Autoinjectors Market To Rise with 25.2% CAGR near around 2023 | by Becton, Dickinson and Company, Owen Mumford, Consort Medical, Unilife Corporation, SHL Group, etc
Global Autoinjectors Market Size Analysis: Information by Product Type (Disposable, Reusable), Design (Customized, Standardized), by Therapeutic Application (Anaphylaxis, Rheumatoid Arthritis, Multiple Sclerosis, Diabetes, Others), by Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Others) and Region - Forecast till 2024
The Global Autoinjectors Market is growing rapidly over the past few years, mainly due to the burgeoning healthcare sector. Designed to overcome the hesitation associated with the needle-based drug delivery device, autoinjectors are intended for self-administration by patients or untrained caregivers. Moreover, numerous advantages that autoinjectors offer, such as accuracy of dosages and minimized needle phobia impact the market growth, positively.
According to Market Research Future (MRFR), the Global Autoinjectors Market Size is expected to reach USD 79,741 MN by 2024. In its recently published analysis, MRFR also asserts that the market would register a double-digit CAGR of 17.42% throughout the forecast period (2016-2024). Prevailing targeted therapies, rising incidences of anaphylaxis, and the increasing number of regulatory approvals are some of the significant driving forces leading the market growth.
Besides, the increase in development and use of biologics & vaccines are expected to increase the size of the market. Also, rising need for targeted & sustained drug delivery in the treatment of chronic diseases and the demand for cost-efficient delivery of expensive medications are fostering the growth of the market. Additionally, augmented demand for intensive care for patients in critical conditions alongside, the proliferation of home healthcare services is supporting the market, allowing patients to self-administer the doses.
Global Autoinjectors Market – Competitive Analysis
The presence of several large and small-scale players makes the autoinjectors market appears to be highly competitive. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a substantially larger competitive advantage in this market. They invest heavily in R&D to develop a product that is on a different level entirely, compared to their competition.
To meet their expansion plans and to meet the increased demand for autoinjectors, these players acquire small yet promising companies in emerging markets. They are majorly focused on improving their supply to established facilities that have a high demand for the product.
Increased focus on the development of user-friendly and patient compliant devices is an upward trend among the industry players that the autoinjectors market is witnessing currently. As glass autoinjectors are fragile and a probable cause of contamination, manufacturers are developing autoinjectors with plastic to prevent unnecessary contamination.
Autoinjectors Market Major Players
Players leading the global autoinjectors market are Becton, Dickinson and Company (US), Amgen Inc. (US), AbbVie Inc. (US), Eli Lilly and Company (US), Mylan NV (US), Ypsomed (Switzerland), Consort Medical (UK), Owen Mumford Ltd (UK), SHL Group (Taiwan), Teva Pharmaceutical Industries Ltd (Israel), Antares Pharma (US), and Johnson & Johnson Services Inc. (US), among others.
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Global Autoinjectors Market – Segments
The report is segmented into four market dynamics to widen the scope of understanding,
By Design: Customized Autoinjectors and Standardized Autoinjectors
By Therapeutic Application: Rheumatoid Arthritis, Anaphylaxis, Multiple Sclerosis, and Diabetes, among others.
By Distribution Channel: Hospital Pharmacies and Retail Pharmacies, among others.
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Global Autoinjectors Market – Geographical Analysis
North America dominates the global autoinjectors market with the largest market share. Factors such as the vast technological advancements and the broad uptake of advanced technologies in the medical sector substantiate the growth of the regional market.
Besides, considerable investments in R&D for the development of new injectors and the extensive uses of sensor technology in drug delivery, drive the regional market growth. In the year 2018, North America autoinjectors market had for the largest 40.6% market share. The market is further projected to grow at 16.60% CAGR throughout the forecast period.
Europe takes the second leading position in the global autoinjectors market. The well-established healthcare infrastructure in the region, alongside, the technological advancements in drug delivery systems, influences the growth of the regional market. Moreover, the rising prevalence of anaphylaxis incidences, diabetes, and cancer drives regional market growth.
Germany, backed by its flourishing medical devices market, accounts for the major contributor to the growth of the regional market, followed by France. Furthermore, rising healthcare expenditures and the increasing government funding for researches drive the regional market growth. The European autoinjectors market is estimated to reach USD 24,307.74 MN by 2024.
The autoinjectors market in the Asia Pacific region is emerging as one of the promising markets, globally. Increase in healthcare expenditure and numbers of pharma companies led by the improving economic conditions are propelling the regional market growth. Moreover, factors such as the rapidly developing healthcare infrastructures, advanced treatment facilities, and the growing demand for quality healthcare drive the growth of the regional market. Furthermore, the growth of biologics & biosimilars in pharma markets is a key growth propeller in the APAC autoinjectors market.