecast period with the market size reaching USD 4.5 billion by 2024.

Industry Insights by Product (Prefilled, and Fillable), by Design (Standardized, and Customized), by Type (Disposable and Reusable), Therapeutic Application (Multiple Sclerosis, Anaphylaxis, Rheumatoid Arthritis, Diabetes and Others), and by End User (Home Care Setting, and Hospitals and Clinics)

The market is driven by factors such as the high prevalence of chronic and lifestyle associated diseases, an increasing number of regulatory approvals, technology, and design improvement, escalating patient attentiveness and inclination of patients regarding self-administration. The prefilled autoinjectors are the major contributor to the global market, as more patients preferred disposable injectors due to the ease of their usage and lower chances of any contamination.

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High prevalence of diabetes and increase in self-medication practice to fuel the growth of the global autoinjectors market

The market for autoinjector devices is primarily driven by the mounting self-medication practice, and promising reimbursements scenario and increased funding from government organizations, especially in the developed economies.

The high prevalence of diabetes across the globe further propels the demand for these injectors globally. For instance, according to the World Health Organization (WHO ), globally the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. In addition, according to the International Diabetes Federation (IDF) in 2017, approximately 425 million adults were suffering from diabetes and are expected to reach 629 million in 2045 worldwide.

Demand for disposable autoinjectors to increase at higher CAGR during the forecast period

On the basis of type the market is subdivided into disposable and reusable autoinjectors. Advantages of disposable autoinjectors such as handiness, less probability of infection, and easiness of use are some of the factors responsible for the growth of the disposable segment. Of the two types, the disposable segment is expected to grow at the faster rate during the forecast period in the market.

Based on product, the autoinjector market is categorized into prefilled and fillable injectors. Of the two products, prefilled injectors hold a larger share in the market and it is predicted that the product category will also grow at the faster CAGR during the forecast period. On the basis of type, the market is categorized into disposable and reusable injectors. Of the two, disposable injectors will witness higher growth during the forecast period.

Apart from the standard design, autoinjectors are also available with custom designs. The customized injectors market size will increase at the faster during the forecast period, whereas, the standardized autoinjectors hold a larger share in the market

On the basis therapeutic application, the market is segmented into multiple sclerosis, anaphylaxis, rheumatoid arthritis, diabetes, and others. Of all, the market for rheumatoid arthritis segment is expected to grow at the fastest rate in the market due to mounting occurrence of rheumatoid arthritis globally. For instance, according to the Centers for Disease Control and Prevention, approximately 54.4 million adults in the U.S. suffered from arthritis in 2017.

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Based on end users, the market is segmented into hospitals and clinics, and home care settings. Owing to the increasing need for self-administration of the drug, the majority of autoinjectors are consumed for self-administration of drugs leading to the higher demand of autoinjectors in home care settings.

North America to remain the largest market for autoinjectors

North America accounted for the major share in the autoinjector industry in 2017, globally as the players in the region are continuously investing capital for the research and development of autoinjectors for different therapeutic applications. For instance, according to Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes.

In addition, mounting occurrence of anaphylaxis, mounting healthcare expenditure and promising reimbursement situation are also up surging growth of the North American autoinjectors market. For instance, according to the National Health Interview Survey (NHIS), in 2014, 5.4 percent US children under age 18 suffered from food allergy. In addition, according to Food Allergy Research & Education, approximately 15 million Americans have food allergies.

Asia-Pacific is observed to witness the fastest growth in the market, due to mounting occurrence of chronic and lifestyle associated diseases. In addition, escalating occurrence of anaphylaxis, growing medical tourism, and mounting healthcare expenditure are also creating a positive impact on the autoinjectors market growth in the region.

Development of technologically advanced products is the key to market share growth by industry players

Key players in the autoinjectors market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In December 2016, Mylan N.V. launched the authorized generic for EpiPen, as an autoinjector. Abbvie, Ypsomed, Consort Medical, Johnson & Johnson, Mylan, Becton, Dickinson and Company, Amgen, Haselmeier, ELI Lilly, Owen Mumford, Scandinavian Health Limited and Antares Pharma are the key players offering autoinjectors.

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Keywords:    Autoinjectors Market, Autoinjectors, Autoinjectors Market Size, Autoinjectors Market Share, Autoinjectors Market Growth, Autoinjectors Market Demand, Autoinjectors Market Forecast

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