Autoinjectors are easy to use, portable, and improve dosing accuracy, making them one of the most popular methods for the self-administration of drugs.
Autoinjectors are used to self-administer drugs for the treatment of various diseases and conditions, such as rheumatoid arthritis, multiple sclerosis, diabetes, and anaphylaxis.
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.
According to the new market research report by MarketsandMarkets, 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%.
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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.
The demand for autoinjectors for this therapy segment is fueled by the increasing incidence of RA across the globe. According to the CDC, an estimated 43.7 million adults (22.7% of the total population) in the US annually are affected by some form of arthritis, RA, gout, lupus, or fibromyalgia.
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.
North America to witness the highest market growth during the forecast period
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.
In the US, autoinjectors are covered on a co-payment basis by most insurance plans, including Medicare Part D. These co-payments and preferred statuses vary based on the plan. In addition, savings allied with a preferred brand are different. In Canada, the coverage for autoinjectors varies across provinces, with a majority of provinces providing full reimbursement for these devices. For instance, the Ontario Drug Benefit ODB program reimburses 100% of the cost of allergy shots and epinephrine autoinjectors in Canada.
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Key Market Players
SHL Group, Becton Dickinson and Company, Ypsomed, Owen Mumford, Haselmeier