Autoinjectors are used to self-administer drugs for the treatment of various diseases and conditions, such as rheumatoid arthritis, multiple sclerosis, diabetes, and anaphylaxis. Autoinjectors are easy to use, portable, and improve dosing accuracy, making them one of the most popular methods for the self-administration of drugs.
What the Autoinjectors Market Looks Like?
MarketsandMarkets forecasts Autoinjectors market is projected to reach USD 85.31 billion by 2023 from an estimated USD 28.91 billion in 2018, at a CAGR of 24.2%. North America to witness the highest market growth during the forecast period.
Growth in the global autoinjectors market is mainly driven by factors such as the growing prevalence of targeted therapies, the rising incidence of anaphylaxis, the increasing number of regulatory approvals, the availability of generic versions of autoinjectors, favorable reimbursements and government support, and technological advancements in autoinjector devices. The patent expiry of biologics in the coming years is also expected to provide growth opportunities for players in the autoinjectors market.
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What Drives the Autoinjectors Market?
The growth of the global market for Autoinjectors Market is primarily influenced by the following factors:
# Growing Prevalence of Targeted Therapies
# Rising Incidence of Anaphylaxis
# Increasing Number of Regulatory Approvals
# Availability of Generic Versions of Autoinjectors
# Favorable Reimbursements and Government Support
Disposable autoinjectors are the most-preferred autoinjectors due to their ease of use and the presence of a built-in glass syringe (eliminates the need for manually loading the glass syringe), which makes it more convenient for patients with reduced dexterity or visual impairments.
A majority of autoinjectors are used for self-administration of drugs and are rarely recommended for hospital use to avoid the risk of infection due to use on multiple patients. This is a major factor in driving the market growth. Other factors such as the growing prevalence of chronic diseases and technological advancements are also boosting this market segment.
Geographical growth scenario of Autoinjectors Market :
The large share of the North American autoinjectors market can primarily be attributed to the rising prevalence of autoimmune and chronic diseases, increasing prevalence of anaphylaxis, and the increasing number of FDA approvals in the region.
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Leading market players and strategies adopted
The prominent players in the Autoinjectors market are SHL Group, Becton Dickinson and Company, Ypsomed, Owen Mumford, Haselmeier